To be successful in business requires commitment, enjoyment, effort and reflection. And money, did I mention that?
A successful business requires a positive cash flow; in that you have more money coming in than you have going out. Successful fempreneurs have got this going on because they have established eight key practices which they do every single day…
8 Financial Practices Successful Fempreneurs Do Daily
- Invoice clients – you’ve done the work and it is time to get paid. So often money is lost by fempreneurs forgetting to bill or putting it off for later (of course we both know there is a whole lot of mind-set going on behind the scenes as well!). You’ve spent your time doing work for a client, so get paid for it!
- Romance your money – if you don’t have a budget, download the freebie NOW and get it done! Checking it daily helps remind you how much you’ve spent, as well as how much you can spend. Successful fempreneurs always stay intimate with their money.
- Use an awesome bookkeeping system or if you’re anything like me opt for a bookkeeper. You absolutely need to know which bills you owe and who owes you, as that is cash flow management 101. In New Zealand both Xero and MYOB are great pieces of bookkeeping software, easy to use and show you exactly where your money is!
- Schedule and pay both their business and personal Blessings Already Received (aka bills) on time – your personal and business reputation is on the line here ladies. People notice if you are late paying and word gets out that ‘the owner at XYZ Business hasn’t paid us’ which affects how both you and your business are viewed.
- Make empowered spending choices – often fempreneurs have to make choices about buying stuff for their long-term business success versus short-term gratification. Remember you are in it for the LONG run which means you WILL get to the point where you can buy all the trinkets that light you up. First build the solid foundation by investing smart in your business so that you can have beautiful strawberries next year rather than sour grapes.
- Network, network, network – it is so true that word of mouth is the best advertising ever. Well what could be better than networking with fellow professionals who you will not only have the opportunity to make mutually beneficial deals with, but who can also refer you clients?
- Know exactly how much their time is worth – if it is financially better off for you to delegate a job to someone else than do it yourself, do it! Outsourcing work does cost your business money, but if you can use that time to bring in more money for your business, then that is an expense worth paying for.
- Ask for the sale – you can market, promote and advertise all you like, but if you don’t make a sale then all that effort is wasted. How do you get a sale? You ask for it! You really need to ask your clients or customers to buy what you are selling and believe me, they will listen.
Seriously ladies, you need to have financial success going on in your business too. I’d love to hear that you have made the commitment to include one or all of these financial practices into your daily work lives.
As Jenny Craig once said when talking about growing her business, “My husband always tells me that I’m the most unrelenting person he’s ever met, and it’s true. If I make a commitment to something, I will stick to it no matter what.” Today is the day to make that commitment.