3 Steps to Power Up Your Business with Inspiration and Numbers
How can numbers and inspiration go together?
I get it! The me of 25 years ago would never have imagined that I could find financial data and reports inspiring. That younger me never planned to become an entrepreneur in the financial sector catering to other businesses. And I had no idea that I would have to learn so much about how businesses keep their doors open!
If this is a rough time for you and you don’t know how to keep your doors open, or if you want to be prepared in case things get unexpectedly difficult, keep reading. I have three steps to get you through the fundamentals of profitability.
1. Take care of your body (and your staff)
(Bear with me, we’ll talk numbers in a little while.)
What does your business really run on? One main ingredient is energy — the energy that we entrepreneurs and our staff have in our bodies and minds.
We call the energy in our minds “inspiration” — it’s like when you breathe in and your bloodstream fills with oxygen and you feel so many more things are possible. Inspiration helps you with perspiration (work!) so knowing how to maximize your inspiration counts for a lot.
What do we know about maximizing inspiration?
Eat delicious food. Look at plants. Smell a candle or flower. Listen to music. Embrace a loved one. Experience transcendence through art or spiritual practices. Exercise. Have fun! Rest. All of these things feed your creative and productive powers as an entrepreneur.
For most of us, our greatest unmet need is rest.
Work takes time, so it’s as important to budget time as it is to budget money. And when you take your budgeted breaks, when you’re honest with employees about your need to rest, it can help convince them that you meant it every time you encouraged them to take breaks, too.
Quality rest means you’re getting enough sleep most of the time. It also means you’re completing the stress-response cycle at least once a day so that you don’t burn out. Taking care of your body is important every day, but especially on those days when you feel like everything’s out of control.
When your body’s cared for, your emotions have a stronger foundation. When your body and mind are both cared for, you can be so much more effective. You can approach your company’s financial reports in a state of calm and self-love, rather than overwhelm or self-blame. If you’re in a panic, put those reports down, stop checking your bank account constantly, and focus on what your body needs.
2. Take care of your mindset
Speaking of caring for your mind! Talking therapy, medication, or meditation — maybe you’re already using all of these tools. But for entrepreneurs who are struggling to get profitable, it’s worth considering whether you’re overlooking things or sabotaging yourself because of an unhealthy money mindset.
An unhealthy money mindset can stop you from doing what you know you need to do, or even from figuring out where your top priorities should be.
A lot of our attitudes that affect our relationship with money don’t even use the word “money”. For example, people who are recovering from emotionally abusive parenting may struggle with a belief that they are doomed never to do or get anything good.
In my childhood, I used to spend a lot of time around people who were full of negative ideas that made me think my efforts wouldn’t be rewarded. Later, in the grownup world, I learned that trying to get better at running my company would indeed be rewarded, and rewarding as well!
Another place that unhealthy money mindset ideas can hide is in judgments about other people. I’ve found the energy spent on judging others is a waste of time and could be used to further my own projects.
I’ve worked a lot on my money mindset, to the point where I became a mindset coach because I saw the way it changed my life and the lives of other people I know!
I can tell you, it is worth becoming aware of what you believe about how money works, what you believe about why you have as little (and as much) as you do. From there, you can own your past decisions and have more control over your future.
Once you unshackle yourself from limiting beliefs, you can really make those big ideas happen!
3. Take care of those numbers
I have to pause here and ask, because not everyone’s the same: Do you find your business’s financial reports helpful, or overwhelming? It’s okay if you don’t know. This kind of thing can take practice, experimentation, and support.
Based on what’s really been happening the last few months, should I adjust any of my plans?
If I didn’t make much money before, how can I bring in new clients? Are there any expenses I can cut out going forward? Is it time to raise my prices?
If the income and profitability stuff’s been going well, did the business pay me back for the money that I put into it? Did it pay me at least a fair wage for my labor?
If the company’s profitable enough, but I’ve been putting off paying myself, is it time to pay myself?
Ready for more?
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Need help reading your business’s financial reports? Meet with us to explore how Bliss Your Money’s bookkeeping and profitability consulting services can help!