Is the Reality of Owning a Business Matching Up To Your Dream?
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Have you ever asked yourself, “How in the world did I get into this situation? What was I thinking?”
I think every small business owner has asked themselves those questions at least once.
When you started your business you probably saw your new adventure as bringing freedom to your life. Freedom to control your time, so you’d have more time to spend with your family. Freedom to control your financial future and make more money. Freedom to shape your own destiny or build a legacy. Then, as you got things up and running, reality set in.
You’re working so hard in your business. You’re wearing so many hats and trying to juggle it all. You’re doing the marketing and bookkeeping, emails, sales, and taxes. The list goes on and on and on. Your days are a whirlwind of just trying to keep anything from falling through the cracks, and you feel the pressure of all of it resting squarely on your back.
Most business owners are enthusiastic and willing to put in the time and effort to build their dream. They understand that anything worthwhile will require some sacrifice on their part to get it going and make it all work. The thing that makes them question “what was I thinking?” the most is when the realities of money management comes in.
Managing the money coming in is often the single greatest challenge business owners face. They may love what they’re doing and do it well, but it was never their dream to worry about the numbers or be thrust into the role of an accountant.
Fortunately, you don’t have to be an accountant to have a successful business. However, cash flow and getting paid what you deserve regularly are critical to your success. That makes money management a top priority for every business.
Even if you hire someone to manage the bookkeeping, you still need to understand money management, so your business has a solid foundation and can provide the financial resources you need. Otherwise, you’ll find yourself asking the dreaded question of “do I just need to get a ‘real’ job?” When that question comes up, that’s when things have gotten really real!
When things get to that point, many business owners start scrambling to hold onto the dream. The common belief when money (or lack of money) becomes a problem is that if you just work harder, you will make more money. The truth is that money management is a behavioral mindset. You really don’t have to work harder. You just need to work smarter in terms of how you manage what’s already coming in – and build on that.
Our behaviors around money are actually what determines our wealth and the financial health of our business. If you don’t put a process in place, you will never make the money you really desire.
The first step is understanding where you are, what you believe, and taking an honest look at how you interact with money. Taking that first step puts you on the path to making some meaningful changes that last. You will be able to start taking control of your financial future and have that freedom you dreamed of in the beginning.
When you’re able to accomplish that, the only question you’ll be asking yourself is… “Why didn’t I do this sooner?”
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