By Bryan Orr
Get rich quick! Make millions! Grow big or go home!
We all want to take our business to the next level and be profitable. I would imagine the thought of having so much capital that we don’t blink an eye when payments, payroll, and overhead come around is a dream that we’d welcome as a reality.
Do we have to be filthy rich in order not to have financial stress, or is it possible that focusing on not being poor would give us those stress free financial results as well?
Running a small business is both satisfying and simultaneously stressful. Especially when starting out, or during a down economy.
A lot of us have been there: Where is the money for next month’s rent going to come from? How on earth have we built up so much interest sucking credit on our business credit card? The list goes on.
You may not want to waste your time dreaming of being a top dog corporate guru who owns the world and has an endless flow of capital.
In order to get to a place of financial peace in our business, there are some applicable and helpful areas to look at. And they start right now, with you.
Change Your Mindset
Just as in your personal finances, your business finances and decisions are YOUR responsibility. Though it’s easy to point fingers and blame the “system” for being in a hard place, we’ve got to own up that we chose to be in the business we’re in. We also are the ones who put in the time and effort into our business, so the profit and expenses are the responsibility of Me, Myself and I.
If it’s time to make some changes, and you see financial fiasco ahead, dig deep within and find solutions. Don’t wait around for everything to just “Turn out.”
Work Your Butt Off
Maybe you feel you’re already putting in all the hours you had ever imagined possible, or at least, ever wanted to put in. But if you’re in some state of financial emergency and your debt is building daily, you’ve got to bust some more butt.
I don’t mean that you can’t live for anything else, but you can’t be passive. Get aggressive. Invest not just more of your time, but more of your brain. Do you need more customers? Make connections wherever possible. Get out and make time for those oh-so-detested community meetings. Be smart with your advertising, and don’t just dump money where it’s easy; figure out where it actually works best for you.
Do the tasks that you feel are below your level. If it’s going to get solutions and make profit, do it. Don’t ever feel like you’re above a certain job within your business.
Know Your Numbers
I’m one of those business owners who have always shied away from knowing the nitty gritty details of where my money was going. I knew the “general” idea and that was enough for me; partially because I knew there was waste in areas, but mostly because money isn’t my greatest motivator in business. (My wife would wish differently. But really, she wouldn’t want me to be some money mongering businessman, right? Of course not.) But as time has gone on, I’ve seen the real benefit of looking at my numbers more closely and being disciplined about where that money is going in EVERY. SINGLE. AREA.
Hack Your Budget Like a Boss
It’s time to cut. For real. Some people feel that budgeting is only for the poor man. No way. Unless you’ve inherited money from some old, European royal blood line who just recently was deceased, budgeting is for you.
It’s a well used saying, but it’s worth paying attention to
“Unless you control your money, making more won’t help. You’ll just have bigger payments.”
Every business infrastructure has different categories. If you’re a brick and mortar business, you’ll have a whole lot of places to look at. If you’re solely in the tech world, yours will look different, but wherever your business is located, start writing down all the expense categories. A few that come to my mind would be:
- Rent
- Vehicles on the road
- Office supplies
- Insurance
- Payroll
- Advertising
And some smaller ones that can really get you are similar to the ones in your personal life:
- Food
- “Business” golf outings or meetings
- Fuel
- Promotional products
- Tools to make life and work better
In every single one of these categories I’ve been able to make proper cuts.They don’t always feel good in the moment, but for the long haul it’s vital.
And it’s been helpful to see that when being smart with our money, we can first get out of dire situations, and secondly start putting it to better business use and capital.
Keep Your Mind Open
In order to get out of a small mindset, you’ve got to open your eyes and mind to new ways of doing things, and making new connections. One of the greatest factors to growth (and ending the poor mindset in business) is to always be on the alert while being productive and busting butt at what you do already know.
Don’t be afraid to make changes in your business. It may feel scary, the unknown often is. But in order to get unstuck, you have to improvise.
What are some ways that you can make changes that could likely profit your business monetarily or just help build a better network of both mutual business minds and potential customers?
Gratitude
Regardless of your bank account, to have a grateful spirit is a rich place to dwell. You thrive as an individual, your employees/team members benefit greatly from it, and all the connections you make will have a better experience of you if you’re authentically happy and grateful for your work and for the opportunities before you.
As we make small steps forward in our finances and business handlings, we’re making steps towards freedom. And though running a business will always have its challenges and ups and downs, if you’re being intentional and focused on the simple things that benefit your business, you go from being “Poor” to “Not Poor” and in actuality, I’d consider that to be RICH.
