Planning for the financial success of your business is like charting a course. But just like how small business owners need a business plan, you need to be creating one for your personal finances at the same time.
According to a recent Study (Schwab’s 2019 Modern Wealth), only about 28% of Americans have a financial plan in writing! What side of that 28% are you on?
In another study, it was found that 61% of Small Business owners don’t have a business budget in place. This makes it very difficult for them to achieve financial success when they don’t have a plan.
Chart Your Course to Financial Success
I’m a firm believer that you can’t achieve financial success unless you chart your course. It’s just that old saying, “failure to plan means your planning to fail.”
But what every person needs is a roadmap. One that offers direction when faced with spending and life decisions. It allows for changes in your life and business but still keeps you on track to reach your financial goals.
The plan needs to include both your personal and business finances. Essential elements include knowing your budget and projected income. As well as what your future vision is.
These are only a few pieces of a solid roadmap to financial success. Now, let’s dive into some things you can do to achieve financial success.
Set Goals for Your Financial Success
Tony Robbins says, “Setting Goals Is the First Step in Turning The Invisible Into The Visible.” Pause for a moment and think about that. By setting goals, you’re taking what you can’t see and turning it into reality!
When I started my business 10 years ago, I started without goals. Here I’m saying to set goals, and I had no goals when I first started! The only real goal I had was to replace the previous salary I had at my corporate job.
But, nothing was written down. I was afraid to put something on paper and then fail. Have you ever felt that way? That feeling that if you make a big goal and it doesn’t happen, you may feel like a failure.
Or, you’re scared you’ll reach those goals. And then what? How will you handle the success? How will you deal with the growth? It’s scary, right?
But Goal Setting is a Game Changer!
When you create goals and put them in writing, it’s easier to take action—making those goals a reality. This is when the real growth of your business happened.
When goals are written down, they become tangible and real. Once you see it in writing, you know you need to take action to make it happen.
When you’re starting to think about your goals, realize they don’t always have to be financial. It doesn’t have to be about making big bucks, selling a set number of products, or signing new clients.
Goals could be about retiring by a certain age, or creating a business model that allows more time with family—or creating a business that contributes to the community or charity.
You get to decide what your goals are.
Change Your Money Mindset
If you’ve ever wondered why one person seems so successful with their money while the next person seems to struggle continually, it could very easily be the mindset difference!
Your money mindset is quite simply the way you think and feel about money. It’s your attitude toward money.
You’ve probably heard it said before that most millionaires would tell you that they genuinely believe they became a millionaire because they BELIEVED they could do. They believed they could drive their own success or “chart their own course.”
Now is the time to shift your mindset.
Start to believe that you’ll reach your goals, start to believe that you’ll be successful. Remember, you’re what you think most about – remind yourself daily what you’re trying to achieve and then work like crazy to make it happen!
Understand What Accounting Is and Why It Matters To Financial Success
You’re not going to be charting a good course to financial success without accounting.
Don’t think that accounting is “just for nerds” or “just for numbers people.” That’s not true. Accounting is simply the process of recording business transactions, analyzing those transactions, summarizing those transactions, and reporting those transactions.
Accounting can sometimes be interchangeable with “bookkeeping.” Accounting is the backbone of every business. It tells you where your money came from, where it’s going and how you can regain control of it.
The word accounting comes from the word accountable. If you’re going to achieve financial success, you need to be accountable for your money.
If accounting scares you or intimidates you, do something about it.
Take a course, a program, something that will educate you and help you. Or, outsource it to a professional – just make sure you’re somehow accounting for your money.
Take Your Financial Success To the Next Level
Here’s the good news. You’re not alone.
After 10 years of working with small businesses, I have seen many without a plan for their financial success. It’s not their fault; they lack guidance on how to proceed.
That’s why I have created an in-depth course on creating your financial plan—both for your business and personal finances.
This comprehensive, step-by-step, 6-week program will cover everything from goal setting, mindset, personal financial planning, financial awareness, budgeting, accounting, bookkeeping setup, and even KPI tracking.
If you’re looking for financial success, this is the program for you. We’ll walk through it together, and at the end, you’ll have a very clear understanding and a picture of your financial future.
Check it out today!