My Path to Financial Health, Success & Security

How to set yourself up for a successful future.

I have over 25 years experience partnering with business owners on their bookkeeping and accounting needs. Here are the things I think are most important for long-term entrepreneurial success.

Prioritize mental, emotional and physical health. You have to take care of yourself before you can be of service to your family, business, employees and customers. Prioritizing your health should always come first. Everything else is easier to achieve if you are healthy and fully present.

Emergency fund

Set aside emergency fund money to cover unexpected expenses for your personal peace of mind and financial security. Start by setting small, achievable savings goals, gradually building a fund that can cover three to six months of expenses. Any amount set aside regularly can grow over time, offering a crucial safety net for those unforeseen circumstances.

set up a Budget

Budgeting is so important. Track expenses so you can identify areas where you can cut back if necessary. Regularly reviewing your budget will help you stay on track and make adjustments as your financial situation changes. The key to a successful budget is being realistic about your spending habits and making sure that your expenses do not exceed your income.

Cash flow management

Cash flow management is also super important. Be mindful of your finances and operate within your means. Maintain your bookkeeping and accounting current. Monitor, analyze and optimize your cash receipts and expenses. Regularly reviewing your financial statements allows you to make informed decisions and adjust your strategies proactively with real-time insights into your financial health. This not only ensures that your business remains sustainable but also positions it for growth and success.

Financial Goals

Set financial goals. Reflect on your target profit margin, return on investment and cash flow. Set financial goals that are specific, measurable, achievable, relevant and time-bound (SMART).

mind your Business & personal finances

Mantra: I am conscious of my own expenses.

Keep your business and personal finances separate.

This will simplify accounting and protect your assets.

Business plan

Do some business planning. This includes writing an executive summary, business description, market analysis, marketing strategy, operations plan and financial projections. A business plan helps you and your employees set goals and track progress.

Investing

Invest in yourself and prepare for the future. Consult with a Certified Financial Advisor that can offer valuable perspectives and strategies tailored to your specific needs. Start a retirement savings account, even if it’s a small amount.

Time Management

Make time for your family, relationships, self care and vacations. Time flies by when you are busy. Life can pass you by if you are too busy.

Positivity

Loving yourself and what you do is so underrated.

Be mindful of your self talk and thoughts. This is just as important as taking care of your health. Positivity and negativity will take you in different directions.

As I started building on each of these different aspects of my life and business l noticed that I was gradually experiencing less stress with every passing month. The more I exercise, eat right, meditate and get my sleep, the more energy, clarity and creativity I have for my business. The more I consistently show up, the more my business grows.

What makes my financial advice different is the emphasis on not only financial health but also your personal health and happiness. I hope you found this information and advice helpful. Much success to you and your business!

lucyvbookkeeping.com