What’s Your Money Motivation?
Remember Your Purpose
When it comes to making money, focus on why you started your business in the first place, the business goals are tied into making money to fund your personal and lifestyle goals.
Your business is a vehicle that will help you achieve whatever else you want to achieve in life, whether that’s travel, or starting a family.
Have a Plan
Once you’re clear on why you want to make money, work on a plan to make it happen.
A plan might also help you identify opportunities you haven’t realised before. Eg, if your goal is to spend less time working, some time spent planning might identify how growing your business might enable you to hire more staff and allow you to step back.
Once you have set out your goals, you’ll have a better idea of the sales, revenue, or cash flow numbers you need to reach.
Run Your Numbers Past a Trusted Team
Get a good team around you, whether that’s a mentor, a coach or an accountant, so you’re getting good advice from experienced people. That way you could learn in a year what they’ve learned over a decade.
Meet with them frequently to check your progress against your business plan and financial targets. That way you’ve got someone checking in and seeing if you’re hitting your 90-day action plan, rather than waiting for your annual financial statements and finding out you made a mistake a year ago. It’s about being proactive and knowing what’s working or what needs to be done differently.
Pay Yourself First
It might be tempting to plough all of your money back into your business, but it’s important to draw a salary. If you don’t pay yourself, you’re going to grow your business and pay everyone else, but you’re going to be the one to suffer. Remember, you run the business, the business doesn’t run you.
Disclaimer: The content of this article is intended for general information only and issued to readers as a guide and for their private information. Nick Hoogeveen & Associates website articles do not constitute advice and readers should not act solely on the basis of the material contained within this article. Also, changes in legislation may occur quickly. We, therefore, recommend that our formal advice be sought before acting in any of these areas.