I have a lot of entrepreneurial clients (and I’m an entrepreneur myself!). They tend to fall into one of two buckets:
They get so caught up in the doing (providing the service or product, running the day to day) that they never take the time to plan for the future
They get so caught up in the planning that they never take the time to actually run the business
Either way you’re missing out on a crucial part of a successful business! But I get it - there is so much to do and plan for that being able to do it all can feel impossible, especially if your brain just happens to like one focusing on one area more than the other. My brain, for example, loves the day to day, but has a hard time slowing down enough to do long-term planning.
Sometimes something really simple, like knowing a few key financial metrics, can make a world of difference. That is why I love our newly updated Know Your Numbers template. It has tabs specifically for personal finance and business finance so you can keep your numbers separate and helps you see a few key metrics all in one place:
Account balances
Debt
Net Worth
Revenue Streams
Goals
Plus, it is free!
Once you have these numbers in front of you it is easier to see what needs to be done in the day-to-day and what you need to plan for in the future: Are you not reaching your revenue goals? Do you need to decrease expenses so you can increase savings? Is the balance on your company credit card slowly creeping up?
The template won’t tell you how to make the changes, but it will help you see what changes you need to make. If you’re struggling with the how, reach out! I’d love to chat business finances with you.
XOXO
P.S. This works great for nonprofit organizations too!