For many small business owners, entering the last quarter of the year prompts us to revisit our numbers. Perhaps we are trying to wrap up projects or carve out time for new ones in the new year. What if we are wanting to see if we hit our annual revenue goal? Or maybe it’s our desire to see how 2021 compared to the strangeness that was 2020. Whatever the reason, we tend to feel some pressure to finish strong before the holidays. I know this feels true for me, especially with the added milestone of buying our first house this Fall! So what are you missing in your toolkit to meet your money milestones? Let’s take a look at some Financial Therapy tools that have worked wonders for other business owners!
Know Your Numbers
I know this may seem like a no-brainer, but it isn’t uncommon for a small business owner to experience avoidance, overwhelm, guilt, or shame when trying to get closer to their numbers. Do you know your monthly expenses? How about how much you make each month? What are your periodic expenses for the year, factored over 12 months? Although it may be emotional, this is an opportunity to get closer to your money which has long lasting, positive effects including increased confidence and security in your business. Do you feel like you already have these elements locked in? Consider the 50-30-20 rule for your business versus your personal expenses. This can be a thought-provoking, next-level exercise in healing our relationship to money for driven professionals everywhere!
Rename Your Accounts
A personal favorite, it’s amazing to see the shifts that happen when business owners rename their accounts to something that has more emotional buy-in. How different would it feel to see a savings account named “Vacation to Hawaii” or an account that says “Dream Home” when putting money aside each month? How would it feel to rename a credit card to “Life-changing Trip to Italy” rather than credit card debt? This simple but powerful shift in how we think and feel about our money can make all the difference in staying committed to our savings goals or our debt reduction plan. So think about what words would capture a positive emotion for you when you sign into your bank accounts online. Try a couple of names on for size and see how they land. You can always rename your accounts again and again as you work to find the best fit.
Talk About Money
This tip may seem strange and yet talking about money continues to be a taboo conversation for many. Maybe it was discouraged in your family. Maybe it’s created a visceral reaction in you to talk about money with your partner, spouse, or business partner which has lead to fighting in the past. In order to heal your money story, you have to get close to it and talk about it. To be clear, I’m not suggesting you go around saying “I can’t afford ______.” That’s a self-limiting belief that we have all been caught saying to ourselves. I’m talking about taking the power out of money by making it a more casual conversation. Perhaps it’s celebrating a milestone with a colleague you trust. Or having what Bari Tessler calls a Money Date with your partner or spouse to check in on your goals. Maybe you are sharing what you’ve learned about yourself in your Financial Therapy work with friends and family. Although we know not everyone can hold these conversations with you in having to do their own work around money, modeling money chats as safe can cause a positive ripple effect for those who wish to partake.
Revisit Your Money Monthly
Lastly, once you start the work of knowing your numbers, don’t forget about them! The work of money healing is not a one-and-done process. You have to check in once in awhile. So what would it be like to set up a money date for yourself to review your numbers? Will you run a P&L for the business? Review bank statements to see what you made this month? Utilize a tool like TillerHQ, MoneyGrit, or YNAB which give you a snapshot of your month? There are plenty of possibilities here so discover what works for you and go for it!
I hope these tools are as impactful for you as they’ve been for other brave small business owners who wished to redefine their wealth, worth, and work-life balance. This is just the tip of the iceberg of what Financial Therapy can offer! If you feel inspired, intimidated, or just want the accountability of doing this work with someone who can offer the safe space and compassion to create a difference, please reach out!
Khara Croswaite Brindle is a Certified Financial Therapist-Level I™ Professional. Schedule your free 20 minute discovery call to explore Financial Therapy here.