4 Simple Ways to Reach Your Financial Goals

Can you believe it’s nearly the end of the 1st quarter already?!! It’s hard to believe that we are 3 months in to the fabulous 2017! How is your business doing? Are you on track to reach your financial goals you set for yourself in the new year?

It’s no secret that as women business owners, we are in business to help others. However, we are also in business to make a profit. Therefore, it’s imperative for all of us to stay on track of our financial goals. When you have more, you can help more.

If you find yourself having trouble reaching your financial goals or want to stay on track, you can implement the following.

Have multiple income streams- You may have one service that you offer, however, sometimes that service may not be performing as well as you like. Therefore, it’s important for you to create multiple income streams. This way when one income stream is not performing well, you can have another income stream to fall back on. For example, if you are a make-up artist, you can add complementary services or products to your already existing business. Perhaps you can sell make-up kits, and host make –up classes.

Curb your spending—When you are running a business, it’s necessary for you to have expenses that help you keep your business afloat. However, there may be some services and software you really don’t need. If there are some things you cannot live without such as office space, see if you can re-negotiate rental terms or find a co-working space that offers a more affordable rental agreement.

Track your income – When it comes to managing your money, it’s imperative that you track every single dollar that comes into your business. Yes, you may have a Payroll firm that handles your payroll and takes a glance at your income, expenses, and revenue. And that’s great, however, you must track every dollar that comes in. It can be as simple as getting a notebook and a pen, and recording your daily income, even if you didn’t make sales for that day. By writing down your income, you can be aware of your financial status, and act on how to increase your revenue.

Market your business- The best way to reach your revenue goals is to let people know you exist! You can have the best service or product in the world, but if no one knows they exist, you may not get that far. That’s why it’s important to market your business every single day. Even when it feels like nothing is happening, you must continue to market. You can network, host webinars, attend local events, advertise in local and national magazines. The marketing strategies are endless—all you must do is put yourself out there!

As women, we must be viable and sustainable. What can you share with others to assist in our collaboration? Tell me in the comment box below!