Extremely common with business owners is the shame we feel when things aren't working out with our finances.
Business finances are just numbers. Your P & L is a report card on how the business is doing. Yet we make it mean something about ourselves. We’re dumb, we’re stupid, we’re not good enough, we should have stuck to our day job....
I learnt early on in business to reframe those thoughts. Instead of making is mean something about me. I referred to the problem as the businesses problem.
For example, right now my Opex account is struggling to keep up with the bills. First thoughts... I’m a certified Profit First Professional.... this shouldn't be happening... I should have everything perfect!
What it’s really telling me is, there’s something not working in the business. Time to dig deeper.
The issues –
My overdue debtors are skyrocketing – Fix- Get on the phone, talk to overdue clients, offer solutions for them to help get some cash into both businesses.
Unused subscriptions – I signed up to a really helpful AI software last year. I’ve used it once. My team has never used it. - Fix – it's cancelled now.
Software overcharge – One of my software apps that relies on user info from Xero overcharged me (paid by direct debit)... you know, the sneaky ones that take your money the same day they send you the invoice! I’ve contacted them and received a refund...
And so it goes on.
Replace the shame and self-doubt with taking action. Action sorts everything in business AND you instantly feel better because you’re one step closer to sorting your finance issues.
Of course, a plug for Profit First... I would not have picked the problem up so early if I wasn't using this amazing system! It would have carried on and multiplied until 6 months after year end when reviewing my annual report.
If something here resonates with you, get in touch. We're happy to share the JOY of money management with you :-)
