Managing Business Finances with Limiting Beliefs

When it comes to your business finances, are you a “want to know” type of CEO or are you more of a “I’ll find out when I need to” type? Would you rather leave ALL of the important stuff to other people because you think it’s not important to you? Although being the face of your brand is an important part of your business, so is knowing the answers to questions like these:

Is your business actually profitable? Or are you just breaking even?
How much can you pay yourself each month?
Are your marketing efforts and expenses getting the return on investment (ROI) you expect?
How much should you set aside monthly for taxes?
You just had a great sales month, what should you do with all this cash?
What revenue streams need to be adjusted or removed?

How many were you able to answer confidently?

Because being able to answer questions like these is what will help your business grow. There is not a successful CEO that reviews their biz finances occasionally, at tax time or only when they feel like it; even if they have a financial support team.

Here’s the truth: You will never outperform your identity. And if you’re living out of an identity that does not match the successful CEO that you are trying to become, you will never get there. It’s as simple as that. Your limiting beliefs are the reason you are avoiding managing your business finances. Your limiting beliefs are what prevent you from being a true CEO, from trusting yourself to make financial decisions, from thinking 6-figure decisions only need to be made when you’re generating 6-figure revenues.

Here are a few other examples of subconscious beliefs that drive your current identity around your business finances:

You say you’re “too busy” growing the biz and don’t have time to look at your business finances and that you’ll figure it out once the biz makes more money or when it's no longer a hobby.
You neglect to save for taxes, believing every dollar you make is yours. You then spend that money instead of saving it, causing yourself to go into pure panic come tax time.
You’re unsure how the biz is really doing which causes you to make poor decisions on how to spend the money in the biz and so you end up in constant debt.
You can’t pay yourself consistently or at all because you don’t know how to manage your biz cash flow.
You live from a martyr mindset and think you must sacrifice everything and reinvest every dollar back into the biz in order for it to grow.
Believing you “made it” with one high sales month, then blowing the money and being broke the next.
Believing you’re bad with money/numbers and it's too hard to figure out + taxes scare you.
Believing you don't make enough money yet to have to worry about your biz finances.

Managing your business finances is important for so many reasons. When you create financial systems that make it easy for you to be good with money, you release your blocks as well. It’s also important because you are worthy of wealth. True financial freedom goes beyond just making an income, it encompasses building wealth. And most importantly, managing your business finances is what your CEO self would do! If you want to make integral decisions in your business, you have to start making CEO moves, including knowing exactly how your business is doing.