Financial Fitness Tips for the Mom Entrepreneur
- Tuesday, May 07, 2013
4. Watch your numbers to determine ROI and manage cash flow. If you are the type of mompreneur who gets wrapped up in the creative side of business and ignores the finances, this is going to be a challenge. But just like a new exercise routine, you start small and make a commitment to be consistent. The idea is to schedule a specific time every day, week or month (depending on your business) to review your financial statements. This is easier to do when you have a bookkeeper setting up your books with you. And it doesn’t have to be a complicated process – you can create a simple spreadsheet or dashboard that allows you to track the numbers you want to monitor, such as sales, expenses, returns, accounts receivable, etc. This dashboard will be different for every business, but keep it simple and focus only on the numbers that will help you make better decisions in your business.
5. Set boundaries around your time and money. This is one that’s difficult for women because we’re people pleasers and we don’t like to say no. But if we want to run a profitable business, we have to set boundaries around our time and our money. When you set boundaries around your time and our money, you are able to:
- Charge what you are worth for your services
- Outsource or delegate tasks
- Stop saying yes to volunteer projects that steal your joy and leave you filled with resentment
- Identify the charitable contributions and in-kind donations (pro-bono work) you can commit to for the year and say no to others
- Stop attending networking meetings that aren’t bringing you an ROI
- Collect on unpaid invoices
- Require payment in advance for your services
- Attract clients and customers who value your time and will pay what you are worth
What am I missing? Share your financial fitness tips with us here!
Theresa Ceniccola is The Christian Mompreneur—a mentor to moms who are running a business that supports their values of faith and family. As president and founder of the International Christian Mompreneur Network, she empowers entrepreneurial moms to build profitable businesses with wisdom and grace. Join the International Christian Mompreneur Network for free and receive the Ten Commandments of a Mompreneur toolkit!
Publication date: May 7, 2013
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