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Prepare Your Finances for Your Best Year Yet

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The new year is almost here, is your business prepared?

You might have seen a lot of growth in the past year. That’s great! Of course, with that growth comes some financial growing pains. 

These growing pains are completely normal. As you make more money, it becomes even more important to have a sustainable strategy for your business finances because there are so many factors to juggle. 

More money usually means more expenses. It can be hard to create and maintain a healthy balance between profits and expenses. When they’re out of alignment, you aren’t able to bring home as much as you want even though you’re making more. CEOs should be able to support themselves, their team, and their lifestyle. It’s critical then that you determine how to get these numbers balanced.

I won’t just present you with this problem and leave you unsure of the solution. A CFO can help you get your finances in order! Mitchell Consulting’s virtual CFO services help you get organized now and plan for the future. We look over your numbers and see where you’ve been and then we determine your trajectory and how you can get there. You can start this process right away with my free Income Goal Calculator. The calculator helps you figure out what you need to do in your business in order to bring home what you want on a regular basis.

Ready to take your finances to the next level? Consider hiring us as your virtual CFO so we can help you generate revenue at a greater profit margin. We want you to be prepared for growth in 2022 and beyond. Learn more about our services here.

Your Mindset Matters

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Ladies, we simply don’t celebrate ourselves enough. It’s about time we change that!

As a business owner, you work hard and wear a lot of hats. I don’t say that to stress you out, I say that because you should recognize how amazing that is. 

That’s the first mindset shift I want to talk about: getting rid of the notion that you can only celebrate big, tangible milestones. You might think you have to have concrete evidence before you’re “allowed” to celebrate. Girl, you don’t need permission!

Celebrate yourself. Celebrate your personal and professional growth. In 2021, you might’ve broken through a limiting belief that was holding back your business. Even if you haven’t yet seen results from that mindset shift, you should still be proud that you’ve stopped limiting yourself.

When I mentioned wearing a lot of hats, did it raise your stress levels? That’s an important step towards another mindset shift I want to mention. Sometimes the biggest breakthroughs start with the smallest realizations. I had a client who was completely overwhelmed but she didn’t want to admit it. Under all that stress, it’s hard to even acknowledge you have a problem because that can lead to even more stress trying to solve it. It wasn’t easy but acknowledging her feelings of overwhelm and recognizing that it meant she needed to rest were two huge steps in the right direction.

I myself had to make a mindset shift this year when I came to the conclusion that I could use some extra help. As a long time independent entrepreneur, I disregarded the idea that I couldn’t continue to work alone. Yet, it started to feel like I was doing less and less of what I set out to do and more and more work that’s better suited to someone else. I shifted from believing that I didn’t need any help to discovering the relief that comes from hiring staff.

I hope you’re able to walk away from 2021 with less limiting beliefs and more empowerment. You got this, lady boss!

Celebrate Your Financial Milestones in 2021

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You’ve worked hard this year. Have you taken a moment to step back and say, “I did that”? If not, you should show yourself some appreciation! 

At the end of each year, it’s valuable to look back at your monthly numbers and notice what trends pop up and why. There might be a month or two where your profits dipped but usually there’s an explanation. Maybe you invested in something that month and saw an increase the next month. Either way, you don’t only want to focus on the negative.

What were your wins this year? It doesn’t have to be a big milestone. It’s worthwhile to celebrate even the little financial milestones you reached. 

If you’re having trouble finding something to celebrate, consider these small milestones:

  1. Consistently setting aside money for taxes or savings.
  2. Holding a CFO day at least once a month.
  3. Having a consistent monthly revenue.
  4. Earning more than the cost of your expenses.
  5. Paying yourself on a consistent basis.

Just like your milestones don’t need to be big, your way of celebrating doesn’t have to be big either. Some milestones leave money to spare that you can use to treat yourself. If that isn’t the case for what you’re celebrating, reward yourself with something free.

My favorite free reward is a good nap. Sometimes all you need is a little shuteye to get yourself back up and running in good condition. There’s this myth among business owners that overworking yourself is something to be congratulated. Take back control of your energy by refusing to be overworked and giving yourself enough rest.

Speaking of rest, taking a day off is another great reward that doesn’t cost anything up front. You are the CEO so you get to choose which days you work and which you don’t. You’ve earned some time off so take it!

What financial milestone will you be celebrating? How do you plan on celebrating? Let me know in the comments or by messaging me on social media! Follow me on Facebook, LinkedIn, or Instagram.

How to End The Year Strong in Your Small Business

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Ever wonder what every successful small business owner has in common? Proactivity.

When you’re proactive instead of reactive, you’re always on top of things. Sometimes you’re even ahead of schedule! If right now that sounds like a pipe dream, don’t panic. There’s still time to get proactive before the year is over. Once you get things in order, you’ll be ready to begin your new year with profit.

Take these steps and you’ll be off to a great start:

  1. Get all your financial records in order. You should have statistics and reports from days you’ve set aside to look at and analyze your business finances. I call these your CFO days. If your records are a mess, it’ll be difficult to gain any information from them. Organizing them will also make you feel more productive and comfortable moving forward.
  2. Review your financial records and reflect. There’s a lot of knowledge you can gain from looking at a full year’s worth of records. Ask yourself these questions:
    • What have you accomplished?
    • What have you spent money on?
    • Where have you made an investment?
    • Is there a visible return on investment in your top line?
  3. Contact your tax preparer. Your tax preparer is about to get very busy so you’ll want to get in contact with them as soon as possible. Now that you have your records in order, you can also use them to strategize on your tax liability. Take note of ways you might be able to mitigate the amount of taxes you’ll pay. If you aren’t sure, you can ask your tax preparer at your meeting.
  4. Contact people that you work with on a monthly basis. These relationships are critical to your finances and your business overall. You’ll want to make sure you are on the same page and that they have all of the paperwork they need to file their own taxes.

With Mitchell Consulting’s virtual CFO services, it’s our top priority to be proactive with your business finances. We do this planning for financial growth and by setting aside money for taxes throughout the year. Learn more about what we have to offer you in 2022.

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