This is the time to really sit down and rethink the way we do business and the way we handle our finances.
It’s time to alter whatever 2020 plan you made at the beginning of the year and restart with fresh, new ideas for your future profits.
We need to take a step back and reevaluate our relationship with money. We all have a story with money and have certain beliefs based on how we grew up. Maybe it’s that you don’t come from a wealthy family and you believe money doesn’t come easy to you. Maybe it’s that you’ve always earned it the hard way and to you, there is no other way. Maybe you have champagne taste on a beer budget.
Whatever it may be, it’s time to shift those thoughts and change your mind set about money.
Really sit and think about how important money is to you and what you want in life: is it a million dollars? Is it a new house? To save up for a trip?
Forget what you learned about money when you were a child and envision your new money story. Once you have your new one, remind yourself everyday of it by writing it down and repeating it to yourself with confidence.
Here are three things you can do right now to get your finances in order
1. Create Your Financial Plan
Start with looking 5-10 years into the future and figure out where you want to be financially. Have a personal and business annual budget to get you to your 5 or 10 year goal. Next, be more specific and write out quarterly, monthly, and daily goals to hit.
2. Baby Steps to Get You There
First and foremost, do not attach yourself to the number, you get to determine your worth. Next, set a time and place to get your finances together and gather all of your bank statements and credit cards. Organize information and plug it into Quickbooks or an Excel sheet so it’s all in one place. This sets you up to analyze where you can cut down on spending and what is essential to pay for.
3. Where To Maximize Your Revenue
Take a look at all areas in your salon and opportunities that you could be making money. Are all employees putting in 100% when it comes to retail sales, rebooking, upgrades, productivity? Where is your new client retention and client count? Getting a birds eye view on where you could be making more money will help you get clarity and start an action plan.
After putting these practices into your life, now you need to make time DAILY to work on your income producing activities. When opening your business back up it’s important to stay focused and not fall into the chaos and forget about your financial plans.
GET OUR ALL-TIME FAVORITE MONEY TOOL
If you know you want to take control of your finances today and you’re ready to start your plan, download our Income vs. Expenses Tool!
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