In the early days of my business I was about 80% percent delusional about how to run a business. I really thought that I just needed to work really hard, believe in the business and everything (ie. THE MONEY) would work itself out. Problem was I had no clue how to really manage my cash flow.
There was no plan. I just got the money, had a spark of an idea and flew with it. My first ‘real’ business was a soapmaking business. I got into that business based on the fact that my hobby was soapmaking and I loved it. I thought that was enough: Some money to get started (borrowed from my parents) and a love of soapmaking.
That’s all you need, right?
Business & Money Management Starts With a Plan
You hear from any business development adviser that you need a business plan. It’s true. But your business plan really doesn’t have to be 30 or 100 pages. It just needs to be clear. You need to know how you are going to make money, how much money, how much you need to survive and how it’s all going to balance out.
You don’t hear many blogs talking about online business tips and advice around money and managing your business money and I wonder why. (or maybe I’m just not finding the right business/money blogs – if you know of any good ones comment and let me know, k?!)
I’m thinking it’s for one of two reasons:
1. People who are great at money management come by it so easily it seems like a no-brainer to them.
2. The people who are terrible at it are keeping their mouths shut because they don’t want other people to know.
I know I fit more into category #2 than category #1. But since I opened up the floodgates in this post I’m ready to just be totally open and honest about my previously lacking money management skills. As Dr.Phil says “you can’t fix what you won’t acknowledge”!
So we know that money is important in business and making sure you run your business in a positive cash flow is a basic business principal that’s often overlooked.
How do you manage you money in business?
Well here are my tips that I’ve learned from being seriously out of control to moving back into control of my money:
- watch your money like a hawk (I use lots of spreadsheets)
- be obsessed with making a profit! (don’t always work for FREE!)
- don’t justify ‘another money making course’ when you can’t afford it
- cut out the time wasters (which are money takers)
- cut out expenses you don’t really need
I’ll be talking more about money on my blog because I think it’s truly important.
What do you think? Is money management hard or easy for you? Any tips on how to keep your business budget in check and profits on the rise?
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I’m so excited to tell you that today I got my copy of the 
Leslie Truex
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