Choosing Easeful Money Over Stressful Money In Your Business
All to often stress is associated with money in a business, and it's up to you to change that in your business.
‘Financial-adulting’, mastering your money, financial abundance, success, financially thriving, killin’ it, profitable, lucrative, well-off… the list goes on.
When it comes to your business (and your personal) financial life, there are many terms used nowadays to talk about the moments when you feel more positive than negative about money.
As a business owner we know that money, like your health, relationships to others or relationship with yourself is a bit like a seesaw. There is a tipping point that varies throughout the seasons of your business and life where it can temporarily (or in the longer term) feel like there is more good or bad moments in that aspect of life.
So how can you swing the pendulum in the way of positivity when dealing with your business finances?
As an accountant, I recommend introducing ‘Easeful Money’ practices into your business. What these practices are not, are stressful, anxiety-filled or not aligned with your business and lifestyle values.
Take a look and see how these may fit into your business.
Practice 1: A Financial Rhythm
Introduce a solid financial rhythm or routine to your business.
This means that roughly at the same time every month you sit down and review your finances. You put on your CFO hat, you (or your finance staff) pull together your key numbers for the month and the year-to-date. This reflective task is not about judgement (of your business or yourself) but to see the patterns, red-flags or story that the numbers are telling you.
Ask yourself- what worked well? What didn’t work well? What can I see here that I didn’t expect?
This can also mean having space set aside for important financial tasks, putting reminders in your calendar to be accountable and deciding what is ‘not-negotiable’ regarding your role in the business’ finances.
You see, the thing about creating a rhythm is that when you are tired, busy or distracted by exciting projects, a rhythm holds you up and in a gentle way makes you accountable to how you want to be as the financial leader.
Practice 2: Systems of ease
To reduce stressful or time-consuming activities in your business finances, bring into your business systems that create ease, clarity or confidence. This could entail bringing money in as efficiently as possible, accounting for and paying out bills with confidence and make financial decision-making easier. Also consider, what could we eliminate, automate or delegate out?
One of the biggest ‘weights’ business owners feel, is financial decision-making. Systems allow you to automate all the regular tasks, reducing the number of decisions you need to make and free up cognitive load. You then have more space and time to consider the big questions like how much should I charge? How am I preparing for unexpected expenses? How can I mitigate any potential risks? How can I increase profitability? What is my long-term financial plan?
Practice 3: From one goal, small simple steps become clear
There is a misconception that the more someone works, the more complicated the strategy or more revenue they make, the easier it is for them to have a financially successful business.
Well, I’m here to bust those myths. You don’t need to work 80 hour weeks, have a team of business genius’ devising multiple financial revenue streams or have revenue hitting 7-figures to feel great about the money in your business.
Easeful money occurs when you build up a business model that works for you and your lifestyle. When you run a profitable business with one main goal– then it’s easy to see the distractions.
Having one clear goal also helps devise the small steps necessary to get there. For example, say your goal is to be the best natural skincare provider in Australia, while working part-time and donating some company profits to a landcare or wildlife charity.
The steps to reach this goal become pretty clear when you start looking at your business model. You’re not going to be the manufacturer, distributor and retailer if you plan to work part-time. You are mostly likely not going to grow all the plants and produce the ingredients either. You will choose the aspect that best fits your skill set to focus on, and outsource the rest. Building out your own tailored business model that fits into your goals ensure you use your most prized commodity- your time, extremely thoughtfully.
This is imperative for your pricing and profit strategy. If your goal is to work part-time and make donations while selling a high quality product, it is unlikely you are going be pricing your products toward the lower-end of the market. Premium pricing will ensure your goals are possible and if you combine this with the right marketing and product positioning, it would be highly probable for you to achieve this.
Ultimately there is no guarantee that money will always be easeful, positive or abundant in your business and life. But by applying these three principles above you can take steps in the right direction to make and manage money in a more conscious way in your business.
I’d love to hear how you making money easeful in your business. Please leave a comment below.