Struggling with money? Feeling like you don’t have enough or have no idea how to track and organize it? Yeah, I’ve been there too. Fortunately, along the way, I’ve discovered some wonderful resources and tips to help me with my money woes. The most important investment I’ve made is working on my money mindset. You might be asking, “What in the world is that?” Well, it’s all about how you think about money and your relationship with it.

For instance, do you live in fear and scarcity or abundance and trust that it will come? I tend to live in scarcity and have to work (just like working out) every day to train my mind to live in abundance. I use affirmations, such as “I have more than enough money” and “People love to buy from me.” I’ve worked with numerous coaches to help me get here, and one thing I’ve noticed is the moment I stop those affirmations, the money stops flowing, and the scarcity mindset and fear take over.

I know, I know, it sounds like a bunch of bologna, right? Trust me, I still sit here and wonder, “Really? Is that what it takes, just saying affirmations all day?” Well, yes and no. It’s part of the work, and I’ve partnered with a few other money experts to share the other parts that will help you understand money and how to manage it for your small business.

Money Management Resources

In order to succeed and grow your business you must understand your numbers, how much things cost, how much time something takes, your profit margins etc.  The easiest way to do this is with some kind of accounting software.  

The main thing to look for when considering the software choice is to ensure that you can import transactions from your bank and credit card automatically.  This will save you time and make tracking your expenses much easier.

There are two types of accounting software:
    1. Traditional: Quickbooks, Freshbooks, Sage, The options are limitless
    2. A software that is designed for your work.  If there’s a software that allows you to track clients, sales, etc, AND expenses you can use this as well.  Just confirm you can either import transactions through a simple upload or directly from your bank.

You should also have a separate bank account and credit card for your business from your personal accounts.  

If you don’t track it, it didn’t happen.  Did you buy advertising for a marketing campaign?  Did you need a new laptop for work?  Did you buy a book that changed how you approached sales and marketing?  If you aren’t tracking those purchases, you can’t write those expenses off.  This is where the automated upload from your bank makes your life so much easier.  

You need a financial professional!  A financial professional will help you do a few things:
    – Forecast needed tax payments
    – Help you determine what you need to earn to grow your business, set prices, etc.
    – File taxes and take advantage of every tax break possible
    – A financial professional’s job is MUCH easier, and will be less expensive, if you have all of your expenses tracked through a piece of accounting software.

Any More Questions? Connect with Margaret Keag.

We can do this!

With the help of software, professionals and the right mindset, you can get there! We are all here and rooting for you!