Now that you have set your goals and are planning out your days, weeks, months and years to achieve those goals, it is time you become a master of your money. Money mastery is not necessarily about making a lot of money. It’s about knowing where your cash flow comes from and where it’s going.
In the end, your financials will tell the story of your business, just like reading a novel…. what sort of novel would yours be? A drama? A comedy? A horror???
To discover your level of Money Mastery, consider these questions:
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Do you have a monthly profit and loss statement that you review? Is it understandable?
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Do you have a weekly cash flow forecast that looks at least 3 months ahead?
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Is your balance sheet up to date?
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Do you know what your breakeven point is each month, week or day?
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Is your cash gap under control?
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Do you issue invoices quickly? And follow them up quickly?
If you answered anything other than yes to any one of those questions, then you don’t know your money well enough. It is easy to form bad money habits early on in business, when there isn’t much money to deal with. Business owners often learn that managing cash flow and income only gets harder as the business grows…and, unfortunately, they often learn it the hard way – when they have a money disaster! But larger cash flow is not the cause of your money problems. It is purely due to the way you approach your finances.
Many business owners are mistakenly under the belief that more money means more headaches, but they’re the business owners who haven’t set the right foundations in place or mastered their money activity early on. But it’s simple!
According to American Psychological Association, more than 70% of Americans consider themselves financially stressed.
…“If you expect your money to take care of you, you must take care of your money.”
P.S. whenever you're ready, here are 4 ways I can help you get unstuck and moving forward:
1. Want to escape the 80-hour rat race?
Grab a free copy of my book. I wrote it to show you how I built a business that runs without me. So I could get my time, my family, and my life back. → Get your copy here
2. Need more consistent cash coming in?
If you're a solo operator and want to grow fast, our Business Class program helps you double your revenue in 6 months, or you don't pay. → Learn more
3. Already making decent money, but the business still leans on you?
Our Elite Program helps you build a team and systems that take the weight off your shoulders. You get the full Black Diamond System, plus a business that works while you don't! → Find out how
4. Not sure what you need, but know something has to change?
Book a free call. We'll look at where you're stuck, find what's holding you back, and map out a simple next step to get you moving. Did I mention it's free? → Grab a time here
