The Curvy Coach

So now that you know how much money you need to make and what steps you are going to take to earn that income, what are you going to do with it? When you have a specific place for that money to go, you are far more likely to reach that place than if you just have a vague notion of “wanting to be rich.” Define for yourself what exactly you are going to do with that money. Maybe it will go towards paying your bills, saving up for your next vacation, paying your tithes and offerings, and growing your business.

Particularly if you are transitioning from small business to a mid-level business then this is where the “B” word comes in – budget. If longevity is part of the vision you have for your business then you must determine how much of the money you are going to re-invest in the business. How much money will go towards marketing, creating new products, improving customer services, supplies, outsourcing, etc?

You can start by giving equal dollar amounts to each pot or give the most to one area you need the most improvement on. It doesn’t matter as long as you start somewhere. In order to do this exercise, you must first recognize that this is truly an investment and not just an expense. Yes, it might be seem a bit expensive to hire a marketing consultant but doing so helps you to attract new clients, improve sales, and increase the bottom line then how much is that marketing consultant worth to you?

As you are working on creating your purposes keep in mind to never operate from a place of lack. No matter how broke you may be, continue to carry on as if you are doing well. Remember the old adage, “perception is reality.” Perceive yourself as doing well with a valuable service or product and that is how your customers will see you as well.

Do not undercut your prices so that it looks like your products/services have no value. Your sales effort should really be focused on the customer and how it benefits them, not because you need an extra $500 to pay your rent? Understand? So, from now on, do not beg and scream for your customers to buy something because of another sale you decide to have but because you have something valuable to offer them.
If you don’t already track every business expense you have, start doing so and keep a watch on what happens with your money. You may discover what Alicia Forest calls “Money Leaks,” or unnecessary financial waste. (www.aliciasplog.com/2009/10/turning-on-your-money-taps.html) You may discover tax deductions you didn’t know you could claim or that you could actually spend a little less on product development next year. But if you don’t keep track of where the money is going, you will never know where it is leaking out.
Always have a well defined purpose for your money.

What purposes have you set for your money in 2010? Please leave a comment below.