M is for Mind Your Business
M is for Mind Your Business
I can’t tell you how many times I was told as a child (and later told my own kids) to mind my own business. I didn’t realize it then, but that mantra holds a lot of wisdom for entrepreneurs, too.
So, what do I mean when I say, “Mind Your Business?” Minding your business is all about knowing the numbers – the financials and data of your business. Minding your business is so important that I dedicated a whole chapter to it in my new book, The DAMN Plan: How To Find Freedom, Love, And Money In Your Business.
As the boss, you are authorized and responsible for making all the decisions. To make high-quality decisions you must do it by the numbers. I can tell by looking at a business’s books how diligently they mind their business. Using my approach, one of my clients had her best year ever in 2020, despite the global pandemic!
My number one, non-negotiable rule for business might make you sweat at first, but it is necessary: no commingling of business and personal money.
Open and maintain a separate business bank account and only use it for business! All money flowing into and out of your business must go through that account. Deposit all checks for your services into the business account and pay all of your expenses — even the expense of you — from that account. If you need a credit card for your business, make sure it is used only for business expenses — and that it is only paid with business money. No exceptions. No excuses.
If all you do is put this simple system into place, you will thank me every day of your business life. You will be able to make determined-decisions quickly, feel less stressed and have confidence even on the days when things are a little slim because knowing your numbers will inform your next determined-decision and give you the confidence to act.
If I were to jump out of the bushes today, mic in-hand, and offer you $1 million if you can instantly tell me which of your products or services is most profitable and how your fixed and variable costs align with your sales and pricing structure, would you be able to answer me? If you’d be left shaking your head and wishing you had the answers, there’s no shame! You just have a lot of work to do, but I am here to help!
Getting financial systems in order to increase sales and profitability of small businesses is my specialty as a business coach. There will be nothing more motivating, and you’ll feel more confident and free than ever before once you know your numbers.
After you learn about how tracking your financials and keeping your accounts clean can work to improve cash flow confidence, schedule your free 30-minute coaching call with me, so we can get a DAMN plan for your financial system for small business. I promise it’ll be damn worth it!
Like you, I am working on my business as I work in it, and I’m always looking for new financial tools to make my business life easier. If you already have a tool or app that helps you mind your numbers, please tell me about it!
Watch this video to learn more about minding your business.