Sure you may never stop worrying about cash all together — that is the same whether you’re an entrepreneur or an employee. Cash is necessary to survival and if you’re living outside of your means — which many people do — you may have more money worries and woes than others.
A concern if you are always worrying about the cash flow in your business is that you will say yes to business opportunities that are not a good fit and you could also be underselling your goods and services simply because you’re frantic about making money and bringing in money. That is not a way to run a successful business.
Also, when cash is always front of mind, you can’t focus and fully lose yourself in your entrepreneurial endeavor and that will rob you of the joy of running your own business.
There are steps you can take to alleviate the worry and allow yourself to relax and free yourself to focus on taking care of clients and growing your business.
How To Stop Worrying About Cash
Here are my top three “rules” for helping alleviate cash flow concerns that I discuss with my coaching clients:
- Know exactly what you need to make monthly in order to not only survive but to pay your bills and have a cushion for the future.
- Know exactly what your total income is — both gross and net. You need to have a clear picture of your finances in order to know where you are and where you need to be. And honestly, maybe you do need to worry about money, but you won’t have a clear picture until you do the background homework.
- How consistently are you marketing yourself and your business? You may be in feast mode today, but what if it’s famine next week or next month? If you haven’t been marketing yourself, you will be scrambling to find new clients to nurture.
- Plan your marketing strategy at least quarterly. You need to know where you need to be, how to get there and how much money you need to make it happen and to keep your business running smoothly.
- Hire a financial advisor or talk with Rex Richard in a client coaching call to gain an understanding of how to price properly and gauge your success.
Do you worry about money? Did you worry about money and now you have a handle on it? I would love to know your secrets to success!