Money management should align with your personality and the way you like to do stuff. Radical, right? I believe one of the biggest obstacles that business owners face when it comes to money stuff is the idea that there is only one “right way” to do it. This software. Or that spreadsheet formula. Or these guidelines. But if we are really honest, there are actually very few things that have to be done a specific way. Tax and employment filings, sure, but the way you track and manage your business money is up to you. The method you choose just needs to be in a manner that protects your business records and would stand up to an audit, just in case.

 

 

 

What is Aligned Money 

Management?

 

 

So, what is aligned money management? Managing your money in alignment with your financial style, so you stick with it (even if you never learn to enjoy it).  When we try to force ourselves to use a system that doesn’t naturally work with our style of doing things it rarely works. This is a common issue, and it often creates a struggle and resistance to doing the things that support our business growth.

 

A great place to start is with your financial personality (If you don’t know which personality you best identify with, visit this blog to learn more).  It’s important to know how you currently relate to your money. Particularly your business money. For example, do you ignore or obsess over your financials? Whichever it is you can then begin to work with your money in a way that feels relatable.

 

 

 

MONEY MANAGEMENT STRATEGIES

 

Next, we need to examine your comfort level with different management strategies. How are you tracking other things in your business now? Are you a pen and paper person? Do you prefer software or spreadsheets? Do you like more automation or are you comfortable entering data points regularly? Your natural comfort level with certain approaches can easily translate to your financial tracking.  There are templates for paper and pen tracking, apps and software, spreadsheets, and computer formats available for anyone and any budget.

 

Finally, it’s time to start trying things out and being open to tweaking your approach. If you know that pen and paper is how you like to do things, grab some templates, and try them. If you like automated software,  start shopping for one that feels pretty intuitive for you. Many have free trials, so try them. If you like spreadsheets but don’t know how to set one up, get some help creating one that works for you. If you are really at a loss for where to start, hire a money pro to help you. Ask your accountant or have a session with a financial coach.

 

 

 

AUTHOR’S NOTE:

It can take three months or so to get into the habit of managing your money if you don’t do it now, so make sure you build in some grace and room to make mistakes or forget stuff. Particularly your internal processes. If you are worried about the most important compliance things like taxes, turn them over to your accountant so you have the knowledge that they are done correctly. You CAN create a money management strategy that works for you, your needs, your personality, and your organizational style. Making sure your money approach is comfortable and aligned will help you stay consistent with your finances.

 

 

 

ANNOUNCEMENT!!!

 

Our Book Club for The Profit Accelerator for Small Business begins in a few days! You have free exclusive access to the club when you purchase your copy of The Profit Accelerator for Small Business book on Kindle or paperback.