How to Tailor Your Income Goals to Your Life

One of my favorite sayings comes from the artist-turned-business mind Jennifer Armbrust: “A business is a needs-fulfillment machine.” Your business exists to support you; to fulfill your needs. However, if you don’t have a clear picture of what those needs are, it can be difficult for your business to fill them. This week, I’m suggesting that to really financially care for ourselves, we investigate the true costs of our lifestyles. By doing so, we will be able to make informed decisions about what income goals we’d like our businesses to meet. 

The Process

Time to take a realistic look at how much money you’re spending every month. Dig up the past three months of your bank and/or credit card statements. (For most of us, these should be available online). Go through line by line to see where your money is really going. Total up all the expense categories, i.e. groceries, utilities, rent, etc. 

Once you’ve got your totals, you have a realistic picture of how much money you need on a monthly basis. At this stage, you may find it helpful to look critically at your lifestyle, and see if there’s anything you’re interested in culling. If you’re looking for some ideas around creating a budget or spending plan, I’d recommend these articles of mine. Click here. 

Set Informed Goals

Whether you decide to create a spending plan and reign in your expenses, or feel satisfied with your lifestyle costs, you now have a complete picture of your financial needs. At this point, you can now set informed income goals that are designed to meet those needs in your personal life. Without this crucial information, your goals will just be shots in the dark, aimed at an amount of money that “sounds nice” but doesn’t tangibly satisfy a need.

Additionally, once your have this information, you can also take a look at how your business is doing in its current state. Is it making enough to support you? Whether you’ve got a side hustle or something you want to stretch into a full source of income, checking in with this question is important. If your answer is no, you can start to strategize around how you might close that gap. For more ideas on this, check out this post.

I hope this post inspires you to keep working to create a business that truly meets your needs. If you would like to work with an accountability partner and guide to identify your values and shape your finances around them, check out 4 Week Money Refresh, a package of 4 private 1 hour personal financial coaching sessions on early bird sale through April 15th!

Angela


This article was originally posted in 2019 as part of a month-long series on  financial self-care. Specifically, I’m focusing on what you can do with your money to take care of yourself and improve your business in 2019. You can read the whole series by clicking here. 

Image:  CoWomen

The 4 Components of a Restorative Money System

The purpose of your money system is to help you meet your financial needs and keep things organized. A good money system is financially and emotionally restorative. It helps you keep your money going where it needs to go, and it keeps you from stressing. It helps you integrate your personal and business finances seamlessly and without worry. There are many different mechanisms to a money system that help us achieve these objectives. Today, let’s talk about the 4 key ones:

A Spending Plan Aligned with Your Values

Having a clear spending plan that helps you align your expenses with what you care about most is an essential part of a restorative money system. Take the time to assess what you value most in your life, what feels best to spend money on. Oftentimes, there are things we’re paying for regularly that we don’t really value, or that don’t add value to our lives. Discerning the underlying desire beneath your expenses can help you better define your values. For more thoughts on this concept, I recommend reading
The Soul of Money by Lynn Twist.

Once you’ve assessed your values, it becomes easy to cull what doesn’t truly align with you from your spending. From there, you can make the moves to create a spending plan that will keep you on track financially, and in alignment emotionally.

Clear Income Target

Another wonderful thing about creating a spending plan is that going through the process means you get a good idea of what your monthly cost of living is. This means that you have what you need to create a clear income target for your business that corresponds to your tangible needs. Having an income target grounded in your financial needs and goals is a restorative element of your money system because it keeps you in touch with your reasons for putting in the work to take care of yourself financially and run your business. It’s much more powerful than the grand-but-vague “have a 10K month!” approach, because it’s personalized. Your income target reflects the amount of money you need and the amount of work you need to do to live a life aligned with your values.

Your Money Why

Absolutely key to a money system that seeks to restore and enrich your life, your money why is the purpose of your income. This is especially important for business owners, because whether your business is your side-hustle or your full-time income, your income needs a purpose. Vague goals like, “make extra money” tend to have vague outcomes. Your money why is a clear goal or intention you plan on using your income for. After thinking about your values and desires, identifying your money why is simple. For example, maybe you value adventure above all else, and you want your business to make enough to support you and pay for a grand cross-country trip. One of my values is family, and I started my business to support my daughters as they went through college.

Your money why is connected to your values, but it’s goal-based. It ensures that you have a goal connected to your money system that will lead to fulfillment and financial growth. It could be paying off debt, a big purchase, or supporting your family. Whatever it is, your money why keeps you focused and helps you create a good life for yourself.

All Needs Met – Especially Yours

A restorative money system helps you stay organized and save to meet needs – yours and your business’s. This means having a system that helps you save for taxes, pay operating expenses for your business, and pay periodic expenses in both your business and personal life. A restorative money system also prioritizes its creator – you. Your money system should not only account for those important expenses, it should also provide a regular paycheck for you as the owner of your business, even if you have fluctuating income. My ideas around this aspect of a money system are based on Profit First. This system also calls for a way to collect a portion of your income as profit, and distribute it to you, the owner, as a reward for your hard work every financial quarter.

If you enjoyed these ideas about a restorative money system, you will probably also like my series on money-mapping. Here’s part 1, part 2, and part 3 of that series. If setting up a system sounds like the thing to do right now, but you’d like to work with an expert accountability partner, check out my offering, 4 Week Refresh, which is designed to help business owners review 2020 and plan for 2021 from a systems perspective. I’m offering this through the end of January and I invite you to join me!

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Angela

The Key to Reducing Money Stress in Your Business

As a business owner, you are responsible for the finances of your business. That responsibility can come with a lot of stress. However, with proper management, the financial side of a business can become a seamless system that sustains you and your passion. The key here? Get organized.

What does getting organized look like when it comes to your business finances? It looks like solid record-keeping and the ability to look back at financial data easily. It looks like a good awareness of the money coming in and out of your business. It looks like knowing you have enough to pay yourself, pay your taxes, and run your business.

All of this can be done without the chaos, by implementing a few changes to how you do your business finances. What you need will vary depending on the type of business you run and its current financial conditions. Today, I’d like to share a couple tips on getting your business finances organized that seem to come up most often in my work with clients.

Create a Supportive Money System

Last year, I wrote a full series devoted to money-mapping, a practice you can use to visualize the flow of money in your business. Creating a money system, and a visual way to understand it, can help you recognize where the income you receive through your business is needed most, and how your personal and business finances integrate. By creating a money system that tracks every dollar (including cash) of income that you receive, you set yourself up for success. A good money system gives you an idea of the profitability of your business, so that you’re not guessing at how much you’re really making.

My work around money mapping integrates the Profit First system’s allocations idea, to help business owners set aside money for various uses in their business. These include the important things, like paying your operating expenses, getting paid, paying taxes, and saving a portion of that money in a profit account. You can read the series on money mapping here: Part I, Part II, Part III, and a follow-up article on keeping your money systems simple.

Get Prepped for Taxes

One of the big themes in my guide to getting prepped for tax time is just simply keeping your documents organized in one place. Keeping all your paper documents in one physical spot, and saving all your digital documents to a designated folder, can save you from a lot of digging and stress when March rolls around. Creating a simple organizational system for tracking these things is a great preparation step for tax season, and a definite stress-reducer.

Show Up

They say that 90% of success is showing up, and this rings true when it comes to keeping your business organized and stress-free. If you’ve been reading this blog for a bit, you’ll know I’m a proponent of having weekly “money time,” which is for you to review your financial situation and do any financial admin work that needs to get done. This time is extremely important for financial self care. Perhaps even more important than what you do during this time, is simply scheduling it in and doing it. When you make a regular habit of revisiting your finances, you will naturally start to shape them to be more organized.

Use Helpful Tools

These days, we are lucky to have many tools available that can help us stay organized in our businesses. Here are a couple that I frequently help clients integrate into their finances:

  • MoneyGrit is a great tool for either personal or business use.
  • Mint has fewer features, but can be really helpful for solopreneurs with few transactions, or personal use.
  • Quickbooks is a classic and excellent for business use.
  • YNAB is a tool I personally have less experience with, but a few other coaches I know use it often and recommend it.

I am planning on doing a more in-depth post on money tracking softwares, and the why and how to use them for business and personal finances later this month. Stay tuned for that!

I hope these tips on organization encourage you to decrease the financial stress in your business. A lot of this work can be accelerated when done with an accountability partner. I’m currently offering a 4 Week Refresh package through the end of January for people who’d like to work with an expert to gain control of their business finances. This package of four private sessions is designed to help you review 2020 and create a clear roadmap to your financial goals in 2021. We’ll also construct a money map personalized to your business, so you can effortlessly visualize your money system. If you’re interested in this package, you can learn more and sign up for a free consultation here.

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Angela

Image by  Arnel Hasanovic

My #1 Tip for Keeping Your Financial Self Care Sustainable

Self-care is important, but if you never actually do it, it’s not that valuable. The key to reaping the rewards from a financial self care routine is making sure it’s something you can actually do on a regular basis. So far this month, we’ve talked about the importance of financial self care. We’ve also touched on why regular “money time” makes a difference. Finally, last week, we focused on three simple steps you can take to infuse financial self care into your work routine. To wrap up this month’s series, let’s focus on how we can make sure you are able to keep that routine going sustainably.

Celebration

Yep, my number one tip for keeping your financial self care routine is celebration. Specifically, celebrating your financial wins. A financial win is any instance where you get a little bit closer to a goal you’ve set for yourself. So even if it’s just saving an extra $5, resisting the urge to spend on something small, paying down your debt just a bit, or making the first appointment with a bookkeeper or coach, these are big steps, and they deserve to be celebrated.

In my series on how to do a mid-year business review, I wrote this passage on celebrating your financial wins:

…[T]ake stock again of all you’ve done this year, including this review process. Chances are, you will find you’ve done quite a bit of work towards your goals, no matter how close you might be to completing them! Take some time to celebrate all the work you’ve done. Treat yourself to an afternoon off, a fun or inspiring event, or whatever you’d like to do to celebrate your achievements so far! Being a self-starting solopreneur is hard work. If you’ve done the work, you deserve to cheer yourself on once in a while.

I whole-heartedly believe this is true, and especially with the challenges this year has faced us with, we definitely need a moment to look at all our accomplishments and congratulate ourselves. Doing this is important to sustaining our financial self care routine, because it encourages to keep moving forward on our goals.

I invite you to find whatever feels like it would be the most meaningful way to celebrate these things. It might be sharing them with other people, like a money buddy or a mentor. It could be rewarding yourself with a purchase or some time off. If you use the Profit First system, it’s time for your quarterly profit distribution! Think about what you’d like to use it for. If you need some help thinking about the most meaningful way to celebrate, check out The Soul of Money by Lynne Twist.

Marking Time and Progress

Over the years, running your business may often feel like a blur. In order to get the fulfillment and satisfaction you want from it, it’s important to take time to mark time and progress. Notice how long you’ve been running your business. Make a practice of keeping track how you’ve grown and progressed as a business owner. Celebrating your financial wins is one excellent way to keep up with that practice.

9 Secrets to Financial Self Care Book CoverMarking time and progress also helps you create a sense of momentum and purpose. This helps you keep coming back to your financial goals. When you notice how your actions are bringing you closer to certain achievements, it gets easier to show up every day and do the work you need to do.

So, celebrate yourself today! If you’d like more thoughts on celebrating your financial wins and other topics in the realm of financial self care, download my free e-Book, 9 Secrets to Financial Self Care

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Angela

Photo by Aaron Burden

A Simple Strategy for Financial Self Care

Humans are creatures of habit. It’s well-known that one of the best ways to incorporate something into your life is to make a habit out of it. So, if you want to engage in some financial TLC for your business or personal finances, make a habit out of it! Last week, we talked about why your finances are the key to self care in your life. This week, let’s talk about how you can bring that financial self care into the center of your life.

It’s Routine

We often hear about how important it is to develop an exercise routine or a bedtime or morning routine. But what about a financial self care routine? Adding in some financial self care every week is key to remembering to revisit your numbers and your spending plan.

In my e-Book 9 Secrets to Financial Self Care, I recommend setting up a weekly period of time for yourself. Ideally, this is a short amount of time so that it doesn’t feel like “too much” and become difficult to continue. I typically recommend starting out by dedicating thirty minutes to an hour every week for financial self care. This time can be used for things like checking in with your spending, setting or checking in on a financial goal for the month, learning about finances, or doing any finance-related admin work.

Make it Fun

I recommend making this time as pleasant for yourself as possible. I love the ideas Bari Tessler presents in the Art of Money Y about making your regular money check-in more pleasant. Dealing with money can bring up a lot off difficult feelings that get in the way of doing this regular check-in. To counter this, doing our best to make this time fun and rewarding is very important.

Try an environmental upgrade, like playing some nice music or lighting a scented candle. You can also try temptation-bundling, which involves doing a pleasurable activity during or directly after doing an activity you need to do (like your weekly financial self care sesh!).

Lastly, try ending the session on a high-note. Stopping for the week while you’re feeling good and enjoying yourself makes it much easier to feel interested in repeating the habit next week.

If you’d like some more ideas about how to make your financial self care habit stick, check out this playlist full of tips on YouTube by MuchelleB.

Buddy Up

If you’ve been reading this blog for a while, you’ll know that I am a big proponent of having a money buddy, or better yet, a money team! Having trusted people in your life that you can talk to about money is a huge asset to your own financial self care. Another way to enhance your financial self care routine could be inviting a money buddy to do it along with you. Do you have a friend who’s also a small business owner? Try having a numbers study sesh together! Team up once a month to check in with your numbers and talk about financial goals. You can also try setting up a regular time to check in with your partner about money. Working with another person can make this time fun and sociable.

9 Secrets to Financial Self Care Book Cover

If you enjoyed these ideas about incorporating financial self care into your life, I encourage you to check out my free e-Book, 9 Secrets to Financial Self Care. You can download it for free at this link.

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Angela

Photo by Suryaansh Maithani

How to Create a Generous Business: Leverage Your Profits

I’m a big proponent of using a money system in your business for many reasons. One of those is the way it can make giving away money, or donating, so much easier. Today, we’re focusing on how to use your profits to be able to give freely in your business. In my series on money mapping, I wrote about setting up a profit account like the Profit First system suggests. I’ve also written about how you might use that profit account to donate money. This post will be a more in-depth exploration of those concepts, so go ahead and read those posts if you haven’t already!

The Purpose of Profit

In my post “The In-Depth Guide to Mapping Your Money, and How it Can Fortify Your Business, Part II,” I describe the profit account in a money system this way:

The profit account accumulates and then is distributed quarterly. Business owners are encouraged to use their Profit Distributions to reward themselves for their hard work. This keeps the owner excited about and invested in the business. It also discourages any tendency to reinvest everything back into the business, or over-save.  Rewards can range from a day out to charitable giving, to really anything you want!

Note that last bit: charitable giving. Recently, I’ve made a couple posts about how to figure out what we really want to spend our money on. It has to do with our values – when we know what’s really valuable to us and we think about how to get that, we can spend our money in ways that are the most purposeful and fulfilling to us. We can spend in a way that brings us that feeling of “enough.”

Lynne Twist, author of The Soul of Money, describes this phenomenon this way: “When people were able to align their money with their deepest, most soulful interests and commitments, their relationship with money became a place where profound and lasting transformation could occur.” Imagine doing this every quarter with your quarterly profit distribution! To create a generous business and get the most satisfaction from your profits, I encourage you to engage in some soul searching. Think about what the word “generous” means to you and what you might do with your money to embody this word.

A Generous Business is a Happy Business

One suggestion I’d like to make here, is sharing your profit distribution in the form of holiday bonuses for any employees or independent contractors you work with. Appreciate the work they do by sharing your profits. Receiving their thanks and building up a relationship of mutual appreciation can be one of the most satisfying ways to use your profit distribution. It can also improve the overall quality of your work life! Because I advise clients to use the money accumulated in their profit account every quarter, the last distribution of the year comes up during the holidays. This is the perfect time to show employees some appreciation.

Be For Your Community

This year has given us more opportunities than ever to show up for our community as small business owners. I encourage you to think about organizations in your local community or on a larger level that you would like to show visible support for with your business. I wrote a post about thinking about your business’s role in your community called “How to Step Up for Your Community as a Business Owner,” that you might like to read to get some more thoughts on this subject.

One way your business can give (that’s coming up soon!) is by participating in #GivingTuesday on Tuesday December 1st. Here’s their guide for small businesses who want to participate. For GivingTuesday, At Peace With Money is supporting Violence in Boston and Second Harvest Food Bank, just to give you some ideas!

I hope this post inspires you to be generous this season! If you would like to work with someone to develop a money system which enables you to feel abundant and be generous, schedule a curiosity call with me. I’m happy to chat and see if we can work together.

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Angela

Image: Kelly Sikkema 

Roundup: At Peace With Money’s Best Educational Posts to Level Up Your Financial Learning

This week, please enjoy a roundup of some of my best educational posts yet. I’m getting close to my two-year blogging anniversary! In that time I’ve written up quite a few how-to’s, exercises, and perspective pieces on handling money. Below, I’ve pulled out some of my favorites, in the categories of business finance and personal finance.  I’m recommending these articles in particular because they contain foundational info that informs my practice as a profitability coach. The tips and perspectives that I blog about here are tried and true. I share them because they make a huge difference to my clients, just as I hope they’ll make a difference for you! If you’re looking to kick your financial learning into high-gear, let these resources be your guides:

Personal Finance Articles

Business Finance Articles

Suggested Readings – My Favorite Financial Books

I hope these posts are helpful for you! I find that the practice of writing a blog has been a great practice in building up an archive of knowledge – one that I hope is just as helpful for you as it is for my clients.

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Angela

Why Your Business And Personal Finances Are Definitely Interrelated

Perhaps it seems like a no-brainer, but it’s important for business owners to keep in mind: Business and personal finances are intimately related. All of us have personal financial lives, and they dictate what we’re able to do in our business. In the same way, how our business is doing financially vastly informs what we’re doing in our personal financial lives. Today, I’m talking about how the two effect each other and why it’s important to be aware of that.

Where Business and Personal Meet

In the past, I’ve written about the importance of separating the two by opening different accounts. Keeping things separate means more clarity about what’s going on in both financial realms. However, just because you want to look at them separately, doesn’t mean they shouldn’t inform one another. I’m also in support of checking in with your lifestyle costs and making sure your target revenue aligns with those. I’m a firm believer in making sure your lifestyle costs and your life’s goals are the things that inform how much revenue you want your business to take in. 

Many finance and business coaches like to throw out round numbers: “Increase your revenue by $5,000!” “Have your first $100K year!” However, these are more helpful in their marketing schemes, rather than your real life. Personally, I find that when your income goals are directly linked to your lifestyle costs and your long term goals, they have much more meaning to you. Doing the work of figuring out what your costs and goals are also keeps you checked in with where your money is going, and where you are going in your life. The way we spend our money and what we do with it directly correlates with how we treat ourselves. In my mind, a revenue target should be an invitation to self care and personal fulfillment.

Working Backwards

If you’re struggling to picture how your business income goals can be informed by your lifestyle costs, I invite you to try a little exercise. In my money-mapping series, I go in-depth on how to create a money map that encompasses your business earnings and your personal accounts. You can sketch one up for yourself, and then start from the personal end on the right. Total up the amount of money you need for financial goals and living expenses, and then move toward the business end and see whether your business is producing that amount of revenue. A big part of this exercise is actually understanding what your lifestyle costs you – and that’s important to your business finances too!

The Whole Pie

The bottom line here is that it’s important to look at both your personal and your business finances separately, and as they relate to each other. We have to look at the whole pie, so to speak. Many business owners might have one field or the other down pat, but having confidence in both areas takes a bigger understanding of how they work together. If you feel you have a lot of clarity in your business but struggle to pay personal bills, or vice versa, it’s time to take a step back and re-evaluate. The two inform each other.

If you appreciated this post and found the opportunity to think about personal and business finances helpful, you’re in for a treat! I am beginning to add personal financial coaching into my practice, and this month I’m looking for three small business owners to get started working with at a special low introductory fee. If that’s something that interests you, click here to set up a free 30-minute consultation, where we can see if we’d work well together.

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Angela

How to Set Business Goals to Finish 2020 Strong

Here we are – the last quarter of the year! 2020 has been strange and challenging for many of us, but it is definitely not cancelled. Many small business owners have been hit hard financially this year. That means the need to pay attention to business finances is greater than ever. Below, I have some ideas for goals to set to finish out the year strong.

What Do You Need to Succeed?

When setting any goals for your business, it’s important to consider what you need to succeed. If you’re at a point where you’re unsure about that, I suggest doing a business check-in first. If you feel like you’ve got a good picture of your business’s current strengths and needs, you can go ahead with the goal-setting.

When setting a goal concerning your business financials, here are a couple tips. First, set one goal, not a dozen. This will make it easier to manage and complete the goal. Second, identify the thing to do in your business finances that would make everything else easier or irrelevant. This advice is from the book, The One Thing – you can read my book review here. In a small business context, this could look like setting up a money system, finding a good bookkeeper to work with on a regular basis, or building a money team. We’ll talk more about potential goals below, but the important thing is to set your sights on the thing that would make the biggest difference to your business.

Create Good Habits

One potentially life-changing goal you could set for your business in 2020 is to finish out the year with good money habits. When I say “money habits,” I mean checking in with your business finances on a weekly basis. The more aware you are of where you stand financially, the better. I’ve written about the stressful weight that feeling vague about numbers can create for business owners. If you look at your records every week, this won’t be an issue for you! In fact, you’ll be better able to make financial decisions in your business, because you’ll be more aware of the information you need. If you need more ideas about what to look for during your weekly check-in, read my articles on knowing what your numbers are telling you and creating more revenue.

Make a Plan

If your business is feeling the effects of the pandemic, perhaps your goal to finish out the year can be to create a financial resilience plan. The most important thing to do when creating a resilience plan is to first take stock of where you are. I recommend reading my article on finding financial clarity if you want some guidance here. Perhaps your resilience plan will include seeking small-business relief opportunities, or adapting your offerings to our continually changing conditions. For ideas on what to include in your plan, I’d recommend checking out the SBA’s resources on preparing your business for emergencies, and my free guide, Cash Flow Flow Reboot Guide: A Guide to Thriving in Uncertain Times.

Stay On Top of Your Books

If you received money from Paycheck Protection Program or other forms of small business support, it’s very important to stay on top of your record keeping this year. Especially if you’re applying for loan forgiveness, it’s important to keep your financials tidy. The SBA has specific stipulations about what they money can be spent on in order to qualify for forgiveness. Keeping your books in order will help you stay on top of where that money goes so you can qualify. I recommend consulting with a bookkeeper for assistance.

I hope these ideas have given you some thoughts on what the best goal to finish 2020 strong is for you and your business. In my private work with clients, we do a lot to make sure they meet their goals. If this sounds like it might be helpful for you, reach out and schedule a free discovery call.

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Angela

How To Plan for Surprise Expenses

Did you have a nasty surprise yesterday with the estimated federal tax payments deadline? Or perhaps in your business you deal with other surprise expenses – things that add up. Worker’s compensation, insurance payments, replacing equipment, etc. can surprise business owners and knock you out of a financial groove very easily. Whether these things are a big issue in your business or not, I’m a huge proponent of planning to address them, just in case. How do we do that? Well, let’s talk ideas: 

Have an Emergency Fund

Having an emergency fund saved for your business can be extremely helpful. Whether a surprise expense comes up, or some other disaster strikes, having between three and twelve month’s worth of expenses set aside is great in a pinch. This strategy can be particularly helpful in emergency situations, but for taxes and other types of expenses that are somewhat predictable, try some of the other strategies below.

Set Up a Money System

If you’re a regular reader, you know how much I love money-mapping. Setting up any kind of money system can help you think more broadly about how much you need to put aside for operating expenses and taxes, well before it’s time to actually pay for those things. Checking out my articles on money-mapping is a good intro to money systems if that’s what you need to get started. If you’re a seasoned veteran with money systems, or have at least tried them before, maybe it’s time to do a business check-in and see where your business is at financially. Assess the situation and make a resiliency plan.

Check In With Your Finances Regularly

Ideally, you have a bookkeeping pro doing this, someone who can regularly look at your numbers and pull out important insights. Or, if you’re doing it on your own, you have someone that you consult with on a semi-regular basis to review your books. Even when you’re not working with a professional, regularly looking at your finances is the way to go if you want to be prepared for surprise expenses. The more aware you are of where your business is financially, the more prepared you will be to deal with an issue when one comes up. I recommend finding a way to make regular intentional time looking at your finances fun, like finding a money buddy or setting money dates.

Note Potential Future Expenses

Take time to think about what potential expenses may arise in the future. Perhaps you use a lot of special equipment in your business, and some of it is getting into disrepair. Maybe you simply have a hard time remembering when insurance or tax payments are due. Take note of all of these things and factor them into your money system or savings plan. Write important due dates on the calendar well ahead of time so you’re aware of them. Have an equipment replacement fund set aside for when your laptop or pottery wheel or farm vehicle finally busts or needs repair. The more you can anticipate these things and incorporate some wiggle room into your money system, the less you’ll be knocked sideways financially when they do come up.

I hope this list has given you some good ideas for dealing with surprise expenses. If you need more ideas about developing financial resilience in your business, check out my free e-book, Cash Flow Reboot Guide: A Guide to Thriving in Uncertain Times.

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Angela

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