Pauline’s 3 Best Strategies for Business Owners to get out of money overwhelm and sleep at night.
I’ve surveyed hundreds of business owners about what they would do if they could make “extra” money in their business.
Here are the top 3 answers
- Take a holiday
- Pay off debt
- Reinvest in my business
Which one is the best strategy?
Which one would you choose?
What if this was not a hypothetical question? Have you actually sat down and thought about where your “extra” money should go? I mean really get to grips with pen and paper and a calculator and work out exactly how much you would put where?
If you don’t know enough about the money side of your business, you could make a poor choice.
Pay off debt?
Anything you can do to reduce debt – and stop digging a bigger hole – is good! But what if it is so overwhelming you don’t know where to start? Read Mark’s article on paying down multiple credit cards here
Even paying a tiny amount regularly will help, because it will tell your brain “Hey, we’re making inroads, we’re getting this handled”. You will BE the kind of person who is taking positive action and paying down debt… and you’ll sleep better at night.
And the most wonderful thing happens! The more you pay off credit card and line of credit debt, the less interest you pay on the balance so the debt gets paid even faster!
Take a holiday?
I’m a big fan of holidays – provided you don’t come back to chaos!
Something magic happens to your brain when you take a break. As soon as you start relaxing it gets to work solving problems for you. No force, no pressure – your brain just does what it is designed to do in its natural Alpha and Theta states.
All your good ideas and solutions are just waiting to come to the surface while you’re busy doing other stuff like relaxing by the pool, sleeping late and having fun.
These problems are much harder to solve when you’re in overload and overwhelm and you’re trying to force problem solving.
Talk to me about how NOT to come back to chaos after a holiday. I have great solutions – some you wouldn’t even expect! Click here to arrange a 10-minute phone call to pinpoint the cause of your particular chaos.
Reinvest in your business?
Here’s where things get sticky, especially if you don’t have a handle on your business performance.
There are so many different ways you can reinvest in your business from new technology to new people, but which one will give you the biggest bang for your buck? You’d have to look at your financial statements for the clues, that is, if you know how to read them and can pinpoint what you’re looking for.
The shocking truth is that 80%+ of business owners I talk to have no idea about the money side of their business – they don’t like it and it’s too hard to understand.
Truth is, it’s easier than you think it is – it’s a learned skill. You can learn it – I did – and it makes a MASSIVE difference.
Would you like to find the hidden money in your business – to see what your business is capable of? To know what to tweak to make more money click here to get my almost-done-for-you Income Generator Calculator.