Last week I did a bit of a rant about money on Facebook Live. You can watch it here.
Money is one of those topics I get super passionate about because I see so many women working hard to make a difference and yet, they are unable to bring home a paycheck. I hope that isn’t you.
In the Facebook Live, I spoke about four things that I’d love to see you do to change up your situation with money. I’d like to share them with you here, as well.
1. Set a Money Goal
If you want to build wealth, you’ve got to get comfortable setting goals around money. How much money do you want to make? How much money do you want to save? How much money do you want your business to generate?
When you have a goal, you can break that goal down and figure out how to attain it. But, if you don’t have a goal, you’re essentially wandering around aimlessly.
Marketing is designed to help you get in front of customers. It should be one of the activities you use on a regular basis to help you reach your money goals. If you don’t have enough money to pay yourself, chances are your marketing methods are lacking, OR you need some sales guidance.Vanity metrics do NOT pay your bills. #Entrepreneur #MoneyTalk Click To Tweet
It’s time to give up “just wanting to make a difference” and start wanting to make a difference and a living.
2. Move the Bottom Line to the Top
Every year, hundreds of thousands of business owners go to their accountant at the end of the year to find out that there is very little left on their bottom line. In some cases, they show a profit, but the cash has already been spent leaving them feeling defeated and with a hefty tax bill.
If you want to be able to pay yourself, you need to move the bottom line to the top of the list in terms of prioritization. You need to stop mindlessly spending your profits. Instead, prioritize right off the top how much money is for you.
When you start doing this, all of a sudden, the decisions and choices you make around spending money on other expenses change. Try it. Every time you deposit money into the bank, take 10-20% off the top, move it into a separate account and consider it YOURS.
3. Stop Buying into Top-Line Revenue Lies
There is this thing online called income marketing. It’s when online marketers use their top line revenue claims to make you think that their business is healthier than it may really be. It sounds like a “6 or 7 figure launch,” which means they may have sold that much in programs, but… (and there is a very big but), they also had expenses and they have not collected all of that money yet because they have offered very generous payment terms.
If someone has a 6-figure launch in a month, selling $1000 widgets, essentially they had 100 sales for $1000. BUT… if they allowed all of those people to pay $100 a month over ten months, they really only sold $10,000 that month, with a promise of $10,000 in sales for the next 9 months.
You don’t hear people talk about that, do you? Stop buying into half-truths about money.4 Things you can do to better your relationship with #money Click To Tweet
4. Become Financially Savvy
It’s that time, tax time. Right now you’re probably gathering information for your accountant and getting ready for a year-end review. You’re smart enough and capable enough to understand the financial puzzle of your business.
If you can add, subtract and multiply, you can do this. When you wrap up your financials for last year, make a promise that this time next year, you’ll be a completely different type of money master.
It’s time to get your head out of the sand and stop focusing on everyone else’s perceived success. Instead, focus on your own ability to build your business and pay yourself well.
You work hard, and you deserve to reap the rewards of your hard work.
Leave me a comment and let me know, what is one thing you can commit to learning today that will help you feel more comfortable and aware of your finances?