HOW TO EMBRACE YOUR CASH FLOWS (AND WOES)
MISSED one of our recent Collective101 MASTERCLASSES? Our SPEAKER shares her BEST tips for you.
tips from our Collective101 masterclasses
1 GET TO KNOW YOU Explore your values and attitudes towards money. It sounds like a fluffy first step, but knowing what values are important to you – and why – will help you be confident with partnership, direction and investment opportunities. It also helps to limit spending on the things that don’t matter. It simplifies decision-making, both in your business and in your life. 2 DEFINE YOUR DESTINATION
You need to know where you’re going, so get busy defining what your ideal future looks like, then break that down into monthly achievable steps. The easiest way to plan out your future state is with smaller, manageable targets. Ask yourself questions (and be specific!). What do you want, when do you want it by, why do you want it and how does it link back to your values?
3 KEEP IT SIMPLE (AND SEPARATE)
Put simple strategies into place that keep you on track. It’s often the small financial decisions that make a big difference over time. Have separation between your business and personal banking. This makes it easier come tax time and also gives you greater insight into the financial position of each, with no confusion about what goes where. 4 THINK LIKE INSTAGRAM
Keep your money as up-to-date as your Instagram feed. How many followers do you have? What’s your business profit this year? I know entrepreneurs who can answer the first question, but not the second. Have an accountancy tool, like Xero, which makes it easy to know your situation. Love your numbers by using tools that you enjoy, just like social media. 5 FIND YOUR PEEPS Embarking on the journey to love your money with someone else can be a great way to keep each other motivated and accountable. Find your finance friend, numbers nerd or saving supporter. And don’t be afraid to engage experts when you need to. When a friend calls you to ask a financial question, you can be the person that helps them!
For more from Chelsea Murphy, visit cashfullstop.com GET THE 101 To upskill and mingle, sign up for Collective101 masterclasses at collectivehub.com/ collective101