Hi there, I know it has been a while. But today I’d like to share a topic that is very close to my heart and I know how important it is to other business owners as well. It is something not spoken of enough and I’d like to have a very candid discussion about it today.
It is Financial Anxiety.
There we go, I said it. For a lot of beginning and seasoned entrepreneurs this is a real thing. Business has its ups and downs and good times come in cycles but sometimes revenue may not flow in as much as we’d like. So how do we safeguard ourselves? I’ll share with you 3 simple ways you can prepare for rainy days and reduce your financial anxiety:
When times are good make sure to keep a steady stream of money in reserve for the rainy day. The simplest way to do this is to not over exert your business expenses. Meaning keep your expenses as low as you can especially in the early days. Of course sometimes spending more equals greater value, however that is something that should be reviewed strategically with your Accountant.
Remember that money is a means to an end it is simply a tool and in some seasons we have more of it than others. Money is not everything, yup there I said it. Changing the way you think about money will help you have a healthier relationship with it overall. In times when there is less of it, make necessary adjustments and try not to obsess over it.
Schedule regular meetings with your Accountant to make sure you are on track. Whether those meetings are monthly or quarterly, choose what works best for you and your business. Be sure to review your financial reports and have your accountant weigh in on possible improvements that can be made. This should help increase your peace of mind.
The key to dealing with Financial anxiety is putting preventative measures in place.
Completely eliminating our anxiety is impossible, however by putting some checks and systems in place we can reduce it to a level that causes us less stress.
Photo by Max van den Oetelaar on Unsplash
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