3 Simple Ways To Fatten Your Bank Account
MONEY. Sometimes it might as well be a four letter word. Have you ever felt if you ignore the topic it will go away? Did That increase your income? I Here it all the time…Shameca ” how do you do day to day management and monthly management of money in your business” and that statements if oftern followed by I’m not a financial persona like you. Shhhh…I’ll let you in on a secret. I’m not a financial person either. I had spreadsheets and all that jazz. And thats why i’ve created simple system that make the money part of business easier. Let me share a secret with you about money, It loves attention! I have three ways that will make tracking your money simple and doable.
So, how does a business owner manage money?
Why should you even pay attention to your money? Well, one of the attributes of money that I teach is “Money Loves Attention”. Just like most relationships, the more love and attention you give money the more of it you will make. This is true for everyone. From the person who avoids looking at your bank accounts and bills = a classic avoider. No worries – you’re not alone, I used to reside in that camp.
To the person who feels as though you don’t need any money to do what you love – you’re a classic martyr. Or maybe you just spend every dollar that comes into the door – you’re a spender. Or finally, you might hoard your money so close to you that you deny yourself pleasure and you aren’t growing – you’re a saver. No matter where you fall – tracking how much money is going in and out – is going to help you create a better relationship with money. And that will translate to more green stuff in your bank account and more massages and tasty restaurant meals (whoo hoo – I’m in!) Here are three ways to start receiving more money today:
ATTENTION: These three tracking mechanisms are not for your accountant. They are more for you to keep an eye on your money. What you do for your accountant may or may not be different.
1. Daily: Track Cash Flow: Create a Cash Flow Tracking Sheet: Here’s a simple system. Take out a piece of paper….YEAH I said a sheet of paper. Number it from 1-31 on the left – these numbers stand for the days of the month. On the top, write an inspirational quote for yourself. For example: “I am a money attracting genius and people eagerly pay me for the transformation I provide.” Also write down how much money you would like to attract over the next 30-60 days.
For example: 60 Day Goal: May 15th – $8,500. Now next to each of those numbers you will write down all the money that comes to you from ALL the sources in your life. It doesn’t matter whether it is business-oriented or not -all means all. If you find a $20 bill on the street, write it down. If your grandmother sends you a card with a check, write it down. For those of you that use a shopping-cart, Paypal or merchant account, write down the number that comes in from the day’s total. Every time you write your daily number down – celebrate, cheer, have a praise party. Show gratitude. Create and inviting atmosphere for the flow even more towards you. Remember, “money loves attention” .
OKAY. So I know some of you are thinking, “Shameca, I don’t make money every day. My sheet is going to be totally blank.” I want to encourage you that this process is almost magical. By month 5, you’ll be attracting more money than you ever did before. Why? Because you’ll be giving it attention of course. And we all know we get what we focus on. But don’t be misguided. You can’t just sit in your home and wish for the money. What you’ll find is that you start to get creative about how to attract money here, there and everywhere, namely bec ause there is a part of you that wants to fill your sheet. It’s not that different from the gold star tracking system that our elementary school teachers used. I mean who doesn’t want more gold stars?
2. Monthly or Weekly: Track Expenses: Ok, this one isn’t as much fun, but it is necessary. As a business owner, you also have to be aware of what is going out. The way that I do this is in excel. I set up a spreadsheet that has all the categories of my expenses for both business and personal in the first column. The second column is titled personal and the third column is titled business. Then I save every receipt everywhere I go – business or personal. At the end of each week or each month, enter the receipts into the business or personal column. If you don’t like the data entry of receipts there’s a cool tool called neat receipts that will input it all for you. That way you can get a sense of your spending for the month in various areas. You can also hire a bookkeeper to do thi s for you either in Excel, Quicken or Quickbooks. You can also learn to do it yourself in the software. It’s up to you.
3. Quarterly: Evaluate Cash Flow- Income and Expenses and Evaluate Your Money Making Strategy: First, evaluate your expenses: Have you ever looked at your credit card bill and noticed that you are being charged for a club that you totally forgot that you joined? Or that you haven’t used a software you purchased in three months even though you’ve been paying dues? It’s good to evaluate your expenses each month and make sure that you are still paying for what is important to you. You should also do a check on how much you’ve been paying for certain categories. I noticed once that my restaurant bill had more than doubled and it came with 10 extra pounds! You can bet I did some more home-cooking after that! It’s not uncommon for me to help my client’s find $25,000-$50,000 a year in fees and expenses that could have been eliminated. What could you do with an extra $25,000 – $35,000.
Second evaluate your Money Making Strategy: What launches worked well? Which ones brought you less money then you had liked? For example, I often see practitioners offering retreats where they either break even or make very little money on each client. When they work with me we figure out a service that takes less time and brings in a higher return on the investment. Decide what could you do differently over the next 3 months? Then change your Cash Flow Strategy accordingly so that you are doing activities that bring in the most amount of money and give you the greatest amount of pleasure.
In terms of making room for money and increasing cash flow, this is just the tip of the iceberg, but these activities alone can double your Cash Flow if you do them consistently. Good luck with it all and do let me know how it works for you. And feel free to tell me how you manage your money in the comments on my Facebook Page. I’m always open for new ideas
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Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful. To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit” – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com
Posted on March 15, 2012, in finance, money, Money Moxie & Financial Mojo and tagged business success, cvwbc, iewbc, money, SCORE, small business, wealth builders network. Bookmark the permalink. 2 Comments.