Have you been wondering how to keep more money from your business in your personal life?
If you said yes, you are not alone!
After all, that is the mission of for-profit business owners! As an owner, you want to keep more of your money and have a lifestyle that you have dreamt of since you decided to start your business. This is the reward you deserve after all of the work you do, as you support your members and clients in their wellness.
But it doesn’t always happen because unexpected expenses come up that you may not be prepared for. You need new equipment or something breaks and you dip into your credit card or savings account to pay for it.
This isn’t best practice for building a sustainable, profitable business.
Why We Need Accountability
“Integrity is doing the right thing, even when no one is watching.” – C.S. Lewis
This saying is good in practice, especially when it comes to how you live your life and treat the world around you. Putting the shopping cart away, reporting injustice, picking up someone else’s trash off the ground, fighting for the greater good, letting the cashier know when they forgot to ring up one of your items. These are all great examples of doing the right thing.
And in our finances, we know that the right thing is to have systems for our money that we repeat month after month. Systems that we implement and use continually. But if you know anything about Parkinson’s Law and human behavior in general, you know that doing what’s right for ourselves is much more difficult than doing what’s right for our loved ones and humanity.
That’s why fitness clients skip workouts or don’t always track that candy bar they ate over the weekend. It’s why karate and dance students don’t practice at home and don’t tell the whole truth about why.
We know what’s best for us, but we don’t always do it. But if someone checks in on us, offers encouragement, and even watches what we’re doing, we’re much more likely to follow through.
That’s where accountability comes in.
What Accountability in Your Finances Looks Like
First, you need to know what your goals are so you can set up systems to meet those goals.
At Fit for Profit, we can help you set the money goals you want. We can help you with your vision and figure out what you want from your business financially.
Once you have that figured out, you will likely need accountability to keep moving toward your goal. You will use that accountability to figure out what the baby steps are that will get you to your big goal and to help you figure out the next steps in the process. We’ll create the steps that follow too, so you have a flow to keep you motivated.
What Does Accountability Look Like?
Accountability is not judgment or babysitting, it’s an outside perspective from an expert to support you in making the next right step.
At Fit For Profit, accountability depends on our work together. For some, it’s a quarterly check-in call with one of our Profit First coaches. For others, it’s a group Q&A call where we
Of course, there may be a time when you get to Step A and then decide that Step B isn’t really the best way to tackle the next step. However, you can use your accountability to review all of your options and then figure out what the next best step truly is.
You can also use accountability to reassess if the steps you have decided on are not producing the results you desire. Maybe Step B wasn’t right. Maybe you should have tried Step C first or you should have placed an intermediate step into your plans.
If you are working on your accountability with someone who has been successful with it before, they can help you do it right. This is the same thing you do with your clients. You can help walk them through their accountability steps because you have seen so many other clients take the same steps with success.
And maybe you’re coaching clients through something you, yourself, have gone through too. Those who have similar experiences can let you know what has worked for them and what has not. Those people with different experiences can still be a wealth of information, because some of what worked for them may still work for you.
I can’t emphasize enough how important accountability can be in your business, especially your finances.
Remember, accountability helps to remind you what is possible and why you decided to do this work in the first place. We say we want to keep more money, a bigger (or better or different!) lifestyle. It doesn’t have to be bigger or better though. Maybe it is just different. Either way, we need accountability to get there.
Do you need some accountability in getting your financial systems in place or in keeping them going? We can help with that!
Take our free Keep More Money training or book a call with us today!