Budgeting. It is such a sexy word. Okay, maybe not for everyone, but it is still very important. All bad-ass business owners need to master it and we are here to break it down for you.
Here’s the scoop from Episode #58:
We are going to get a little technical in this episode (don’t worry – we have a resource for you at the end of the show notes!) but as a business owner, you need to know how your money flows in and out. We are NOT financial planners but we have been around the block a time or two so these are just some lessons that we have learned – sometimes the hard way.
Tracking Your Money
- Start by tracking just your income. Not only is this an essential part of money management, it can make you feel good!
- Start by doing it monthly (or weekly at a minimum).
- This will foster gratitude and awareness. – both really key.
- Simple Google spreadsheets are just fine.
Expense Review
- Set time aside regularly to really dive in and assess all your expenses. You will be surprised at how many places you can find to save money.
- Set a reward for yourself after you are done. Nothing fancy – just a special coffee at your favorite coffee shop is good!
- Check out the awesome tool (linked at the end of the show notes) we have set up to help you with your review. We also walk you through how to use it. You will be able to figure out not only exactly where your money is going, but when. So if certain times of the year are more expensive, you can plan for that. It also helps you decide if there are other things that you can afford (or conversely, you can see if “the party’s over” in terms of gratuitous spending).
Stay tuned for more concrete things to help you around cool things like your money mindset. In the meantime, check out our express episodes where next time we talk all about your website and the weird and wonderful things you need to consider.
Links for this show:
- Handy spreadsheet to get you started
- If you missed any podcasts and want to get caught up, you can click here to find all of our previous episodes on the Podcast landing page.
- Join the Services Business Success Facebook group for all of the latest updates here.
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