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

How To Focus Your Offerings to Create More Revenue

Many businesses are multi-faceted. Diversifying is a good thing, so many business owners have a large network of different offerings. Because of this, it can sometimes be difficult to know what offerings to focus energy into. Today, I’d like to introduce a way to analyze your business and figure out where to focus.

It’s About Time

By studying your financial records with an eye to times of the year, you can learn a lot about how your business behaves over time. Whether your business is product- or service-based, it is likely subject to fluctuations. It’s likely that these fluctuations are seasonal, or else focused on specific events. For example, let’s say you own a craft business that brings in the most revenue in the spring and early winter. If you look closely at your records and what you’re doing in your business throughout the year, you might realize these spikes in revenue come from particular sources. In a craft business, it might be that there are several public craft fairs you like to attend in the spring. In early winter, perhaps people buy your products as Christmas gifts. (For some advice specifically about craft fairs, please check out this post!) By analyzing time cycles in your business, it becomes more apparent to you what times of the year and what offerings bring in more revenue. This makes it easier to direct your focus in your business.

Using This Info

Once you’re able to analyze your records from this perspective, you need to figure out how to use the information you find. Focusing on the products or services that bring you the most revenue, as well as the time of year, events, or other factors that effect this, is an important way to discern this info. How can you re-create these conditions to bring in more revenue? For example, perhaps you have one product that’s particularly popular around summertime – can you create variations of this product? How can you expand here?

In our current situation, many people have had to adapt their offerings. Perhaps you’ve had to do this in your business as well. If so, it could be great to conduct this type of review over your financial records of the last several months, since shelter in place began. Ask yourself the questions above, and think about what results you’d like to achieve. Would you like more revenue? More sales of a certain offering? Or perhaps you’re just not clear about what’s working best in your business. Analyzing time cycles can help you figure this out.

This is one of many things a good bookkeeper can help you discern from your records, and something that I regularly do with my clients. If you’d like some support in this process, please think about scheduling a curiosity call with me. I also recommend reading my free e-book, the Cash Flow Reboot Guide, for ideas and strategies to adapt your business to the ongoing pandemic conditions. 

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Angela

Image by Nicole Geri

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