What does your financial picture look like: profit or loss? Are there opportunities that can improve your results? To measure is to know, so create an overview of your costs and revenues.
For many women entrepreneurs, this is not the most enjoyable part; however, it is a vital topic, requiring a lot of thought. What you focus on grows. Having an overview of your financial situation brings peace and balance into your life. It shows you which action you should or should not be taking.
My story
I focus on my finances every day. I look at my income and costs, because I like to be in control of my own finances. My card game Creating Value Cards is all about finances! Every decision you take, has to do with MONEY. So I focus on MONEY. Money coming in and money going out.
Knowing my finances gives me a good idea what to look for and which actions to take. If there is not enough money coming in, I focus on opportunities to get more sales or income. If there is too much money going out, I focus on my costs: what do I really need and what can I let go.
In order to really get to know my finances I had to look closely at what was coming in and what was going out of my pocket. I made an overview of my income and costs, so I was aware of what amount I needed to pay all my expenses. And focusing on that amount every month gave me directions towards that amount.
Make an overview of your costs and revenues
What does the financial picture of your company look like right now? Which product or service brings in the most revenue? It is useful to make an overview of your current costs and revenues before you start working through all the steps of the BIZZ Road Map. In this way, you can compare it to the financial overview that you make based on your new revenue streams and costs.
So, start filling in your financial overview. You can only make profit once you have an adequate overview of your finances: to measure is to know.
Start with your costs
And it’s not really that difficult: start with your costs and what you need to make ends meet (that is what you want to get out of your business). In this way, you know how much you need to sell, based on the revenue stream you have chosen.
As I said, what you focus on grows. So, follow daily your revenue and expenditure in order to achieve better results. It also brings more peace of mind.
What’s your story?
Now you know how to make an overview. What do you notice when you compare your costs with your revenues? What conclusions can you draw? Share your insights with me in the comments below.
Are you ready for real change?
You can create your own success by focussing on the right things. But sometimes we need help, a friendly push in order to take the next step. That friendly push is what my action plan provides: the BIZZ Road Map, based on practical Buddhist principles. The action plan that I use myself and which made me aware that I can work differently: smarter. You can find the BIZZ Road Map in my free ebook ‘Rethink your business’. Download it here:
