Some of you said you opened your bank account for the first time in months without needing to pay a credit card bill and some of you already found money just from looking closer at your accounts! Like Cheryl who messaged me:
The next habit I want you to start doing every week/ month is tracking your money.
Before you worry this is going to be a cumbersome task — it’s okay, we’re going to split it up!
Today, I want you to do these 3 quick things.
Decide where you are going to track your money. This is going to be something like Quickbooks, Wave, or even a robust spreadsheet. (If you already have an accounting platform set up, you’ve got this step handled!)
Put a time block for 15-30 minutes in your calendar every week. You can call it something like “Money Date” and plan to sit down every week with a warm beverage and get on top of your income and expenses, or even just review the categories from your bookkeeper.
Gather all your invoices + receipts from the past month into 1 spot for faster input/ review during your first calendar time block.
Helpful tip — if you get most of your invoices/receipts emailed to you, create a specific folder in your email inbox to store everything until you can go in once a week and add it to your tracker.
Working out every day didn’t always come naturally to me…
In fact, it works better when I make it a habit — a non-negotiable in my day (or yes, I’d totally quit, often telling myself that I’d work out “tomorrow” but tomorrow would never come).
So exactly 1 year ago, I made a commitment: to exercise daily (even using the app workouts when I’m traveling, like to Fincon last month) — and today marks EVERY DAY for 1 full year. That’s 365 times I re-committed to myself and my health — crazy I know!
Habits are what we as human beings — and especially as entrepreneurs — will live and die by.
We become our habits because we become what we habitually do.
And that got me thinking about money habits…
Honestly, getting your money stuff together can feel really daunting.
Don’t worry, I’ve done just about ALL the work for you.
No joke!
You see, I want YOU to get results like Sarah, who knew she wasn’t good with numbers and had a bad case of shiny object syndrome. After following the Cash Flow CEO steps and coaching, she hired a bookkeeper (based on a referral from me) so she wasn’t stressing and guessing about money, and created new revenue streams with online training and an ongoing membership community where she now gets to influence fitness professionals in 15 different countries!
…or Katie, who went from $1,500/mo to $15K/mo after knowing her value and building her team!
…or Angie, whose daycare was barely breaking even and on the brink of closure. After really figuring out her numbers, she was able to stay open (even during the pandemic), start paying herself $5k+ per month, and had the money to pay for medical care for her special needs daughter.
…or Jaclyn, who had her highest revenue months to date despite the pandemic.
Is it luck?No, it’s getting super clear with all things money in your business.
Have you ever tried driving with one foot on the gas and one foot on the brake?
Silly, right (even in cute red heels)?
Of course it would never work!
But the truth is, many women run their businesses just like this.
They self-sabotage. Overserve. Overspend (or Underspend). Don’t trust themselves to make the right money decisions (and often they don’t even have the right information to make informed decisions in the first place).
(And when I say “they”, I’ve learned this from personal experience — and damn has it cost me a lot of money until I figured it out!)
If you want to feel more SAFE and SECURE in your business and excited about the revenue you’re generating, you need to have a PLAN — not a wish and a prayer to get there.
As a colleague said recently, “If you don’t have a business budget [aka a Profit Plan], what are you even doing in business? It’s no wonder you aren’t reaching your goals!”
[In Day 3 of the upcoming Next Level Cash Challenge, I’ll share not only how to create a PLAN, but what a real profit plan involves and how essential it is so you can scale effectively.]
The good news? You don’t even have to be a math or a “numbers” person to run a profitable business.
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