You're...
Financially Overwhelmed
Many creative business owners find themselves feeling overwhelmed by the intricacies of finances, and it's completely understandable. It's easy to ignore the tumult of invoices and spreadsheet formulas each month... especially when you'd much rather be bringing joy to your clients and yourself with creative projects.
The good news? Managing finances might seem daunting, but with a bit of guidance you can gain control of your financial future and make the whole process feel super easy.
"To avoid falling into the traps of undervaluing yourself, you need to view and value yourself and where you are heading, not where you are now. Others wont just see you, they will feel it."
- Renee Minchin
Here's how to get on top of
your financial overwhelm
Step One
look at
your budget
If you don't yet have a forecast or budget, it's time to make one.
Start by writing down all the expenses you can think of - and as they pop up during the month, write them down. Look at your operational costs and your plans for expansion. Calculate your inventory costs and any money you need to outlay for technology upgrades.
Now, look at your income statements to determine your estimated cash flow and build this into your budget.
Step Two
invest your time and money wisely
If you're financially overwhelmed, chances are it's time to eliminate the services and offers that aren't working (which are sucking up your time and energy) so you can double down on the ones that are profitable.
Look at your profit and loss to pinpoint what revenue streams make you money, which ones you could increase, and which you should stop spending money on.
Next, think about how to improve your offers. What do people share in their testimonials with you about the experience of working with you? How can you adapt your offers to make them easier to sell and more fun to deliver?
Step Three
track actual results
to budget
Now that you're investing your time and money wisely, it's time to track actual results against your budget so you can adjust your course of action accordingly.
This gives you greater clarity on what's happening in your business, so you can adjust your decision-making and pivot to smarter choices if you need to. The more you do this, the quicker you can make corrective action.
Hi, I'm Renee Minchin
And I love translating complex financial and compliance concepts into simple steps for creative coaches and business owners.
I'm a dedicated and experienced financial professional with over 20 years of experience as a passionate and driven business owner, CFO, accountant, bookkeeper, BAS Agent, and ASIC agent.
want to know more about working with renee?
Renee provides business coaching for overwhelmed and underpaid creative business owners.
What happens next?
Be on the lookout from an email in your inbox.
In the meantime, you’re welcome to connect with me on LinkedIn or join my free Facebook community.
I know you getting on top of your finances is going to make running your business feel so much easier -