318 – Your Relationship with Money. Take a Seat on the Couch with Connie Vanderzanden
What's your relationship with money? If you're like me, you know numbers are an important part of your business. But truthfully, you'd rather be working on something creative.Today's down-home honest girl chat all about things financial will help you feel a little bit more friendly toward your budget so you can start building a healthy relationship with money and numbers.
Connie is a cash flow and business mentor. And even with her 35+ years of accounting experience, it didn't prepare her for the monster of a business she created. It had $50,000 in debt and she didn't pay herself for 6 years!
So, what did she do? Connie crafted a solution with an easy system that worked to turn things around. Then she started sharing it with others. Now she works one on one with women entrepreneurs, blending the how-to with the mindset to create a healthy, long-lasting relationship with money.
It's not about what your topline revenue is, it's what you do with it that matters. While a budget is the first step, you also have to look at what your natural style is with money and your subconscious beliefs. That way you can call those things out in the budget before they sidetrack your efforts.
Connie is a true Oregonian born and raised in the Pacific Northwest where she spends time with her husband of 35 years and their furbaby.
BUSINESS BUILDING INSIGHTS
Create more innovation to be found in a wider spectrum.
Innovation and creativity are key as you overcome business challenges. There are lots of different options, we just have to be willing to be creative.
Create a plan for your business so you end up with what you actually want.
Figure out if you have an employee mindset. If you do, work on developing a more entrepreneurial mindset.
Build A Healthy Relationship With Money
Money is really here to support us. Numbers are your friend because they can help support your lifestyle.
Create a relationship with money according to your desire and goal.
Take a moment to pause, think, explore your own money habits and figure out what to do next.
To avoid going into debt:
be sustainable and be profitable
explore your costs
know your value when you put a price on your goods
and create some cash savings that will instantly make your business more sustainable
It's up to us as the maker to determine what price is good. That makes us sustainable so that we can show up and do it again and again and again.
Be intentional with how you set your prices. Remember your customer doesn't know what your overhead is. They just want the product. Make sure the price is sustainable so you can keep doing it! <-- Pro tip!
Invest for the future of the growth of your business. Make sure you cover your overhead costs PLUS some extra so you can cover unexpected costs and grow in the future.
Give your dollars a job. Create a business savings account name it so you know what its purpose is. Break it up into multiple accounts if you need to see what it's all for.
Intentionally pay yourself first and intentionally pay for taxes as money comes in. This creates a smaller bucket for operational costs and provides sustainability so you know whether you can grow or not. <-- Check out the Profit First book for more on this!
A financial plan is essential for any business. Like for any good adventure, we're going to need some type of road map. Figure out your good, better, best stages.
Use a calendar to remind you when charges are coming up. Evaluate whether you really need to spend on certain apps and tools. Pause spending if necessary. Stop paying for things that don't serve you anymore.
If you get into a position where you don't know what to do, bring in an outside person who can help you walk through your numbers unemotionally. Find someone you can talk things through with.
Changing the way you do business doesn't mean you have failed. It's just part of the evolution of your business.
Get creative! There are so many options for innovation today. Think outside the box when it comes to growing your business.
Tune in to the full conversation for lots more money and mindset tips!
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Thank you so much! Sue
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