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A new year is the perfect time to do a financial reset on your business and money.
In fact, I’ve been doing my yearly review of my finances, expenses, income, taxes, and business expenses. If you want to see my blog stats and income reports, I send out updates every month to my list of email subscribers.
This year I’ve decided to change things up a bit by doing a financial reset of my business finances. I mean, who doesn’t want to start fresh, with a clean slate?!
This week, I’m sharing the five moves I’m making right now to hit the reset button in my business finances. This means I can start fresh in 2018, and I hope you’ll join me in this challenge!
1. Review your financial tools
The first step to starting fresh is to review your financial tools and take stock of what’s working and what’s not. Is this tool or system something that’s still serving you well? Is there a better tool or process that might work better?
Don’t be afraid to test out new tools, or stop paying for ones that aren’t working anymore. This especially applies to programs related to accounting and bookkeeping.
I STILL haven’t been able to find an all-in-one program that does everything I want it to. So I pay for multiple programs and use a spreadsheet (yes, I’m weird like that!).
The point is to review your financial tools and make smart adjustments!
Looking for something new? I highly suggest checking out Cinch Financial, which is an all-in-one tool that’s amazing! You can see your credit score, insurance coverage, debt, and even your investments, all in one place.
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2. Create new money mantras
In order to have a new mindset and a fresh financial outlook, don’t take old money mantras with you into the New Year. Make a list of new money mantras that you can start meditating on in 2018.
If you’re looking for great money mantra ideas, check out You Are a Badass At Making Money by Jen Sincero. This is where I’ve been finding new money mantra ideas and motivation — I can’t recommend this book enough!
I’ve used money mantras in my morning yoga sessions to set intentions every day to help create a new mindset for the year.
Bonus tip: update your online account passwords to this new mantra. This will help you remember what your word-of-the-year is and say it to yourself over and over every day!
3. Switch to annual billing
This is a fun change I’ve implemented in my business just over the past few weeks, and that’s switching over my business subscriptions to annual billing. A lot of businesses operate with an annual budget so this could work for your biz too!
Start my making a list of all your bills and accounts. Then go down the list to see if you can switch from a monthly plan to an annual one. This works really well in conjunction with the Profit First accounting method too!
The only thing to keep in mind when switching over to annual billing is to not change over everything in one month. Otherwise you’ll have a huge chunk of money coming out for expenses in the same month and may not be able to afford it.
Want to lower your bills every month? BillFixers will negotiate on your behalf. They saved me $365 without lifting a finger!
Bonus tip: While we’re on the topic of your annual budget, have you thought about automating all of your credit card payments? This is something I talked about in my Automate Your Debt workshop in 2017.
If you automate your minimum monthly payments for your credit cards, you’ll never have to worry about paying late, or paying interest charges!
This is especially important if you travel a lot (like I do!) or want to streamline your bill-paying. You can always go in and make extra payments towards that debt account later, but at least your minimums will be covered no matter what!
This is a great tip for peace-of-mind!
4. Take a money challenge
One thing that the hubs and I have considered lately is going on a shopping ban for our personal spending. We’re working on an approved shopping list and will only be able to purchase items on that list.
You can check out Cait Flanders new book, The Year of Less, to learn more about this!
Not only that, but taking a money challenge can also work for your business finances too. This can be any number of days, weeks, or months that you want to go on a spending diet of sorts.
In the past, I’ve done a 60-day cash only challenge with my business to reign in my spending. This really showed me where my money was going and places I could cut back.
Give it a try!
5. Know how much your dream costs
This is an exercise that I’ve been working on with my business coach over the past few months. How much does your dream really cost? What’s your dream business cost? Where’s your dream place to live?
Once you figure out what it costs, is it worth it? This can be the cost of money, time, relationships, etc. Tell yourself THIS is what it costs, and evaluate whether or not you’re willing to get there.
See if it’s worth the sacrifice or not! And if the price of your dream isn’t what you’re willing to pay, what’s the alternative? What can you do to get there?
I hope these 5 tips will help you reset your finances in the New Year and give you a fresh start with your business.