accountability partner

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There is No Wrong Choice

When you run your own business, you make a lot of decisions, mostly on your own. That grants you enormous freedom, but also leaves you with immense responsibility. This responsibility often hangs over our heads: what if we don’t make the right choice? We stall the flow of our businesses by avoiding tough decisions.

I, for one, have definitely struggled with this. When I was running my jewelry business as a full time project, I often put off making decisions. My avoidance of them was fear-based and emotional. I felt like I had to nail every choice and do everything by myself. Not having anyone else to bounce my ideas off of left me frozen and fearful. You can read more about my experience running my jewelry business here

Since then, one of my major breakthroughs was realizing that there is no wrong decision. No matter what I decide to do in my business, I am always able to learn from that choice. If something I do turns out to be a mistake, I find a way to recover and learn not to repeat the misstep. However, I find that the vast majority of choices I make in my business are not typically so high-stakes. Often, I’m making choices about how to utilize social media, what to include in a proposal to a client, etc. I can agonize over the details, but at the end of the day, every choice I make is just another step in a larger experiment: my business! And the purpose of my business is to support me and my life goals – the choices I make within it don’t need to be stressful or fear-fraught.

What are some strategies that could help you breeze through decision making with your business? Perhaps you can get comfortable trying out systems and ideas on a trial basis. Maybe it would be helpful for you to find an accountability buddy to talk to and discuss ideas with. Perhaps hiring on an employee or contractor and delegating some of your workload can take some of the pressure off. It could be helpful to journal and investigate the fear or emotions that are blocking you from making a decision. Simply approaching your business with the mindset that you can learn from all your choices can also help alleviate this.

Making decisions in your business confidently and with an air of curiosity and experimentation can make your business more fun for you. And really, isn’t that what we want?

I hope this post inspired you to go forth confidently and make any moves you’ve been stalling. Go get ’em, tiger! If you find you could benefit from an accountability partner and you’d like guidance around your financial systems, I absolutely love to support solopreneurs around these things. Head on over to my Services page, and schedule a call with me.

Angela

Image Source: Amy Shamblen

 

Put Your Money to Work For You

Once you’re earning a lot of money from your business, you’re set – right? It’s easy to think that way, but the truth is that high earnings give the illusion of affluence without the security or freedom that comes along with true long term wealth building. I use this term to refer specifically to investing.  

In Barbara Huson’s book, Secrets of Six Figure Women, she interviews many high earning women who she calls Modest Accumulators, high earners who spent too much and saved too little. Their issue was not with making money, but rather, managing it. Do you find you have this issue too? It can be easy to have cash flowing in, and yet you find you still have no savings or investments. 

Taking the time to learn to manage your money and build up your wealth is a separate project all its own – and an important one! Often in running our own business we are so fixated on creating something profitable. But once we’ve got profit, we need to have something to do with it! This is what wealth building is all about – creating a mindful strategy to utilize and maximize those profits so they support your lifestyle in the long term.

Fend Off Fear

When it’s put that way, doesn’t wealth building sound like a good idea? Yet so many people are hesitant to do it. Many of Barbara’s interviewees had a wide range of excuses for not investing their savings, but the underlying reason was the same for most – fear.  They feared making a wrong decision, not understanding how the market works, or not knowing what to invest in.

The ironic truth here is that the longer we delay investing, the more money we lose out on. The more time our investments have to accrue interest, the better! So the best thing to do is to start learning, and start investing. Start listening to a podcast , read a book , or check out my post on financial self-education resources. Figure out what gaps in your knowledge scare you, and start to fill them. The only way to build wealth, is to start doing it!

Invest Money To Have Money

Some say, “When I have money, then I will invest,”but it doesn’t really work that way. You won’t ever have money until you start putting money to work for you. While you’re at your job making money, your money can also be out making money, if you invest. Here’s a clear outline of how to do that, according to Barbara’s investigation. 

Automate regular transfers from your bank account to an investment. Automation is one of my personal favorite tools for wealth building. You can read more about automation in my post about it!

Delegate  – find a financial professional that can help you evaluate your investing decisions. Working with a professional also adds a dose of accountability to keep your investment plan on track.   

Educate and Communicate – silence around money is what keeps us stuck. Comparing compensation and exposing pay gaps at work is one issue communication takes care of. Financial empowerment can also be achieved in group efforts. Barbara interviewed many of the women who were involved in investment clubs with other women. I often advocate for having a money buddy or a mentor. Breaking the taboo around money can help us all build better strategies. 

Finally, I want to add a note about the need for diversification. Any professional will tell you that it’s important not to put all your eggs in one basket. One of Barbara’s interviewees realized she was investing everything back into her own business, but not actually building any wealth in a diversified way. Regardless of whether you are a business owner ensuring that you are working towards a portfolio of investments is important to note. 

Now go forth, and start building your wealth! Women deserve security and the resources to take care of themselves – that’s why I do what I do, and why I want you to invest. If you’re interested in talking to me about finances around your solopreneur journey, check out my Services and book a free/no obligation call!

 

Angela

Image: Zdeněk Macháček

Why DIY Business Owners Can Still Use a Bookkeeping Partner

Why DIY Businesses Can Still Use a Bookkeeper: At Peace With Money

Recently, several people have reached out to me who prefer to do their bookkeeping on their own, but want to have a second set of eyes on their numbers. I can’t tell you how pleased I’ve been to receive these requests. I think consulting someone else about your books is a great idea, even if you typically keep your records yourself. There are two main reasons why I think occasionally working with a professional bookkeeper, even if you’re a whiz on your own, can greatly benefit your business.

Accountability

Having someone who regularly looks at your books, even if it’s only once every month or so, motivates you to stay on top of them. Regularly scheduled reviews can help you maintain consistency and accuracy in your record keeping, which can streamline your business even further. It’s easy to fall behind on your books if no one’s watching. Having someone else look at them every now and then encourages you to keep up.

Accuracy Check

Your financial records are something you don’t want to mess up. Mistakes can be terribly inconvenient at best, and very costly at worst. Plus, if you are working to learn the skill of bookkeeping, it’s great to have an expert on hand to review your work. That extra pair of eyes can help keep your records orderly.

My Story

When I was running Dolce Beada, I knew how to do my bookkeeping, but I still had someone come in once a month to make sure I stayed on top of all the entries. Having someone look at my records regularly kept me in the habit of recording my numbers and keeping my books from getting messy. I also really benefited from a monthly numbers-check, just to make sure I was doing it right. 

Some business owners may feel that they are not ready to hire a bookkeeper, so they prefer to keep their own records. If this is you, you can still benefit from having a bookkeeper review what you’ve done. Or perhaps you need some training on how to set up and maintain your bookkeeping – an expert can offer this too.  Many solopreneurs also benefit from Profit First Financial Coaching in order to set a revenue goal for their business, fully understand how much they are spending both personally and in their business, and prepare to pay themselves and all taxes as they come due. All of these business concerns require some financial work, and an expert who can coach you through that work can be an invaluable resource. 

If you’re interested and want to learn more about the Profit First and financial services I offer, check out my services page, and book a call with me!

Angela

Image Source: Ashkan Forouzani