One of the hardest hats for entrepreneurs to wear in their business is that of CFO, aka "the money manager".
I'm guessing you don't currently have a CFO in your business, correct? If so, that means that you need to be that person. The one managing the finances and keeping track of everything coming in and going out.
Being a CFO does not have to be boring, I've actually found it to be quite fun! Especially when you see how much revenue you are generating in your business!
Here are my top tips for putting on your CFO hat and hitting your financial goals month after month:
Tip #1: Know your numbers
I can't stress this enough. If you don't know how much money you made last month and where it came from and how much money you spent last month and on what, then that needs to change ASAP! Knowing where your finances flow are the first step to hitting your goals. We have to know where you're starting!
Tip #2: Set your goals
How much money do you want to make? Why? I'm not talking about saying "I want to hit 6-figures so I can have more money". I want you to identify exactly how much money you want to make and where it's going to go. Unless you identify where the money will flow it will be hard to identify it's purpose and therefore produce it.
Tip #3: Identify your revenue streams
If you want to make $5,000 per month and all you are selling is a $20 product then it's going to be really hard for you to hit your financial goals. Knowing how much you want to make and how you are going to get there are key in hitting your goals. Identify the ways you can hit your financial goal and then set a plan into motion.
Hitting your financial goals is totally possible! Especially if you have a plan and strategy in place. Follow these steps and then see the finances flow.