Tough money conversations…With yourself

Money-Budgeting-themarketingboutiqueRemoving your blinders when it comes to your finances can be over whelming, after all most of us aren’t prepared to handle money…correctly.

By holding ourselves back from understanding how we manage money, whether it is for our own use, for our business or even how we manage a budget for a new client can and will stop you from getting to the true place you are supposed to be in life.

For example, take the budget you need to develop for a new project. At every step of the way of your budget building, you need to add value for your target audience and make a profit for your business. However, you are so wrapped up in your own personal view about money that you lose perspective on what’s really important for the project.

The decisions you’ve made for this project was made based on your personal view about money and not what’s best for project.

I’m probably sounding more like a money guru, instead of a marketing specialist…far from it. I see this challenge in myself and how I handle the finances in our business. We are looking to expand and I’ve held back due to…money fears!

Here are five points to consider to help you manage your money better:

  1. Money should be seen as a tool. Like all the tools you use daily to help you build your personal and business prosperity, money should be seen as tool.
  2. Take responsibility. I always promote hiring a good accountant and learning how to budget any project, but within these areas you need to take responsibility on the decisions you make about your money and how you manage money. If you are apprehensive when working with money, then you will manage your business the same way!
  3. Learn about money. The more you learn, the less stressful money will be. Take baby steps – why not start by controlling your credit card expenses by keeping a daily tab on these expenditures and then checking it with your monthly statement. While you are here, why not take the time to figure also out why you view money the way you do.
  4. Look at the big picture. This is especially true when it comes to preparing a budget for a product launch or even when working with a client on an important product. It is more than just putting the numbers together. Ask yourself, “will this number get me (or my client) to where I (or them) need to go”?  Are you being stingy or a big spender for little in return? 
  5. Get help. If you not good with money, there are others who are and ready to help you. Build a trusted team around you that offers different perspectives about money management – just don’t forget that you’ve brought this team together for you to learn – not to do the work for you.

How will you better manage your money for 2014 and what are the first steps you are going to take to achieve these goals?

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