Make Your Business Finances Work For You
The new financial year is approaching. Take this time to free up funds to invest in your most valuable asset (that’s you).
This is not another “Make sure you file your tax return early” article. There are plenty of those types around already. This year I urge you to look for ways to make your business profits and finances work better for you. This year I want you to spend more.
Hands up if you bought a swanky new business planner and filled it with goals and deadlines in time for hitting the ground running in January 2020. I did. This is not a bad thing. Indeed, this is one of the best ways to help your business to grow. Keep your hand up if your goals were focussed on you, on self-development, education, health and well-being. My guess is that very few of you are still enthusiastically waving your hands.
Keep those important 2020 goals intact if they still make sense to you but now, with the new financial year approaching, look at how your business money could work better for you. Assess what was missing in 2019/2020 and find a way to fill those gaps in the 2020/2021 business year.
Use some of the profits from your business to invest in your personal learning and self-development. This is a valid business expense if it helps your business grow, evolve and be successful. I undertook a rather intense mindfulness diploma course a few years ago. This was something I was interested in and I have benefitted personally from. The twist is that I am now also able to write about mindfulness and connected topics with authority and have picked up some great fun and profitable writing commissions thanks to this.
Spend on books, on magazines that are relevant you your niche, invest in networking and go to conferences. All of this learning, funded by your business, will benefit it hugely moving forward.
Whether you are a freelancer or run a small brick and mortar business, you are only one person. You might already outsource to a degree, with an accountant to organise your books and staff to work your tills. Don’t be afraid to use this financial new year as a tool to assess what other aspects of your business you could outsource. Find a way for your business budget to support this. Just two hours of Virtual Assistant support a week, for example, can make a huge difference to your work-life balance and free you up for work you are most suited to.
You need to look after your health and wellbeing if you are going to be in the best position to succeed. Another personal example; I’ve been freelancing for nearly fourteen years. My business has changed a lot during that time. My working hours, until recently, had not. By investing in outsourcing and numerous business systems I am now very close to being able to work a four-day week yet earn the same as I have working full-time plus. Investing in my wellbeing has helped me reach this place.
Why do you run your own business or do the work that you do? Why did freelancing appeal to you? I’ve been at this for years and I’ve learned that the best way to start a new financial year is to invest in yourself and your business. There’s no better time than now to assess your business finances and work out the best way to fund your new purposeful spending plan.
Nicki Cawood, Yorkshire-based freelance copywriter and founder of the Thirsk Coworking Group.
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