When you think about ‘counting your money’ you may picture Ebenezer Scrooge, from Charles Dicken’s classic story, “A Christmas Carol.”
Of course “counting your money” nowadays doesn’t look quite the same.
It looks more like regularly reviewing + analyzing financial reports your accounting system provides to give you the real story about how your business is performing.
But, getting the truth about whether your assumptions were right and understanding where you need to correct course – can feel intimidating for many business owners.
And yet, it doesn’t have to be that way.
In today’s post I want to help you make staying on top of your financial situation feel fun, informative and invigorating.
Because if you can shift your perspective and put the right control, structures and systems in place, you can use the information your financial reports provide to create the business you really want.
“Money is only a tool. It will take you wherever you wish,
but it will not replace you as the driver.” Ayn Rand
1. Refresh Your Perspective
2. Claim Your ‘Business Development Day’
3. Set 30 Day Goals
Refresh Your Perspective
It’s easy to get stuck in the day-to-day grind of doing what it takes to operate your business. I believe every entrepreneur has been there many times.
But what if you approached every day as a fresh start filled with opportunities to get better results than yesterday?
From that perspective, reviewing the story your financials reveal about what’s happening in your business becomes insightful. And a practice you actually look forward to every month. One that empowers you to get through the changes you need to make.
Getting a handle on the money flowing in and out of your business helps you make better decisions because knowledge is power.
When you put checks and balances in place to maintain a solid understanding of your business’ performance using your financial reports you’ll become a better leader and get better results.
Plus taking deliberate action daily to make consistent changes for the better will be a lot more fun than hoping + wishing things will work out.
Claim Your ‘Business Development Day’
As business owners we all know how important it is to step back from day to day operations to review and correct course where needed so we can ensure we are on track to achieving our goals + making progress towards our vision.
Some of us do but many don’t. The reasons vary but the excuse I hear most often is, “I’m just too busy.” What ever you are putting in your way, I’m inviting you to clear a path and make this day happen every month.
Things change quickly and you need to be ready to adjust your plans proactively or regroup – fast. Implementing this practice monthly will save you a lot of time and money in the long run. Turn ‘BD Day’ as we fondly call it into a purpose-driven cause dedicated to keeping your business on the leading edge.
I use these questions in order to debrief each month with my clients on what their financial reports reveal is really happening in their business:
Identify what’s working.
Clarify what’s not working.
Identify what’s missing.
Prioritize what’s next.
Set 30 Day Goals
Use the insights you gain to set goals for the next 30 days. Prioritize changes, reorganize and figure out how to make the best use of the resources you have available.
Reviewing your financial reports or ‘counting your money’ is a beautiful thing when you see and use this practice in the right context to get the results you really want.
Photo © Disney Enterprises
Now it’s your turn. In the comments, I’d love to hear:
How can you make your financial reporting + review process more purpose-driven and fun? How often do you review your financial results?
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