Are You Energetically Aligned With Your Business Finances?
Guest Post by Erin Armstrong
You probably started your business because you’re passionate about what you do. In fact, you may even link it to a calling – what you’re really meant to do and how you’re meant to contribute to the world.
Naturally, when you believe so highly in what you do, you’re inherently energetically aligned with your business. Which makes for a fun, creative and passionate business and brand!
But what happens if you ignore the financial side of your business?
Many business owners have alignment with their services, products, culture and customers — but not their finances.
Unfortunately, a lack of financial alignment influences everything in your business. A business relies on sales to exist. (With zero sales, you either have a hobby or a charitable contribution.) A business also relies on profit — what’s left after expenses. And a business relies on growth and sustainability.
As business owners, we need to conscientiously create financial alignment. Otherwise, it’s challenging to have a cohesive, thriving and life-giving business.
So let me ask, are you financially aligned with your business? If you’re not sure, here are some questions to ask yourself:
- Do I feel genuine appreciation with each sale?
- Am I able to fully take in that someone who has entrusted me to provide them with my beautiful service (or product), and in exchange has given me something of value?
- Do I fixate on hiring and spending cheaply?
- When it comes to making business purchases, do I actively appreciate the wonderful thing each purchase does for my business? Or do I say things like “she was so expensive,” or “glad that’s done!” or “they took all my money”?
- Have I invested time into learning foundational accounting basics so that I have some understanding of where my business is?
- If I were to reach my business revenue goal, do I know what I would actually DO with that income?
- Do I even have a business revenue goal?
- What about profit? Do I differentiate that from my revenue goal? Or have I even thought about it?
- Is my business revenue goal arbitrary? Or is it based on something deeper, such as a number that would sustain my family easily or allow me to give $20,000 a year to charity?
- Do I generally see “more, more, more” as the answer to most of my problems?
- Do I intentionally think about how I’d like my business to grow?
- Do I emotionally outsource the financial part of my business to my spouse, partner or financial advisor?
- Do I have any financial “cushions” in place?
- Do I rely on those with more expertise and authority to make the big financial decisions for me?
- And, perhaps, most importantly, do I trust deep down that my business can and will sustain my lifestyle and desires?
These are just a few questions to get you started thinking about financial alignment. You might be seeing a pattern in your responses that shows that you aren't where you want to be. If that’s so, don’t worry. We all have the ability to shift into financial alignment. We each have the power to change. In the next blog post of this series, we’ll address how to start financially aligning yourself.
Erin Armstrong is a CFO, Business Coach, and Licensed Enrolled Agent, who’s on a mission to financially empower small business owners and female entrepreneurs. Erin’s unique approach focuses on the nuts & bolts of business finance, such as accounting practices, tax strategy, profitability, budgeting, & cash flow. Simultaneously, she helps her clients identify their financial fears and improve their money mindset so that they can move forward in a confident, proactive and empowered way. Erin has worked with hundreds of business owners across the country in dozens of industries. She has also led workshops in Los Angeles, New York, Chicago, and other major US cities. Erin lives in the Dallas-Fort Worth area, with her husband and daughter, and their dog, Hilda. To find out more, visit www.erinarmstrong.com.