In the February Issue:
Who remembers MTV’s Made? (I see you nodding, fellow grandmillenials!) The transformations we witnessed in every episode of this reality show are based on one simple premise: If you want to become a [triathlete/rock star/prom queen], do what a [triathlete/rock star/prom queen] does.
The same concept applies to entrepreneurship and money. If you want to become a “money person”, simply start by doing what a money person does! Since no one will ever make a reality show featuring money tips from a CPA, I’m here sharing the top three things a money person does in their business.
Open a Business Bank Account
Yes, you need a specific bank account for your business. Opening another account might seem like a pain, but the one or two hours you spend getting it done today will save you countless hours and tons of energy in the future. You’ll have clarity and simplicity with your money, rather than struggling every month to untangle your business and personal finances.
If you already have a business account, work on building strong banking relationships to open doors in the future. A dedicated business banker can help you access specialized tools and resources, get referrals to trusted service providers, stay top of mind when people are looking for someone like you, and build trust to make it easier to get a loan.
Hire a Bookkeeper and Tax Preparer
Have you ever thought “I didn’t start my business to spend all day in QuickBooks”? Many small business owners believe you “should” start out with do-it-yourself accounting, which inevitably leads to massive frustration.
You feel like things are a mess, feel embarrassed about creating said mess, and keep DIY-ing so no one knows about the mess. This is madness! Lean on the people who can help you get your time back, feel less stressed, and give you really valuable insights into your business.
If you already have an accountant, start maximizing the value they provide by asking questions. This is how you learn to translate data (numbers from the past) into information (to guide your decisions in the future). No question is too basic when it comes to understanding your money. If you’re not even sure what questions to ask, start with “What are the top three things I should be looking at every month, and why?”
Adopt a Positive Money Mantra
So you’ve made some mistakes with your finances. Now you feel bad about money and about your ability to manage it, so naturally you avoid thinking about it. Then you get caught off guard by an emergency, make a decision that doesn’t turn out well, feel worse about money and about yourself, avoid thinking about it…and on it goes.
How do you stop the downward spiral? Start by changing your default thought from “I hate money” to [insert literally anything positive about money]. This simple shift will make a huge difference in your relationship with money. Adopting a positive money mantra, like “I am capable of smart decisions” or “I love to give money a good home” works by squashing shame, that pesky solution blocker, and making room for confidence and creativity.
Already have a money mantra? Keep it top of mind by actively looking for examples that prove it’s already true. Choosing no-rush delivery and scoring the Kindle book credit is a smart decision if you don’t need those Post-it notes until next week. Start recognizing small wins and give yourself some well-deserved credit!
You know what to do. Now get out there and become the money person you were always meant to be!
MEET QUINN DRISCOLL
FOUNDER OF VALUE GAL
Quinn Driscoll, CPA/ABV, is a business coach and money mentor. As the founder of Value Gal, she brings Wall Street knowledge to Main Street business owners through coaching programs that teach financial skills and strategy.
Prior to Value Gal, Quinn spent more than a decade as a sought-after financial expert witness who worked in the high stakes world of litigation consulting. She is a frequent speaker and guest expert on financial topics including building a valuable business, money mindset, and goal setting for business owners.
Accidental entrepreneurs, creatives and former 9-to-5ers love Quinn’s calming presence and simple methods that empower them to activate their vision board and gain financial freedom, guilt-free.
You’ll want to get your hands on Quinn’s free Money Mindset Makeover guide. It has quick, easy and actionable prompts to help you discover the clues all around that prove you already have what it takes to embrace your money mistakes, and be great with money.
Connect with Quinn HERE!