Routine might sound mundane, especially to visionary business owners, but in the realm of financial fitness, it’s the foundation upon which long-term success is built. A structured approach to managing finances ensures that every dollar is accounted for, opportunities for savings are maximized, and potential financial pitfalls are identified early.
What should your financial routine look like? Here’s an example:
1. Use a Financial Tracking System: Implement a system to track income and expenditures. This gives you a bird’s-eye view of your financial health, allowing you to make informed decisions and adjust strategies as needed, even in a pinch. Add a reminder to your calendar to stay consistent and avoid other priorities from crowding out your routine. If you need help setting up a financial tracking system, contact us for our recommendations.
2. Get Access to Credit Before You Need It – the Right Way: Credit or debt aren’t bad words when you’re a business owner. They’re a much needed resource you need to learn to leverage in the right way. If you need support with accessing and using debt wisely, get in touch.
3. Build an Emergency Fund: An emergency fund is your financial safety net, designed to protect your business in times of unexpected challenges. It’s a buffer that allows you to operate with confidence, knowing you have the resources to weather storms. Set a goal for how much you need and take deliberate steps to ensure that money is set aside. Ideally, your emergency fund, which could include cash in the bank or access to business credit will equate to at least a few months of your monthly payroll and other expenses, so if there’s a shift in the market, you have time to respond.
Physical Fitness Also Counts!
It may not seem to relate, but keeping up your physical fitness greatly contributes to the financial fitness of your business. The interplay between physical and financial health is more profound than it appears, and if you ask the most successful entrepreneurs, many will tell you they have a self-care routine that includes physical activity. A healthy body fosters a sharp mind, enhancing creativity, decision-making, and resilience—all critical traits for navigating the ups and downs of entrepreneurship.
Making time for physical activity isn’t just about personal health; it’s about embodying the strength and endurance your business needs from you. Invest in your physical health and well-being as you do any of your technology equipment. You’re the machine running your business, and you require investment and regular maintenance to stay operational. Without you, nothing works, at least until you get a business succession plan in place. When you’re ready for that, we can help!
A Balanced Approach With Expert Guidance
We’re here to serve as your trusted guide, helping you increase your financial fitness with a clear and balanced plan that serves the company’s best interests. Together, we’ll create that road map for you so you’re able to go about the work of growing your business with confidence.
Schedule a complimentary call with us today to start planning your company’s future.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com