Why spending 10 minutes MORE per day on your finances is critical

In my last blog post, I ranted a little about how businesses aren’t spending enough time in their finances. Look, I get why we don’t: As business owners, we’d rather be selling and building our businesses than breaking out the calculator and sweating through spreadsheets.

In this blog post I want to talk about how and why 10 extra minutes a day might make a huge difference in your business’ financials.

• Rather than just entering data (which can be delegated!), you spend more time thinking about what’s going on in your business.
• With a few extra minutes each day, you’ll become deeply aware of your expenses and the impact they have on your business. Do you really need every item you actually have? A careful look at what you’ve bought and how you’re using it will tell you. And if you’re not going to use something that you’re currently paying for, get rid of it so it’s not an expense.
• With a few extra minutes each day, you’ll see how income comes into your business and is distributed through the various parts of your business that need the income to operate, and you’ll see how minor adjustments in that income (i.e., by increasing sales or raising prices) can make a big impact.
• With a few extra minutes each day, you’ll be able to give just a little more attention to payables, paying bills on time rather than potentially incurring late charges and interest.
• With a few extra minutes each day, you’ll be able to give a lot more attention to your receivables, calling people who owe you money to see how and when they will pay, thereby improving cash flow.

Schedule this additional ten minutes of financial review per day. It won’t seem like much more time but you’ll dig into your finances and, over the weeks and months that follow, you’ll have a deep understanding of your finances and their impact on your business.

Jessica Routier, IAC-EZ

Jessica Routier

Jessica wants to talk to you! She is who coordinates the contests, travels to all the conferences, and interfaces on a fun level with customers on a daily basis in order to bring our users together as a community.

Jessica has a B.Admin and an MBA. Her background in business, along with a diverse skill-set (including a diploma in Medical Transportation, retail experience, and experience as a paralegal) make her a valued, highly flexible team member.

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