It’s always a good idea to keep things fresh and I love testing and trying things out – so, in that spirit I wanted to give you a bit of a sneak peek behind the scenes around my own finances and let you in on 3 new things I have been trying lately and 1 thing that I gave up recently.
New things I’m trying: Business profit projections
As any expert can tell you, sometimes it’s much easier to see opportunities for others than it is to see them for yourself. Case in point? Profit projections. I’m a concrete operations kind of gal and I don’t like working off of projections in general BUT I have come to realize that there are some significant benefits to using them in my business. So this is one of the first new things that I decided to try this year.
Instead of working with what I have on hand I’ve started treating my business budget more like my personal budget, planning for income that I expect and then mapping out how I will strategically use it. Seems obvious right? But as any business owner knows those profit projections sometimes feel like pie in the sky dreams and they are not guaranteed like a 9-5 paycheck.
But they still have their place. Because as long as you are budgeting and spending what you have as you get it in your business you will not be building a profitable business. Just like your personal budget, you cannot get ahead if you are only focused on treading water.
It also doesn’t give you the opportunity to strategically pivot, retarget and refocus when your profit projections start to go off course. If you are not currently projecting your profits, then you don’t know how far off the mark you may be at any given point.
Do you need profit projections in your business? Answer these questions:
- Do you know exactly how much money in gross revenue you need to bring in each month to break even?
- Do you know exactly how much money you need to be taking home in salary from your business to contribute at the level you want to your family budget?
- Do you know how many sales of your current offerings (courses, products, services) you need to generate those numbers? How many clients is that per month/week?
- Do you know how close you are at any given moment to hitting those numbers and could you adjust if you needed to in order to get there?
If you can confidently answer all those questions – congrats! You are already using profit projections! If not and you wish you had that level of clarity – did you know that I offer business audit services where I can review all this with you and develop this level of strategic clarity for you?
New things I’m trying: Social Media Slacking
I won’t lie, as a business owner there is a ton of pressure to be present on all the social media platforms out there. It’s exhausting and, to be honest, not for me. I love Instagram for connecting and Pinterest for learning….and that’s about it. When I was thinking about new things to try and what I really wanted as my priority this one was top-of-mind.
And my perfectionist tendencies run deep so when I feel the pressure to be everywhere, I want to do it all and I want it to be done “perfectly” but it doesn’t serve people best.
So, I’ve stopped trying to work the algorithm and just decided to create meaningful content and pop it over on my favorite places at a rate and pace that made sense so that I could continue to create content that matters to you. See? New things for me lead to new things for you!!
Just like in budgeting there is a pressure to do everything perfectly and the “right” way that some guru tells you, but you know what? The right way is the way that works for you – that is sustainable. Don’t let anyone tell you that you must budget a certain way in order for everything to work. There are always options and if you find something that isn’t working for you – then stop, adjust, rework, and try again.
New things I’m trying: Only looking at YNAB weekly
I won’t lie, while I only really felt like I budgeted once per week with the transfers and allocating money I used to check the accounts balances almost daily. I’ve stopped recently and have only been looking on Fridays when I put the money into their associated buckets.
It has really created a sense of ease and more peace for me. I honestly don’t know why I was so obsessively checking it anyway; I didn’t need to see the transactions that were coming through. It didn’t change any of what was happening there, and it made me “think” about my money way too much.
Sometimes we can fall into habits that are just not serving our best interests and we don’t realize it until someone brings some awareness to it. So, consider this your friendly invitation to stop looking at your bank account balances, stop checking your budget all the time. If you’ve set it up – especially if you’ve used the Bulletproof Budget method – then everything is on autopilot anyway. All your bills are getting paid, transfers going to savings, money into your spending account. Whatcha worrying for?
Want to get step-by-step guidance for how to set up your budget using the Bulletproof Budget method? You can check out the Bulletproof Budget Bootcamp course right now for instant access to the complete method that will have you running on autopilot in no time!
One thing I’m giving up: workdays
It has finally occurred to me that I don’t have to have “workdays” and “weekends”. I know, after years of corporate brainwashing this can take awhile to sink in. But I finally realized that I could have just “days” however the heck I want them, when I want them, when my energy-level agrees with me.
As someone who has chronic disease my health is huge determinant is how my business functions and instead of frustrating myself and attempting to fit even remotely into the mold of 9-5 I am just not doing it any more.