Let me share Three ways to change your attitude to money. Moreover, in this podcast I will look at way you should change your attitude.

This week I Hate Numbers is not the just about how you make that change, in addition it’s about why you need to change.

Money is power, freedom, a cushion, the root of all evil, the sum of blessings.  All of us in business we think about money, we talk about money, we plan what we are going to do when we get more of it.

But truth is though, how often do you look at money in your business? And by looking at it, I do not mean just staring at a wad of banknotes, but how closely did you look at the numbers in your business?

In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approach, more on that later

Why you need to change your attitude towards money in your business?

You may be thinking, why do I need to change my money attitude, my money mindset. Well, you need to change your attitude to money if you want to survive and thrive. If you are not happy with the way things are going in your business, it is time to re-look at how you do things.

It is time to develop and adopt a new attitude towards money. And what that means is, you are taking more control and getting closer to your numbers.

Whatever your business shape or size, type or form you need to move it forward.

How to change your attitude towards money in your business?

In this podcast episode, I am going to share with you three tips of how you can change your attitude to money in your business. The KPR approach

• K is for Key, focus on two key numbers.
• P is for Plan, what that looks like in financial terms.
• Re, is for record keeping, as heads Digital Accounting is the way to go.

Listen to find out more

I need your help

There are an incredible and fascinating range of views and reactions that people have to Money, what they are, and the reasons for them are many. I don't pretend to know all the answers and that’s why I need your help.

It's not just curiosity for curiosity’s sake, but I strongly believe that knowing what lies behind our attitudes helps us in business and in life.

I need a couple of minutes of your time to complete a quick survey. I have There is also the chance No spamming from me, or creepy sales calls. There is also a £50 incentive-prize-bribe up for grabs. To take part, and to find out more select the survey link.

What next

I hope you get some value from this podcast on Three ways to change your attitude to money You are not on your own! Contact us to see how we can help ? Our news section, FREE online calculators is there for you. Just click here now to get started!

Listen now and Subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates from I Hate Numbers podcast!

Click here for more business and finance, news, advice and tips

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288

https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins

https://www.stitcher.com/podcast/proactiveresolutionss-podcast

https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

You are listening to the I Hate Numbers Podcast with Mahmood Reza. The I Hate Numbers podcast mission is to help your business survive and thrive by you better understanding and connecting with your numbers. Number love and care is what it's about. Tune in every week. Now, here's your host, Mahmood Reza.

Money is power, freedom, a cushion, the root of all evil, the sum of blessings. All of us in business, we think about money. We talk about money, we plan what we're going to do when we get more of it. But truth is, though, how often do you look at money in your business? And by looking at it, I don't mean just staring at a wad of banknotes, but actually how closely do you look at the numbers in your business?

Hi folks. My name is Mahmood. I am an accountant in practice. I've been running my business for over 26 years here, helping businesses get close to their numbers, so they can make more money, they can save time, save tax, and have the lifestyle and business that they deserve. In this podcast episode, I'm going to share with you three tips on how you can change your attitude to money in your business, and I'm going to summarise that as KPR.

What do those letters KPR stand for? I'll reveal more in a few moments. Now, the first natural question would be, well, Mahmood, why do I even need to bother to chase my attitude to money in my business? I'm perfectly cool with it. I'm perfectly relaxed, and that's as may be. But you need to change your attitude to money if you want to survive and thrive.

If you're not happy with the way things are going in your business, it is time to re-look at how you do things, and it's time to develop and adopt a new attitude towards money. And what that means is you taking more control and getting closer to your numbers. It doesn't matter whether you are a startup business.

It doesn't matter whether your business is mature. It doesn't matter whether you're a social enterprise, a private company, whether you're a creative practice, a charity, your attitude to money, more particularly, the attitude to the numbers in your business, is absolutely vital if you are going to progress your business forward, and by progression,

that means sustainability, that means growth, that means delivering your why to your customers, to your clients. Now, as a heads up, I'm absolutely fascinated by people's attitudes to money, and at the end of the podcast episode, I'm going to comment about a big conversation, a big survey I'm carrying out at the moment, and there's an opportunity for you guys to win 50 quid worth of vouchers.

More of that at the end of the podcast. Let's crack on. I was talking about the KPR approach to changing your attitude in business, and naturally you'll be thinking, what does that KPI stand for? The first thing is it's very easy in business to get overwhelmed by the volume of numbers, the level of transactions going on, and for me, it's about looking at two key numbers, and the two key numbers that all business owners should be looking at, should be focusing on is profit and cash.

Those should be embedded firmly as your two key focus numbers to look at, to measure, and to manage. And by profit, we are literally talking about the value of what you sell an item for, what the value of what you sell your service for, your products, take off the cost associated with that, and there’s your profit.

So, profit is number one, and more fundamentally and as important, if not more so, is the money in your bank account. The cash that you have. Have those firmly embedded. Everything that you do in your business has to be about achieving those two primary financial goals. The second thing that you need to really get to grips with

is the P, and you must have a plan, and a financial plan will be looking typically 12 months ahead, further away if you can, reflecting what your business activities are likely to be, and you need to come up with a profit plan. So, based on where you are taking your business, based on your route map, based on your journey, your end destination, what does that look like in terms of profitability and fundamentally, what’s the cash story look like?

What's the cash forecast for your business future resemble? Now, you might be thinking, well, you know, I know what's going on. I pretty much have got a good intuitive feel for how my business is developing. If that's your approach and you don't have a plan, you'll make your life very difficult. You'll add more stress and anxiety to a very busy, overworked brain as it is.

And to relieve that stress, to relieve that anxiety, and to give clarity to your journey, you need to produce a plan. Notice I'm not saying it will be nice to, you need to. Many clients that I've worked with over the years from large companies to small solopreneurs, once they have a plan in place, once they see what the financial impact of their journey looks like, once they see what the cash required is at each stage of that journey,

they have much better insight to how their business is operating. They feel much less stressed. They feel more in control of their business. It's a win-win situation all round. So, we've talked about focusing on two key numbers, and those two key numbers are profits and cash. We've talked about planning.

Make sure your journey is represented in a financial plan. Fundamentally, that is the profit that you are looking to make over the next, say, 12 months, further, if you can look that far, and also what that cash flow looks like. Now, underpinning all of this, in order to actually do that, you come to the third element, and probably, I would say it’s as critical, if not more important,

is the record keeping. If your record-keeping is what I call antiquated, if it's all paper-based, spreadsheet-based, that may serve you very well. But in terms of the heavy lifting, actually knowing which direction your business is going, it's going to be very difficult to use that to actually give you that information that you acquire.

So, it is critical that you have a good information system, a good accounting system, and I make no bones in saying, my recommendation to all businesses, whatever size you are, whether you're an acorn-size business, whether you're an oak-tree-size business, whether you're a private business, whether you're a charity, a social enterprise, you must plug into the digital world.

It saves time. It's more efficient. It's more productive. But the key thing is it gives you that information that you're getting from your transactions, what you are spending, where the money's coming from. It cuts down all the heavy lifting, and it enables you to grab that information in more real time as opposed to relying on the annual year-end exercise.

So, let's summarise, folks, where we are. So, we've got focusing on two key numbers, and I would recommend, have a regular time slot where you look at your bank statements. I would probably ring fence some of that money that's there that you're collecting for the tax authorities. Some of that monies that you owe to suppliers, ring fence them, put into a separate account.

You can clearly see then what your bank account is looking like. Get familiar with that. Have an idea how to measure and manage your profit. If you need some help with the heavy lifting, check out the show notes at the end and I'll give you a link to a suite of wonderful business calculators we have, which will help you work out those profits.

So, get more comfortable when looking at the profitability of what you're doing, not the value of what you are selling. And the last thing, last two things you need to do, is you need to have a financial plan. I mean, planning, for me, underpins all success in business. You need to have an idea of your why, your end destination, and your journey, how you're going to get there,

and that needs to be translated into what that looks like financially. Whether we like it or not, no money equals no business. And the last thing we need to have is a good record-keeping system, and by good, digital is the way to go. It's literally a no-brainer. The price points, the efficiency it gives you, the productivity it gives you, is marvelous and it's a win-win situational all round, and effectively,

it feeds the data, it feeds those transactional values into your plans and into you working out profit much more easily, and money in the bank. Now, folks, I mentioned at the beginning of the podcast about a 50-pound giveaway. Now, I'm fascinated by people's attitudes to money, but I'd love to hear your thoughts.

I've got my thoughts on people's attitudes to money. It comes from a variety of places, from childhood, people around us, and our attitudes to money, which we have in our personal lives has an impact on our business lives as well. Well, I'm carrying out a conversation, a survey, which I'd love you to take part in, or take about two to three minutes of your time,

and there's an opportunity to win a 50-pound Amazon voucher, which is pretty much the same as giving you 50 pounds worth of cash. There's a link in the show notes at the end. I'd love it if you could take part. The survey closes at the end of May and I'll share the results with all of you, obviously anonymised.

Nothing more particularly shared. And in addition, there's a couple of extra freebies I'm going to mention in the show notes at the end. So, folks, I hope you've got some value from this podcast. I'd love to hear your thoughts. I'd love it even more if you could share this podcast, subscribe to it, give me a review if you think it's been brilliant, which I hope you have done.

Then let me know, share a review on the podcast platforms. If you think it's pants, then let me know and we can shape that going forward. But apart from that, folks, have a brilliant week and I'll see you on the other side next week. We hope you enjoyed this episode and appreciate you taking the time to listen to the show.

We hope you got some value. If you did, then we'd love it if you shared the episode. We look forward to you joining us next week for another I Hate Numbers episode.