Thinking about your financials can bring up feelings of dread, thinking about them as a whole and for the long term is something that not many of us like to do! But having a goal in place can be so empowering! It helps us feel in control, secure, and that we have our ducks in a row.

How do you start without feeling overwhelmed?

First of all, you need to give yourself credit for being in a position to WANT to be in control of them! (cue the pom poms!!! YAY YOU!). Secondly, you need to go into your business financials with an open mind, and really get curious about the aims behind your financial goals!

Understanding your financials is not only about the facts, it’s about adopting the right mindset to go along with it. Many of us will sit and see others online making those “10k months, 20k months” and feel deflated, especially if we are so far off that target. Self-doubt begins to creep in and you start wondering why you aren’t able to achieve that right now, which in turn shifts you into that negative headspace before you’ve even got a grasp on what YOU truly want and need out of your businesses!

Our financial goals aren’t going to be the same as everyone else’s, we all got into business for different reasons, and we all are totally unique when it comes to our wants and needs.

A great place to start, before you even look at a single PENNY, is a brainstorm/mood board/vision board of what the ultimate goal is. Knowing this and knowing your end goal is the motivator you will need to carry you through.

Maybe start with some questions like this:

  1. How much do I need to turnover a month to keep me comfortable?
  2. How much am I looking to spend over the next tax year on my business?
  3. Where do I want to see my financial position being in the long term?

Every answer to this will be different from person to person. Some of us will need to make a certain amount a month to cover our bills, some of us will need to make a certain amount to pay all the bills, and some of us will be using our businesses to make savings for the long term. For some, it’s a side hustle alongside another job so the pressure isn’t as immediate. By recognising that we all have different levels of financial commitments when it comes to our businesses we can stop ourselves from getting too caught up in the hype of others making a fortune if we aren’t, thus falling down the trap of comparisonitis! (which really is a thing!!!)

The most important mind frame to adapt is one of feeling in control. If you familiarise yourself with your financials you WILL feel in control, regardless of whether you are where you want to be at this exact moment, the sheer power that comes from KNOWING where you are and where you want to be is truly empowering. If we are aware of where we stand from a financial viewpoint then we have the power to put steps in place to reach those all-important goals.


Michelle Leivars, The Female Business Mentor