Your Fastest Path To Making Smart Money Decisions

I’ll bet you’re wondering when the spending is going to stop and you’re actually going to be making a profit. It seems like the more you make, the more you have to spend. I noticed that in my own business. As I saw my numbers rise, I needed additional members on my team, fancier on-line marketing systems, more support people, more courses …more everything. It seemed like there wasn’t a limit to what I could and would spend.

My accountability buddy asked me to write an article about this, as she refers to me as a “pragmatic, strategic, and focused success coach“. She and I had a recent discussion about this and she loved the advice I gave her.

She’s a highly successful coach, making multi-multi 6 figures and was concerned about so much going out and not keeping very much. She was also reviewing many of her money decisions from the past year, some she knew were smart and some she wish she hadn’t done. I’ve had this same conversation many times with entrepreneurs at all different levels. The big questions is …”When will there be a lot of money left over….?”

Here’s the advice I gave her and have given to my clients at all different levels:

1). Have a clear vision of what you want your business to look like next year. How many hours will you be working? Who are your ideal clients? What is the most important goal you have?

2) Determine what your priorities for your business are. How do you want to work with clients/customers? What type of launches/programs will you have? Any speaking/live events?

3) Decide how much you want to save this year? $1000…$5000…$10000…$50000 or more.?

4) Plan your income for 2014. You need to start forecasting your income. You can’t spend without doing that.

5) The money you have left after your expenses and savings are what you can use for future growth. If you want more things, go out an earn more money! That’s what those of us who are successful do 🙂 If you wait until you have everything “perfect“, you’ll wait forever!

Understand that the first 3-4 years, you will have very little profit. The first year, you will be lucky if you can cover your costs. The second year it starts shifting and third and fourth, you start getting into a groove. Knowing that information, means you need to be smart about your money and how you are investing.

My brother is a “Wealth Manager” and just like his clients give him various sums of money to invest, you must do the same with your business for it to grow. People give my brother “x dollar amount” because they want to make double, triple or quadruple their investment. You want to do the same when you invest in your business. When you bring in a new resource, team member, coach, etc…it should be something that you can monetize that will ultimately help you grow your business and bring in more cash. Remember that.

Where you can run into trouble is with the “bright shiny object syndrome” and not knowing what to invest in and when. Sometimes, you’re able to trust your intuition. But often, my clients and I will often discuss when they should or shouldn’t invest in something. I encourage them to do so as I do the same with my coach. It’s well worth having someone there who’s smarter, wiser and has your back.

You’re always going to invest money in your business. If you’re not investing, you have a static, frozen business. Maybe even a “dead” business. You want to invest smart!

I know a lot of this is easier said than done. It can be hard determining goals, prioritizing future needs and difficult to know what action to take to bring the money in. If you want more clarity, let’s have a Money Reality Breakthrough Session…on me! I’m opening up 7 spots in my calendar over the next month. Here’s how to apply: http://katebeeders.polldaddy.com/s/moneyreality

Be Brilliant,