Have You Lost that Loving Feeling with Your Business?

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As a business financial coach, I’ve heard numerous business owners say, “If I knew what I was getting into a couple of years ago starting my business, I would have never done it…” And with such a high failure rate of businesses, (Forbes puts estimates as high as 8 out of 10) we have to wonder how many of those folks are giving up when that initial spark is gone.

Your budding entrepreneurial romance…

Do you remember when you first fell in love, with your business? The spark that was ignited in your heart and eyes as you considered working for yourself… No longer punching the time clock… No more requesting time off or wondering how much of a raise you would get at your performance evaluation. Maybe you loved the idea of finally being paid what your work is worth, or no longer having to deal with that co-worker you couldn’t stand.

So, you get clients, you deliver high quality work, you being making a big impact until...

The honeymoon is over…

A client doesn’t pay in a timely fashion, or complains about their results, or doesn’t return your call. You doubt your abilities. Your debt increases and your savings decrease as you pour more money into making your business work. You feel like you are in over your head and might even feel like you’re suffering with “imposter syndrome”.

Your business financial coach understands that the love affair can fade…

And, like 8 out of 10 businesses, you are considering if all the blood, sweat and tears are worth it. You don’t feel like you “have what it takes” to run your business and you have no inkling where things started to go wrong.

The truth is most entrepreneurs simply don’t know where they stand financially at any given moment. Operating your business by looking online at the balance in your checking account, because that’s the place you know how to look, creates a tremendous amount of stress and leads to untold sleepless nights. The only good news about looking online is that the bank is usually up-to-date.

The only good news about looking at your online bank balance is that it is up-to-date

I’ve heard time and time again that recording the business activity into the books (accounting software) or even into a spreadsheet, is behind my months, sometimes longer. Sadly, any insights they could’ve gleaned from their financial reports have expired and aren’t much help in the present moment because the opportunity to do anything about it is long gone. Not having up-to-date numbers is only part of the problem.

Your business is on the rocks…

As a business financial coach, I've seen this type of scenario quite often:

Imagine having a book of clients you love working with and then you add paid-in-full clients for your signature program after making your offer at your live event. It was great because you didn’t have to worry about monthly invoices and payments and such, but several months later, you now realize all your time is consumed working with those clients and all your other ones. You’re booked for months and your cash is dwindling, but you still have regular expenses to cover. You know you shouldn’t add any new clients because you don’t really have the time to serve them as you know you should, but you feel like you don’t have a choice.

Sound familiar?

Entering transactions into your accounting software, or even having a bookkeeper do it for you, doesn’t tell you how to maximize profit. It doesn’t tell you where you are making money and where you are losing it. This includes knowing which client services are most profitable, which ones you should ditch or when you should be charging more. And it certainly doesn’t help you manage your cash flow or your most precious resource next to the cash – your time.

Put the SPARK back into your relationship with your business and your money

The spark is the catalyst connecting you to your ability to be profitable. Numbers and money in business can be scary for a lot of people, but the fear loses its grip once you realize you are totally capable of learning what you need to know to read your numbers like a CEO. My role as your business financial coach is to teach you to do this for yourself so you can make good decisions from a place of financial confidence as you grow.

When you have a good relationship with the money side of your business, you get what you need while making the difference you are here to make.

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