It’s January 2011 — do you know where your money is??

Welcome to part 3 of the Golden Vessel Business Challenge for January! (If you’re just joining us, you can catch up quickly with: my video introduction, part 1 and part 2.)

Each of our businesses is like a GOLDEN VESSEL that needs to remain sea-worthy. Our challenge this month is to identify and plug the drains in our business to make sure that we are conserving our time, our money and our energy.

Last week, we looked at who is running your ship (Is it you?? It needs to be!).  This week, we’re stepping into the money part of the challenge with a focus on financial accountability.

What was your reaction when you read the previous sentence?  Were you excited, or did you get tight inside?

Too often, we women entrepreneurs consider finances our enemy… or at least something we have to (not want to) pay attention to.  If the thought of finances makes you tense, I encourage you to look carefully for potential money leaks in your business.  Here are some tips to get you started:

Inspection Tips:

  1. Ask yourself if you are familiar with your company’s finances. If not, you need to be. Even if you have someone else “handling” your company’s finances, you, as Captain of your ship, still need to know and understand your company numbers to help spot dangerous leaks.
  2. Check your vision statement and your goals. Do they both include specific money amounts?  If not, you may need to face some limiting beliefs about money (they are very common — pay attention to this!!).
  3. Look at your 2010 financial statements (income, expenses, and net profit).  Numbers tell a story, and they do not lie.  What story are your numbers telling you?  Where are the leaks?

Is your Golden Vessel leaving a draining trail of money in its wake?  Don’t wait even one day to start making your repairs and plugging those leaks!

Repair Suggestions:

  1. Write “Thank you” on the memo line of every check you write. Gratitude is a key part of abundance, so instead of complaining about having to pay bills, be grateful that you can pay them.
  2. Hire a business coach. Limiting beliefs around money are so powerful that we often need an expert to help us change those beliefs … WHILE holding our feet to the fire on meeting our financial goals.  Our Big Fish coaching programs are waiting for you.
  3. Set a regular schedule for financial review. Each quarter, compare your YTD profit/loss statements with the previous year.  You can quickly see results of any leaks, and get them plugged before they sink your ship (or even get the deck wet!).
  4. Grab your toolkit NOW and commit to making your Golden Vessel financially sound in 2011.

Financial Repair Toolkit:

  1. My video introduction of the Golden Vessel Challenge
  2. Golden Vessel Challenge, part 1: It’s About Time!
  3. Golden Vessel Challenge, part 2: Who Is Running Your Ship?
  4. Recording of our live 2011 Goal-setting call
  5. Big Fish Nation Starfish Business Retreat (San Diego in Feb)
  6. Other Big Fish Nation Coaching Programs

Step over to the Big Fish Nation facebook page to let us know how you’re doing with the Golden Vessel Challenge!