By December 5, 2022
I’m not going to sugarcoat things. Times are hard.
And they aren’t going to get any easier.
One of the problems that makes hard times worse is fear.
- Fear of the future
- Fear of financial issues
- Fear of a collapsed economy
We could spend all day writing out lists of the things we are afraid of, but we don’t have time to be that thorough. There are however a few key fears when it comes to your business finances that I believe need to be faced and addressed.
When your money reserves start to dip, it’s easy to feel the pressure.
Pressure turns into stress which turns into sleepless nights and uncomfortable discussions about money.
Inflation is probably the biggest drain you will face in your finances. But that doesn’t mean your situation is hopeless.
You can slow or stop the losses by eliminating redundant purchases and waste. Unused subscriptions for things such as streaming services are one of the largest sources of wasted money (and they’re easy to find and fix).
As business owners, spending money is less scary when you have enough work coming in to pay the bills.
When work slows down, what you need is a strategy to boost your sales.
Sometimes you need to start or increase your marketing. Other times you may need to seek help from a business coach to help you find where your business is not reaching its potential. Slow downs are unavoidable, but there are ways to handle them.
The stock market is not fun to watch.
Your money is riding a roller coaster, but you still feel your heart drop when the market turns down. The good news is that investing is a long-term game.
If you miss the best days on the market, you will miss out on a lot of money. That’s not to say that every strategy works for every person. And you should seek out a financial advisor to help you make the best decisions. But just because the market is down today, doesn’t mean that the market will be down forever.
Once you have recognized and faced your fears, you can start to address the solutions. Most companies that fail to grow or even survive, fail because they can’t or won’t face their fears. You can’t solve a problem you aren’t willing to look at.
Sometimes you need help to get through the challenge of facing your fears, but in the end it will be worth it. If you don’t know how to address your financial fears in your business, I would be happy to speak with you and give you some direction.