If you’re a small business owner, then you already know that just about everything you’ve been taught about your business financial planning is a bunch of garbage. Yes, I called it garbage because it’s not designed to help you build wealth…
So here’s the truth…
Nearly everything being taught about business financial planning in the marketplace, on TV, and in print is designed for one purpose – to separate you from your money and to get it into their company’s control.
Because you own a small business you already understand how to make money, but if you’re like so many others – you’re not exactly sure what you should be doing in terms of investing for the future, getting a reliable return on your money, or how to structure your overall financial plan in a way that optimizes your cash flow.
So what should you do?
Who should you trust?
Those are both important questions, and I’m going to help you with how to find the answer… but I’m going to warn you in advance that it means that you’re going to have to think for yourself.
The first rule of business financial planning is that no one cares about your money or success as much as you do. Period. It’s just the same as acknowledging that no one else cares about the success of your business as much as you do.
It’s not that they are bad people or bad advisers, it’s just that they care more about their own bottom line than they do yours… it’s human nature.
That means that you’re going to have to be accountable for your own money and you can’t just turn it over to a so called “Financial Expert” and trust that they are going to take as good a care of your money as you do… It just doesn’t work that way and if you need proof, look at the American public.
The majority of them have put money away in investments and followed the mainstream advice about how to grow wealth, but reality is showing that this hasn’t worked for most people and the majority of them are relying on dwindling savings & social security to help them scrape by…
This is what happens to most people when they don’t take responsibility of their own success – and it doesn’t have to happen to you…
So, now that we’ve established that you can’t delegate growing your wealth, the next question you need to answer is this…
Does it make more sense to invest your time, money, and resources into something that you understand really well, or something that you don’t really understand? If you agree that investing in things you understand makes more sense then look at what you’ve done up to this point…
Do you know where your money is invested?
Do you understand how those investments work?
If not, it may be time to reconsider where you’re putting all of your resources.
The next question is similar… Does it make more sense to invest in things where you have control of your money, or to invest in things that are out of your control?
That means “Can you effect the outcome of your investments?” or “If things started to go wrong, could you do anything about it?” or “In the case of an emergency, do you have access to your own money?”
If you agree that no one will take as good a care of your personal finances as you will, then it’s clear that investing those hard earned dollars into things where you have control also makes sense.
These are just few considerations when learning business personal finances, but where do you go from here?
The next step is for you to invest in yourself and your understanding of how to build and manage your finances in the same way that you’ve invested in learning how to make your business successful.
Begin thinking for yourself, take the time to learn the skills involved in how to manage and invest your money properly, and you’ll begin to see the world of personal finances for you as a small business owner change for the better.