Let’s talk money. At the end of the day, whether you consider yourself motivated by money, or not, if you want a business, you still are in the work for money. Whether that money is for charity, for financial freedom, for a vacation, a new car….it doesn’t matter, you provide a service or a product because, ideally, you love what you DO, but to continue doing what you love, there has to be a way for you to pay for a roof over your head, some food, and some clothes, at the bare minimum. However, most of the time, we don’t look money in the face. It’s like this idea of “if I ignore money, then I won’t have to admit how bad my situation is.” Or, “if I don’t look at the bank account, I will feel better.”
Then how come, the day it comes to pay your bills, you are freaking out? You go to pay your rent, and you realize you’re not sure whether you have enough for food. Or, you put everything on a credit card, and the debt on that card has become so big it’s like carrying a 20-pound weight in your pocket. The answer is, if you avoid looking at your money, you are more likely to end up not just surprised, but also stressing out about bills, and confused as to how this struggle keeps repeating month after month. If you’re sick of the struggle, here are a few ideas for you:
- Talk about money every day. It’s not vain, it’s smart. Look at your bank account every day to understand, every day, where you are on the scale that you want to be.
- Make a goal. Whether it’s $500 or $5,000 or more, make sure you know how much money you WANT each month or week so that you have a focus point.
- Make a strategy. Determine, month-by-month, what you can do to make that money you want show up in your bank account. Don’t waiver on your prices to be nice, you have to pay for food and a home, at a minimum, you are not a charity, even if you want to donate to one. If your business bills are costing a fortune, visit a website like h2obuildingservices.co.uk to see what can be done about this. Don’t just sit around letting the money drain out of your business account!
- Respect money. If you owe money, pay on time, and if you are owed money, demand payment on time. It is a sign of respect, and integrity, to make payments on time so use a collections company if you have to. This works both ways, which is why it’s important to understand this point. If you do not give the respect to others, you will not receive it back in your business.
- Pay yourself first. Our habit, in our business, is to throw every dollar we make into expenses. Starting now, contribute 1% of every dollar you earn into a savings account, preferably one you can’t get into too easily, so you begin to build a mountain of security for yourself. Hey, every dollar is a dollar, and they add up fast. If you’ve only seen that on the debt side, then start surprising yourself in the positive!