A Different Approach to Business Financials
Running a business takes A LOT of work, but when we can get the financial management piece to run a bit more smoothly, you will feel more in-control and empowered and less out-of-control and helpless.
Think about this for a moment...
What are the words and feelings that come to mind when you hear the phrase business finances? Are they positive? Negative? Neutral? For those of you who experience feelings of frustration, confusion, and fear when you think about this topic - please know, you are absolutely not alone and I want to share something with you right now that might lighten the load just a bit...
Your business financials provide information NOT identity.
Sometimes we are afraid to approach the topic because we may see areas for improvement and perceive them as personal failures (which are painful to face). I challenge you to take a different approach and take on the attitude of curiosity on a quest for improvement. What you don’t know CAN hurt you so get in there and start discovering and figuring out where you can do better. Take a clinical approach and imagine you are searching out information to inform your decision-making vs. searching for mistakes that you’ve made.
The process of recording and reviewing your financial information is a PRACTICE that will be unique to you and your business and will change as you learn and as you and your business grow. The sooner you start and the more you practice, the quicker you can find out what methods and systems work for you.
Knowing your numbers and having a firm grasp on your financial picture allows you to plan AND react from a place of empowered confidence. Even when the scenario is not what you wish it was - awareness matters. If you are aware of what is, you can take effective steps to make better, more informed decisions and have more options at your disposal. The most sure path to improvement is to keep going, keep practicing, and keep showing up.
Simple Steps Will Get You Started
Your must have tools to get started are really only a laptop, phone, and a notebook. Coffee helps too of course:) If you can set aside time each day/week/month to record transactions, you will thank yourself later! When I first started working with one of my clients, they would wait until the end of the year to review their records and prepare for tax time. Not only was that negatively hanging over their head throughout the year and putting a ton of pressure on them at year-end, they were also missing out on information that could enhance their decision-making and giving up headspace and bandwidth to that massive to-do.
Now they have a system in place that allows them to stay on track, make informed decisions (they are planning to make their first hire), and tax time was a breeze this year! I share this to let you know that you are not alone, and with the right mindset, workflows, and tools you can get there too!
If you’re interested in a DIY approach click here to schedule a phone call to review your options. If you’re looking for more support and someone to jump in to help you, book a call here to find out how we can work together.
Lis Lee Accounting is not a financial planner, broker, or tax advisor. Neither Lis Lee Accounting nor the content herein are intended to provide legal, tax, or financial advice. The content and materials are intended only to assist you in your general organization and decision-making for your business or practice. Lis Lee Accounting shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof.