28. 🧩This is your small business financial team

What does money management mean when it comes to our business finances?

Well, we need to track our money, keep records, pay bills and get paid, prepare for tax and government submissions, as well as forecast and plan for the future.

And, money management isn't just about what software or speadsheet to use. The tasks mentioned above require the different skillsets and knowledge of a small business financial team.

Most business owners know they need a bookkeeper and an accountant, however, there is a third role required and it's the most critical one if your goal is having a financially successful business.

That's why, this week, we want clarify the roles and responsibilities on your money management team so you can not only stay on top of your business finances, but prosper.

Keep reading to learn:

• The three critical roles on your money management team

• How to cultivate financial prosperity as a business owner

When it comes to financial prosperity, besides a great team and your own relationship with money, your mindset will play a crucial role. It's not only about understanding your finances; it's also about the energy you radiate regarding money.

ENERGETICS

Of course, the dollars need to be there, and they need to be fair for what you're bringing to the table, but if we focus solely on the money it can push business away. Think of a time recently when you’ve been approached by a salesperson, and you could sense the desperation in them. It doesn’t inspire confidence or trust in that product or service, does it?

As a visionary entrepreneur, if you place your primary focus on making a positive impact, rather than solely on monetary gains, you’ll attract genuine connections and cultivate long-term success.

GOALS & BENCHMARDS

Setting financial goals is essential as your business’ CFO. However, avoid attaching your self-worth to your targets. Instead, set your goals so that you have a target to aim for, accepting you will eventually hit them.

Berating yourself if you fall short of your money management goals is just plain damaging. With negative self-talk, you put out thought vibrations and those vibrations will make what you focus on happen. What you focus on you call in, so make your thoughts positive ones.

EMBRACING A CALM & ANALYTICAL APPROACH

As entrepreneurs, it's easy to get caught up in the emotional rollercoaster of success and failure. However, maintaining a calm and analytical mindset will benefit your stress-levels, and bottom line.

By approaching your financial situation with curiosity and introspection you can gain valuable insights, avoid potentially damaging knee-jerk reactions, and help you make solid decisions that will positively impact your business’ financial future.

Cultivating a positive money mindset is an important ingredient for you to be able to make a difference in the world, while nurturing joy and financial independence through your business.