Tracking money is akin to tracking what you eat when you are dieting. It’s surprising how much more you notice about what goes into your mouth when you are actually writing it down.
Same thing with money.
Watch this short video to learn the real impact of tracking money in your business – because it is NOT what you think…
I’m a huge advocate for tracking the money in and out of your business on a daily/weekly/monthly basis. Tracking Money is a fabulous money mindset strategy! That is because when you pay attention to your money in that detail, it sends a powerful message to your brain and to the Universe that you desire to be in relationship with money.
If you aren’t tracking your money in your business, you’re letting yourself and the Universe know you don’t really want to deal with money.
Aaannndd….just because you’ve hired a bookkeeper, that doesn’t mean you get to opt-out of dealing with money in your business.
Your money is a partner in your success and if you ignore it, it will go somewhere else.
- Set yearly financial goals with your money professionals.
Work with your accountant and financial advisor to keep you on track. Begin each year meeting with your accountant to evaluate last year’s finances and determine financial goals for next year (I actually do this in December of each year). Funnily enough, my CPA told me I meet with her more than any other client she has, and that I’m one of her only clients who actually wants to know what’s going on with the money in their business. That is a problem (for them, not for me).
- Use your financial goals to inform marketing + sales.
Setting your yearly financial goals informs where your focus will be with marketing and sales for the year. Once you know a) how to have consistent lead generations, and b) what your sales conversion rates are, then creating your marketing and sales strategy based on your financial goals is easy.
- Keep your hands on the money in your business.
What I mean by that is get up front and personal with money. For that reason I still do my own bookkeeping so I am intimately aware of the money in my business – I pay all of my bills that are not automated, and once a month I sit down for four hours and reconcile all my expenses, organize receipts, run my profit and loss statement, and track the income I made that month.
- Separate your money.
First of all, you absolutely want to have your business money separated from your personal money. Additionally, have a separate business checking and savings account, as well as separate bank accounts for taxes and retirement, and funnel a % of your revenue into each account each month.
- Pay taxes quarterly.
That way, you don’t have to pay a GIANT tax bill each April, and you have consistently set aside money each month (in your tax bank account) to be able to pay taxes quarterly. Easy peasy. A great resource for all of this is the book Profit First by Mike Michalowicz.
P.S. Be sure to let me know in the comments your biggest takeaway! (I respond to every comment personally.)
P.P.S. Are you ready to Master Money Now? Go here to get started.
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