Money Management For Entrepreneurs

From the Desk of Sarah Nadler Troutdale, Oregon

Hey there!

Sarah here.

I work with business owners & entrepreneurs every month to grow, strengthen and smooth operations within their business.

And this week on my podcast show The BE Movement, I'm excited to share three fabulous money management tips to help you make more money by spending wisely in your business!

Tune in here for the episode, and scroll down for show notes and my free money management workbook...

Licensed Business Coach & Mentor Sarah Nicole Nadler Shares Three Tips On Money Management For Entrepreneurs

For those who are new to the blog, Sarah Nadler is a business consultant & certified Life Coach with twelve years of experience helping clients reach relationship, career and Big Hairy Audacious life goals. Her work has been featured on Enterprise Podcast Network, ABC, Fox News, NY Weekly, and her latest book Walking Past Expectations was rated #6 on Lifney's list of Best Books to Read On The Beach This Summer 2019.

Money Management Tip #1: Treat Your Spending As An Investment

When you first start in the entrepreneurial world...and even if you've been your own boss for a while now, one of the hardest concepts to get used to is the difference between household financial planning, and money management for a business. Most of us are used to the consumption-model of financial planning: in a household you make money and then you buy things mean to be consumed.

In business, every penny spent should buy back more money!

Weird, I know - but that's how you grow your business: by wisely investing back into the business in such a way that every dollar has a return-on-investment of 2 or 3 or 10x what you spent to get it.

This cash-generation model of money management takes some getting used to.

But if you keep accurate records (see below), and watch your dashboard carefully to ensure you know what area of the business is producing the revenue that comes in, you can start to get the hang of this attitude of cash-generation money management!

Do You Have A Dashboard For Your Business?

Inside Biz Analytics 101, you'll learn how to create a crystal ball that tells you EXACTLY what you should be focusing on each month in your business!

Click here to enroll for free.

Money Management Tip #2: Be Diligent With Recordkeeping

As one of my accountant friends once said - "Garbage in gives you garbage out!"

You can't make smart business decisions if you have no hard data. Instead, you end up managing your business by what you think is going on...and that leaves you wishing, hoping, dreaming about building a business instead of actually having one!

Instead, get super organized so your receipts, bills and revenue are tracked properly - both in your bookkeeping software or spreadsheet, AND also on your dashboard so you can tell where the money came from, and where it went.

This allows you to do tip #3:

Money Management Tip #3: Do Thorough Income Planning Each Month

When I first start working with an entrepreneur or business owner, one of the first things we cover is the CEO skills you need to manage your business. There are actually 25 different skill sets a CEO or business owner needs, and most entrepreneurs don't have all of them.

That's why being a life-long learner is so important!

But it also means most entrepreneurs don't know how to income plan.

Income planning is simply: a) strategic spending of revenue to generate more revenue, b) mapping income sources, c) marketing & promotion to attract more customers/clients and create want for the services the business provides.

By keeping track of where your money goes, and then assessing each month which of those areas brought in the best ROI for the business, you can continue to make smarter and smarter business decisions...leading to better productivity without having to work harder and harder!

And when you combine that with professional marketing strategies that truly attract, interest and sell new customers while retaining old ones, you build up a sort of machine that can't help but generate more and more wealth for the business. And that means more wealth for YOU, too.

Grab My Money-Management Worksheet!

My husband & partner Ben Nadler is a financial genius.
Grab a copy of our money management worksheet for business:

Money Management For Business Worksheet [download]


About the Author

I'm Sarah Nadler and I help small business owners achieve work/life balance by increasing their revenues in a way that does not decrease their time.