Posts Tagged "small business finances"

What’s beyond debt free?

By on May 9, 2012 in Blog, Finance, Goals | 0 comments

  At a recent chamber meeting, all of us were doing an exercise where we were asked to write down an intention we’d like to manifest in our lives. Not surprisingly a lot of people wrote down wanting to be debt-free. It’s an excellent goal and intention to have, but it’s also a bit short sighted, because it doesn’t really focus on what’s going to happen after you’ve become debt-free. I find with financial goals that its really important to have both short and long term goals. Being debt-free is a short term goal, but a long term financial goal focuses you on thinking about what you’ll do with the money you get after you no longer have debt. For example, one of my long term financial goals involves regular investments into my IRA accounts, as well as other accounts that can help me grow my money. I know that if I ever retire I’ll need to be able to draw on that money. And the recognition of that helps me focus on the long term goal of achieving financial independence. Debt free frees me of debt, but it doesn’t make me financially independent. That only occurs if I have a plan in place after I’ve reached that debt free space I want to be in. What are your short and long term financial goals? It’s important to define them for your life and business. It’ll help you make the right choices to grow your business and sustain the life you want to...

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How to get a handle on financial fears

By on Apr 9, 2012 in business, Finance, Goals | 0 comments

  An issue that all business owners face is finances. A business owner has to be aware of the financial situation of his/her business, though not all business owners choose to be. But regardless of how aware you are about your finances, you probably have some fears around finances. It’s important to be honest with yourself about those fears. If you are uncertain about your financial situation, for example, you need to be honest about it, and acknowledge that your fears are holding you back from dealing with your finances. I want you to take a moment and just think about your finances. Then close your eyes and breathe. Pay attention to your body as your breathing, but keeping thinking about finances as well. Do you feel tension in your body? If you do chances are that it’s the physiological stress you have about finances. But you don’t have to be afraid of finances. If you are feeling fear around finances, ask yourself what you are afraid of and then write it down. Don’t edit what you write. Simply write it down. Once you identify the fear, it’s time to take action. If your fear is that you don’t want to know what your financial situation is, then you need to consciously choose to meet with a bookkeeper, accountant, and/or a financial adviser to find out what your financial situation is, as well as learn skills that will help you track your finances. If your fear is around pricing, then it’s time to ask yourself what you feel your time is worth. How much do your services cost. Compare your prices with competitors to see if your price is reasonable, and then stick with it. Know that you are worth what you charge. If your fear is around setting financial goals, it’s time to evaluate why you are trying to make money. What is the end goal for making that money? What is it that you want to obtain with that money? Understanding what you are using money for, can help you better appreciate it, and allow you to start developing financial goals to help you achieve what it is you want to accomplish. Finances don’t have to be...

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Are you clear on the money side of your business?

By on Apr 26, 2010 in business | 1 comment

Up until very recently, (this last week in fact), I used an Excel spreadsheet to track my finances. I didn’t realize it, but until recently I didn’t really know how to track my business finances, and part of me didn’t want to know, because I was pretty sure I wouldn’t like what I saw. But at a business seminar last week, I came face to face with my resistance and realized that I didn’t have a clear idea of my business finances. Sure I could tell you at the end of each month what my expenses were and what I had brought in, but I had a very fuzzy understanding of the relationship between the two. So last week, I buckled down and started learning quickbooks. I’m still learning it, but already I’m developing a better sense of the income...

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