February 26, 2024 • 28 mins
The idea of financial success has changed over the years and if you've been listening for a while, you'll know that for me, that success destination should be as unique as you are.
But, if there's been a hiccup on your journey, particularly with the finances, it's often hard to get the motivation to continue. So, in this episode, no matter where you are on the path to financial success, I'm sharing the 10 top tips that will help you reach your destination fast.
It starts with understanding your money story and mindset and ends, with YOU! So, all aboard the financial success train, it's heading towards a financial fresh start NOW!
This episode is brought to you by Become A Business Money Magnet - Simple habits to manage your money and supercharge your profits!
Want 30 Ways to Save Money in your Business? Download the guide here.
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Host: Justine McLean – Flossi Creative
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
You're listening to the Secrets of Successful
Business podcast, your go-tosource for business tips, tricks
and proven strategies that willhelp you create a streamlined
and profitable business.
We chat to the best minds inbusiness about their journey.
It's my business and I'll do itmy way, how they started,
rather than going harder to getmore focus on growing more with
(00:25):
what you have, what they learnedalong the way.
How long are you going to givethis?
Speaker 2 (00:29):
What compromises are you going to make Just because
you can do it?
Speaker 1 (00:32):
doesn't mean that you should do it.
It's really important toremember that it's a long game
and, of course, we'll ask themfor their secret source for
creating a successful business.
If you're not feeling you'renot doing it right, you should
be struggling at times.
That is part of the journey.
Join us as we take a sneak peekbehind the curtain.
Talk solutions for thosebusiness pain points, working
(00:52):
smarter, not harder, mindset andthe challenges of bidding it
all in with the demands oftoday's busy life style.
If you're a business owner,side hustler or just starting
your business journey, thispodcast is for you.
Now here's your host, businesscoach and content creator,
justine McLean from FawcayCreative.
Speaker 2 (01:13):
Hello and thanks for joining me on the podcast today.
In case we haven't met, I'mJustine, a small business owner
on a mission to uncover andshare the secrets of creating
and running a profitable,sustainable and successful
business.
I've been in business for over20 years now and I get to use
all that I've learned along theway to help other women in
business reduce the overwhelm,gain visibility around their
(01:37):
numbers, charge what they'reworth and make more money.
It's about designing a life youlove that fits into your
definition of success.
So if I can help you create theprofitable business you deserve
, please reach out Now withoutfurther ado.
Let's dive into today's episode.
Hi and welcome to the show.
(02:00):
Today I want to talk about freshstarts.
You know those do-overs thatyou like to jump into at the
start of a new year or a newfinancial year.
They're often related to health, to diet, to exercise, maybe to
clearing out the toxic friends,probably to money in most cases
.
But we often want to start over.
(02:23):
We often want that do-over,that opportunity for a fresh
start.
So in today's episode I thoughtI would take you through 10
steps to a financial fresh start, not necessarily at the
beginning of a year, butwhenever you feel like you need
a fresh start in your business,and I guess this can more
(02:45):
broadly apply to your personallife as well.
So if a financial fresh startis on the agenda for you at any
time, let's all jump on thefinancial success train.
And here are my 10 tips to afinancial fresh start.
So tip number one what is yourmoney story, and should you
(03:06):
change it?
Because it might be importantto make that change.
Now we've all got a money story.
That's the thing that haseither been ingrained in our
minds, our subconscious, sincechildhood.
Money doesn't grow on trees.
That was definitely the moneystory that my mum had ingrained
in all of our subconscious as wegrew up.
(03:29):
Or is it something that someonehas said to you, maybe your
maths teacher, your hopeless atnumbers, or maybe your
accountant this business isnever going to make money, it's
just a hobby.
Or it could be your partneryou're so irresponsible when it
comes to money.
Stop spending.
There is bound to be a moneystory somewhere inside that you
(03:50):
are telling yourself, and quiteoften, that money story, that
story and it is just a story.
I can't stress that enough.
That ideology that we haveabout ourselves when it comes to
money is the thing that reallyputs the brakes on when it comes
to our financial success,because if we keep telling
ourselves something negative,then we're going to believe it.
(04:13):
It's like most things youbelieve what you can see.
You believe what you keeptelling yourself over and over
again.
So, if you want to jump on thatfinancial success train or just
have that financial fresh start,the first protocol is to really
think about the money storythat you're currently telling
(04:33):
yourself and ask yourself ifit's real or if it's something
you've just bought into aftermany years of being
indoctrinated.
The best way to do that, and theway I got to the bottom of my
money story, was to write itdown.
You know, if you don't knowwhat your money story is, if
you're not really sure about it,then sit and think about it,
meditate on it, have a journal,a notebook next to you and when
(04:57):
a thought about money comes intoyour head, write it down.
And then go back and look ateverything you've written about
money.
You know how you feel about it,how you think about it when you
get a big chunk of money inyour bank account, what you
would do with that money,whether you feel safe and secure
having that money coming in, orwhether that makes you feel
(05:17):
nervous because maybe you'll beirresponsible with it and spend
it on something you shouldn't.
Write all of those things downand then start to challenge
yourself.
Ask yourself if what you'retelling yourself over and over
again is true.
Keep asking the question why?
Because every time you askyourself why and you write down
(05:38):
what comes into your head,you're actually peeling away a
layer of that money story andbefore long, you'll actually get
to the heart of what you reallythink about money, what your
money story truly is, and you'llsay how that is having an
impact on the way you not onlyrun your business, but on the
way you live your life, becausewe are all capable of changing
(06:03):
our story.
It's just important tounderstand what that story is
and to make a decision aboutwhether or not that story is
true.
Is it something that is anactual thing that we are you
know that we're incapable ofbeing responsible with money or
is it something we just tellourselves?
So you know, if we think aboutthat one well, I can't be
(06:26):
trusted with money.
I'm incapable of looking aftermy money then get to the bottom
of whether or not that's trueand if you honestly think it is,
if you think that money issomething that you can't be
trusted with for whatever reason, then it's about not only
changing your attitude towardsit, but putting in place things
(06:47):
that are going to stop you frommaking that story come to a
reality.
So it might be that the minutea payment hits your bank account
, there is a direct debit thatcomes out and goes into another
account that takes away a goodchunk of that money.
It may be that if you aregetting paid so if you've got a
(07:08):
business and you're payingyourself you can actually set up
direct debits on payday thatwill send what you need to live
on, for example, to yourpersonal account, and then a
chunk of money to anotheraccount that is, you know, in
another financial institution,out of sight, out of mind, and
you can't touch it.
You could set it up so thatthere is more of a deduction to
(07:30):
your super, for example Againout of sight, out of mind, you
can't touch it.
So tip number one about jumpingon board that financial success
train and really having afinancial fresh start is to
explore your money story,determine if it's true or not
and then decide to change itinto something positive.
The next one comes down tosomething that is really dear to
(07:53):
my heart and that is thecommitment, or making that
commitment, to learn more aboutmoney, so increasing your
financial literacy, because inmy opinion, particularly when it
comes to business, even if youchoose to outsource the
financial elements in yourbusiness.
I think it's really importantthat you don't abdicate all
(08:13):
responsibility.
I think you need to understandyour numbers and you need to
understand the story they'retelling you.
Otherwise, all you're doing isleaving it up to somebody else
to decide your financial fate.
And why on earth would you wantto do that?
So make that commitment toincrease your financial literacy
(08:33):
, whether that is doing aprogram like business money
magnet, whether it is talking toyour accountant on a regular
basis, whether it is having aone-off conversation with a
money coach, whatever it takes.
Work out what you need to know,ask the question and learn what
you can about money.
Tip number three is to take areal look at your numbers.
(08:55):
That is, an eyes wide open,honest look at your numbers,
whether these are your businessnumbers or your personal numbers
.
You need to know where you areat, where you're starting your
journey, so that you can makeyour destination one that is
financially successful Once youknow what the real state of play
(09:19):
is.
So if, for example, you're thesort of person who never opens
their bills, or you ignore yourcredit card, or you decide not
to really have a close look atwhat you're spending and just
hope that you get enough moneyin to cover those expenses.
Rip the bandaid off, have alook at it the reality is it's
(09:40):
not going away.
It's not going anywhere andthen go back and do what you
need to do to change it, to makeit so that you are not losing a
whole lot of money on expensesthat you don't need, for example
.
And then, when you know whatyou need to do going forward and
you've taken that first reallook at your numbers, leave your
(10:01):
eyes wide open, check in weeklyso that you know exactly what
you need to do every week tokeep yourself on track.
There is an episode that I haverecorded called Back to Business
.
It will give you some ideasabout how to take a real look at
your numbers.
My next tip is to decide onyour money goals and set your
(10:23):
intentions.
For me, having a goal is waybetter than putting in place a
resolution.
So when it comes to creatingthat financial fresh start, I'm
all about setting a goal andthen doing what I need to do to
achieve that goal.
I like to have a financial goalfor every quarter in my
(10:44):
business and personally I liketo have an annual savings goal
and then I sit down once I'veset those intentions, once I've
set those goals and I work outhow I'm going to get to where I
want to go, tip number five isto really have a look at your
debt and any other expenses thatyou have in your business or
(11:06):
your personal life same appliesto both and then start to reach
out to your suppliers and ask topay less.
Now I know that seems ridiculous, but to give you an example,
insurance is a huge cost, notonly from a business point of
view, but from a personal pointof view as well.
I had a client a few weeks ago.
(11:27):
We sat down, we decided to do awholesale review on her
insurance.
I actually bought in aninsurance broker to do her
business review.
We looked at some of thepersonal insurances that we had,
and we had those looked at aswell.
We contacted her health fundand within the space of an
afternoon we had managed to saveher $3,000 between her business
(11:49):
and her personal insuranceexpenses.
And how do we do that?
We simply asked the question.
There are lots of ways to savewhen it comes to your business,
and I've got a few differentepisodes where you can dive back
and have a listen to my tips onthe best way to get that debt
(12:09):
under control and save on yourexpenses.
Tip number six is to monitoryour cash flow.
Again, this applies to yourpersonal cash flow as well as
your business cash flow, becausewithout cash in our lives,
we're very limited with what wecan and cannot do.
We can't live on debt forever,so it's really important to have
(12:32):
a great cash flow in ourbusiness and our lives.
I think that when asked aboutthe best way to understand money
, robert Kiyosaki, author ofRich Dad, poor Dad, simply said
learn to monitor cash flow.
It comes down to two words cashand flow.
That's the money coming in andthe money going out.
(12:53):
So if you don't have a cashflow forecast already set up in
your business or your life, geton to that one super quick.
So number seven, when it comesto having your financial fresh
start and jumping on thatfinancial success train, is to
take a close look at yourcurrent clients.
Now, obviously, we all hope towork with someone who is our
(13:18):
ideal client, but sometimescircumstances mean that we take
people on who aren't the sort ofpeople that we really want to
work with.
I mean, you know those people.
There's always that scope creed.
They're asking for extra bitsand pieces.
They're contacting you out ofhours.
They don't want to pay yourinvoices.
They want to haggle on everysingle quote you give them.
(13:39):
You don't need those people inyour life.
Sure, if times are tough andyou're really pushing it uphill
financially, 100% maybe you needto take a couple of those
d-list clients on, but yourclients are really such an asset
to your business.
I'm going to do a podcast on the80-20 rule and how retaining
(14:01):
your clients can help youessentially earn 25% extra in
profit in your business.
Just by retaining clients andworking with people, you've
already got within yourecosystem.
So if that's true, if that'sthe case, then don't you want to
work with people that youreally love, people that you gel
with, people who you know areon board when it comes to you
(14:24):
know you delivering thattransformation for them, that
giving them that service or thatproduct that is going to help
them go to the next level orreally change their lives?
So when you're putting togetheryour financial fresh start, one
of the things I always say isto have a look at your current
client list.
If there are people on therethat you don't think you want to
work with anymore, it's time tosay goodbye to those people.
(14:47):
There are always going to bemore clients out there.
But, more importantly, have alook at the people you haven't
worked with for a while andreach out to them, because that
can be where the extra money isyou need to get you on the road
to financial success.
And then, of course, it's allabout reviewing your prices.
Head on back a couple ofepisodes and there is a whole
(15:09):
episode on pricing and whetheror not your ego might be getting
in the way of your prices.
But when you are kicking thingsoff financially, shaking things
up, absolutely time to have alook at your prices, make sure
they're right and that you aremaking profit every single time.
Tip number nine is to make acommitment to save for a rainy
(15:31):
day, because you just don't knowwhat's around the corner,
whether it is another pandemic,whether it is a war or some
other economic disaster that isjust hiding around the corner,
or it might be a change in yourcircumstances.
Maybe you need to have a weekoff because you've got the flu.
(15:52):
Whatever it is, you want to sitback knowing that you've got
enough money sitting in the bankto get you through.
Whatever that rainy day is thatis coming your way.
So make that commitment to save.
I think one of the bigpushbacks I get when we talk
about saving anything is thatevery dollar is being used for
(16:14):
something and I really can'tafford it.
But I'm calling BS on that one.
I think that you can probablyfind a dollar here or there and
the idea is to just start.
And once you start to put moneyinto a rainy day account and
you begin to see that money grow, you will absolutely be
(16:35):
motivated to add more and moreto it.
Caveat here.
You don't want that money eatenup in fees, particularly when
you're starting small.
So make sure that you get alinked fee free account, an
online only account, if you can,that is linked to just your
general day to day account,because that is definitely the
(16:55):
way to go.
And tip number 10 when it comesto a financial fresh start and
getting on that train towardsyour financial success is to
prioritize you, because you'rereally important.
If it wasn't for you, therewould be no business and, well
gosh, you wouldn't have a life.
So prioritize you.
(17:17):
What are your goals, yourbusiness goals, your personal
goals really important?
Start to set boundaries.
Know what you are prepared to.
Say yes to what you're preparedto say no to, and, just like
you would expect a salary andsuperannuation If you are
working for someone else, begenerous enough to pay those
(17:37):
things to yourself and do it asa priority.
If you are starting out or youare not in a financial position
to pay yourself what you wouldconsider to be your normal
salary or something that youwould earn if you were working
for somebody else, then choosethe profit verse system and take
40 or 50% of everything thatcomes in and put that into your
(18:01):
personal account.
Try and take your salary onceevery week or once every
fortnight, whatever you chooseto get paid, whatever that
payment cycle is for you, andthen don't dip into it again.
The main aim here is to knowwhat it costs you to live your
life, to take a salary that isgoing to cover that and also to
pay yourself super.
(18:22):
So they are my 10 steps to afinancial fresh start and as you
continue on that financialjourney, here are some things
that I want you to remember, andit will be remiss of me not to
jump in and say this.
Your financial success startswith you deciding on your unique
(18:43):
destination.
That is, a destination thatsuits this season of your life
and business and I know you haveheard me say it before, but I
am going to say it the day I die.
And once you decide what thatdestination is, live it and
empower yourself to achieve yourgoals and then, when you
achieve them, make sure youcelebrate.
Also, as you start or continueon that financial success
(19:07):
journey, I want you to rememberthat it's never too late or too
early.
You're never too old or tooyoung or too set in your ways to
make a change or to even start.
Bottom line here is if you wantto achieve financial success
and design the life that youlove, then the only way you are
going to do it is to make achange, and to do that you need
(19:31):
to start, because nothingchanges if nothing changes.
So if you are sitting therefrustrated with where you are
financially right now, either inyour business or your life,
make a commitment to get startedand you will see those changes
happening before your eyes andbefore you know it.
And as you kick off thatjourney, no matter where you're
(19:52):
starting from, understand thatthere are going to be bumps and
hiccups along the way.
You might take two stepsforward and four steps backwards
, but the key to success isresilience.
It's all about taking that stepback when things aren't going
your way and then, when thebenefit of hindsight, having a
look at what's gone wrong,really being able to evaluate
(20:14):
that and starting again.
Because, even though you mightnot think it at the time, there
will be a valuable lesson inthat bump in the road or that
challenge, and it's somethingthat I guarantee is going to
help you as you move forward.
Because, for me, nothing is everwasted.
If I had a billboard and Icould put anything on it, that
is one of the things that Iwould put.
(20:35):
Nothing is ever wasted, becauseeverything I believe that
you've done so far in your lifeis a building block that is
going to help you reach the nextdestination in your journey,
and you might not understand orreally even value what it is
you're doing at the time.
As you look back, you'lldefinitely see how that thing
you learned, that randomencounter or that experience
(20:59):
that you had, has prepared youfor the next stage, and I love
life for that reason, becauseI've seen it happen so many
times to me and so many timesfor my kids and my friends.
So nothing is ever wasted.
So good, all up and enjoy it,even if you think of the time
it's a waste of time.
The other thing to be reallyaware of is that overwhelm is
(21:19):
going to happen, especially whenit comes to money.
Getting the finances sorted canbe really confronting.
It can also lead to poor mentalhealth, to poor physical health
, and part of the reason forthat is because, when it comes
to finances, it's often that onearea that we allow ourselves to
(21:41):
be completely overwhelmed.
And I think overwhelm generallyin business is a real thing,
burnout is a real thing, but Ithink the money side of things
in particular, there's justsomething about it.
There's that stigma about itthat means that we are less
forgiving of ourselves, we areless able to allow ourselves
(22:04):
that break, that we need to kindof pick ourselves up, forgive
ourselves and start again.
So if things don't seem to begoing your way, don't keep
pushing.
Maybe just take a step back,stop, review the situation, rest
, refresh and then start allover again.
And when it comes to financeswhether it's finances in your
(22:27):
personal life, whether it'sfinances in your business life
not everyone is going to be onyour side, and you know what.
That's okay, because a business, particularly a successful
business is not going to be thedestination for everyone and it
can take a really special personto step out of their comfort
(22:47):
zone and choose a businessjourney Because, let's be honest
, it's so much easier, quiteoften, to work for someone else.
And those people who choosethat working for someone else
will often look at people likeus, people who are in business,
and think we're a little crazy.
They won't understand thisjourney that we're on.
They won't understand what itis we need to do to achieve that
(23:12):
success.
And inevitably you're going tohave some people who aren't
going to be on your side and, asI said, that's okay.
So in those situations you haveto trust yourself.
You have to trust that you canget yourself to where you want
to go.
If you feel like you arelacking in that information or
(23:32):
support, then get the help whenyou need it.
Don't wait to ask for help.
It's about embracing yourstrengths and outsourcing to
save you time and money, butalso getting that valuable
information that you need that'sgoing to help you get to where
you want to go.
And in saying all of that, youhave to also value yourself,
(23:53):
your skill set, your time, yourenergy, and always value
yourself from a financial pointof view.
So, price for profit, chargewhat you're worth.
I'm reluctant to say that,because you know what are we all
worth?
But charge your value.
Let me just put it that wayCharge your value and do it
unapologetically.
(24:14):
Finance might not be thesexiest part of your business,
it might not be the sexiest partof your life, but, whether we
like it or not, money definitelymakes the world go round and I
believe that when you've gotthat handle on your numbers, it
means that you've got lots ofpossibilities.
You know, I've always said thisto my kids and it's something I
(24:36):
truly believe in, and that is toleave all the doors open.
In other words, as you movethrough life, you are going to,
you know, be faced with lots ofdifferent people, lots of
different lessons and you know,because knowledge is power, you
know it's important to soak thatup.
You're not going to get on witheverybody that you encounter,
(24:57):
but again, as you encounterthose people, it's important to
leave them in a way that leavesall of the doors open, because
you know you never know when thetime will come where you might,
you know, need that person orthat knowledge at some point
down the track.
So value every encounter, valueevery piece of knowledge that
(25:19):
you collect along the way,because for me it means choice
and choice, in my opinion, leansto opportunities and, honestly,
if you live your life and youtrust yourself financially and
try not to burn bridges, whenyou knock on that door again or
when you need that help, it'smore likely to swing open wide
(25:42):
rather than be closed in yourface.
You know, finance doesn't haveto be hard.
Getting a handle on thebusiness money really can be
quite easy, you know when youput in the effort.
But for me it's about you knowfinding the ease in doing that.
So what's the easiest way youcan navigate through the
(26:03):
business money to get you towhere you want to go, so that
you can, you know, discover theease in the learning that could
be doing a course, it could beoutsourcing, with the caveat
that you understand what thatperson is doing.
But they're doing most of theheavy lifting.
You're making the decisions,they're doing the heavy lifting,
(26:24):
because I think that's reallyimportant.
So definitely embrace thefinance, even though it's not
sexy, even though it can be kindof annoying and difficult,
because honestly, it just meansyou've got so many more
possibilities in my opinion andyou know.
The final thing that I wouldreally like to say before I wrap
up today is that as you startor continue on your financial
(26:48):
journey, remember that it'sthose one percent improvements,
it's those things that youconstantly do day in, day out,
that are going to make all ofthe difference as you move
forward.
You know they're the things thatadd up to the big results.
So, if you know, doing a bigreview, a big refresh, is really
(27:08):
hard, think about what the onepercent improvement is that you
can make today that could makeall the difference in your
business.
It might be as simple as tryingto save one percent of all of
your expenses, or payingyourself one percent more in
salary, or spending one percentmore of your time looking at
your business money, but Iguarantee you it's that
(27:31):
consistency that will be yourbiggest win of all.
So they are my tips for jumpingon the financial success train
and having that financial freshstart that you might need this
year.
I hope that's helped you.
I would love to hear what yourbig wins or aha moments are and
(27:54):
until next time, keep on livingyour definition of success.
Speaker 1 (28:01):
Thanks for listening to the secrets of successful
business podcast.
For more information on allthings business, head to
flossycomau and make sure youhit subscribe on the show so you
don't miss another new episode.
If you're enjoying the show,please give it a quick rating or
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might enjoy it.
(28:22):
Catch you next time.
You're listening to the Secrets of Successful
Business podcast, your go-tosource for business tips, tricks
and proven strategies that willhelp you create a streamlined
and profitable business.
We chat to the best minds inbusiness about their journey.
It's my business and I'll do itmy way, how they started,
rather than going harder to getmore focus on growing more with
(00:25):
what you have, what they learnedalong the way.
How long are you going to givethis?
Speaker 2 (00:29):
What compromises are you going to make Just because
you can do it?
Speaker 1 (00:32):
doesn't mean that you should do it.
It's really important toremember that it's a long game
and, of course, we'll ask themfor their secret source for
creating a successful business.
If you're not feeling you'renot doing it right, you should
be struggling at times.
That is part of the journey.
Join us as we take a sneak peekbehind the curtain.
Talk solutions for thosebusiness pain points, working
(00:52):
smarter, not harder, mindset andthe challenges of bidding it
all in with the demands oftoday's busy life style.
If you're a business owner,side hustler or just starting
your business journey, thispodcast is for you.
Now here's your host, businesscoach and content creator,
justine McLean from FawcayCreative.
Speaker 2 (01:13):
Hello and thanks for joining me on the podcast today.
In case we haven't met, I'mJustine, a small business owner
on a mission to uncover andshare the secrets of creating
and running a profitable,sustainable and successful
business.
I've been in business for over20 years now and I get to use
all that I've learned along theway to help other women in
business reduce the overwhelm,gain visibility around their
(01:37):
numbers, charge what they'reworth and make more money.
It's about designing a life youlove that fits into your
definition of success.
So if I can help you create theprofitable business you deserve
, please reach out Now withoutfurther ado.
Let's dive into today's episode.
Hi and welcome to the show.
(02:00):
Today I want to talk about freshstarts.
You know those do-overs thatyou like to jump into at the
start of a new year or a newfinancial year.
They're often related to health, to diet, to exercise, maybe to
clearing out the toxic friends,probably to money in most cases
.
But we often want to start over.
(02:23):
We often want that do-over,that opportunity for a fresh
start.
So in today's episode I thoughtI would take you through 10
steps to a financial fresh start, not necessarily at the
beginning of a year, butwhenever you feel like you need
a fresh start in your business,and I guess this can more
(02:45):
broadly apply to your personallife as well.
So if a financial fresh startis on the agenda for you at any
time, let's all jump on thefinancial success train.
And here are my 10 tips to afinancial fresh start.
So tip number one what is yourmoney story, and should you
(03:06):
change it?
Because it might be importantto make that change.
Now we've all got a money story.
That's the thing that haseither been ingrained in our
minds, our subconscious, sincechildhood.
Money doesn't grow on trees.
That was definitely the moneystory that my mum had ingrained
in all of our subconscious as wegrew up.
(03:29):
Or is it something that someonehas said to you, maybe your
maths teacher, your hopeless atnumbers, or maybe your
accountant this business isnever going to make money, it's
just a hobby.
Or it could be your partneryou're so irresponsible when it
comes to money.
Stop spending.
There is bound to be a moneystory somewhere inside that you
(03:50):
are telling yourself, and quiteoften, that money story, that
story and it is just a story.
I can't stress that enough.
That ideology that we haveabout ourselves when it comes to
money is the thing that reallyputs the brakes on when it comes
to our financial success,because if we keep telling
ourselves something negative,then we're going to believe it.
(04:13):
It's like most things youbelieve what you can see.
You believe what you keeptelling yourself over and over
again.
So, if you want to jump on thatfinancial success train or just
have that financial fresh start,the first protocol is to really
think about the money storythat you're currently telling
(04:33):
yourself and ask yourself ifit's real or if it's something
you've just bought into aftermany years of being
indoctrinated.
The best way to do that, and theway I got to the bottom of my
money story, was to write itdown.
You know, if you don't knowwhat your money story is, if
you're not really sure about it,then sit and think about it,
meditate on it, have a journal,a notebook next to you and when
(04:57):
a thought about money comes intoyour head, write it down.
And then go back and look ateverything you've written about
money.
You know how you feel about it,how you think about it when you
get a big chunk of money inyour bank account, what you
would do with that money,whether you feel safe and secure
having that money coming in, orwhether that makes you feel
(05:17):
nervous because maybe you'll beirresponsible with it and spend
it on something you shouldn't.
Write all of those things downand then start to challenge
yourself.
Ask yourself if what you'retelling yourself over and over
again is true.
Keep asking the question why?
Because every time you askyourself why and you write down
(05:38):
what comes into your head,you're actually peeling away a
layer of that money story andbefore long, you'll actually get
to the heart of what you reallythink about money, what your
money story truly is, and you'llsay how that is having an
impact on the way you not onlyrun your business, but on the
way you live your life, becausewe are all capable of changing
(06:03):
our story.
It's just important tounderstand what that story is
and to make a decision aboutwhether or not that story is
true.
Is it something that is anactual thing that we are you
know that we're incapable ofbeing responsible with money or
is it something we just tellourselves?
So you know, if we think aboutthat one well, I can't be
(06:26):
trusted with money.
I'm incapable of looking aftermy money then get to the bottom
of whether or not that's trueand if you honestly think it is,
if you think that money issomething that you can't be
trusted with for whatever reason, then it's about not only
changing your attitude towardsit, but putting in place things
(06:47):
that are going to stop you frommaking that story come to a
reality.
So it might be that the minutea payment hits your bank account
, there is a direct debit thatcomes out and goes into another
account that takes away a goodchunk of that money.
It may be that if you aregetting paid so if you've got a
(07:08):
business and you're payingyourself you can actually set up
direct debits on payday thatwill send what you need to live
on, for example, to yourpersonal account, and then a
chunk of money to anotheraccount that is, you know, in
another financial institution,out of sight, out of mind, and
you can't touch it.
You could set it up so thatthere is more of a deduction to
(07:30):
your super, for example Againout of sight, out of mind, you
can't touch it.
So tip number one about jumpingon board that financial success
train and really having afinancial fresh start is to
explore your money story,determine if it's true or not
and then decide to change itinto something positive.
The next one comes down tosomething that is really dear to
(07:53):
my heart and that is thecommitment, or making that
commitment, to learn more aboutmoney, so increasing your
financial literacy, because inmy opinion, particularly when it
comes to business, even if youchoose to outsource the
financial elements in yourbusiness.
I think it's really importantthat you don't abdicate all
(08:13):
responsibility.
I think you need to understandyour numbers and you need to
understand the story they'retelling you.
Otherwise, all you're doing isleaving it up to somebody else
to decide your financial fate.
And why on earth would you wantto do that?
So make that commitment toincrease your financial literacy
(08:33):
, whether that is doing aprogram like business money
magnet, whether it is talking toyour accountant on a regular
basis, whether it is having aone-off conversation with a
money coach, whatever it takes.
Work out what you need to know,ask the question and learn what
you can about money.
Tip number three is to take areal look at your numbers.
(08:55):
That is, an eyes wide open,honest look at your numbers,
whether these are your businessnumbers or your personal numbers
.
You need to know where you areat, where you're starting your
journey, so that you can makeyour destination one that is
financially successful Once youknow what the real state of play
(09:19):
is.
So if, for example, you're thesort of person who never opens
their bills, or you ignore yourcredit card, or you decide not
to really have a close look atwhat you're spending and just
hope that you get enough moneyin to cover those expenses.
Rip the bandaid off, have alook at it the reality is it's
(09:40):
not going away.
It's not going anywhere andthen go back and do what you
need to do to change it, to makeit so that you are not losing a
whole lot of money on expensesthat you don't need, for example
.
And then, when you know whatyou need to do going forward and
you've taken that first reallook at your numbers, leave your
(10:01):
eyes wide open, check in weeklyso that you know exactly what
you need to do every week tokeep yourself on track.
There is an episode that I haverecorded called Back to Business
.
It will give you some ideasabout how to take a real look at
your numbers.
My next tip is to decide onyour money goals and set your
(10:23):
intentions.
For me, having a goal is waybetter than putting in place a
resolution.
So when it comes to creatingthat financial fresh start, I'm
all about setting a goal andthen doing what I need to do to
achieve that goal.
I like to have a financial goalfor every quarter in my
(10:44):
business and personally I liketo have an annual savings goal
and then I sit down once I'veset those intentions, once I've
set those goals and I work outhow I'm going to get to where I
want to go, tip number five isto really have a look at your
debt and any other expenses thatyou have in your business or
(11:06):
your personal life same appliesto both and then start to reach
out to your suppliers and ask topay less.
Now I know that seems ridiculous, but to give you an example,
insurance is a huge cost, notonly from a business point of
view, but from a personal pointof view as well.
I had a client a few weeks ago.
(11:27):
We sat down, we decided to do awholesale review on her
insurance.
I actually bought in aninsurance broker to do her
business review.
We looked at some of thepersonal insurances that we had,
and we had those looked at aswell.
We contacted her health fundand within the space of an
afternoon we had managed to saveher $3,000 between her business
(11:49):
and her personal insuranceexpenses.
And how do we do that?
We simply asked the question.
There are lots of ways to savewhen it comes to your business,
and I've got a few differentepisodes where you can dive back
and have a listen to my tips onthe best way to get that debt
(12:09):
under control and save on yourexpenses.
Tip number six is to monitoryour cash flow.
Again, this applies to yourpersonal cash flow as well as
your business cash flow, becausewithout cash in our lives,
we're very limited with what wecan and cannot do.
We can't live on debt forever,so it's really important to have
(12:32):
a great cash flow in ourbusiness and our lives.
I think that when asked aboutthe best way to understand money
, robert Kiyosaki, author ofRich Dad, poor Dad, simply said
learn to monitor cash flow.
It comes down to two words cashand flow.
That's the money coming in andthe money going out.
(12:53):
So if you don't have a cashflow forecast already set up in
your business or your life, geton to that one super quick.
So number seven, when it comesto having your financial fresh
start and jumping on thatfinancial success train, is to
take a close look at yourcurrent clients.
Now, obviously, we all hope towork with someone who is our
(13:18):
ideal client, but sometimescircumstances mean that we take
people on who aren't the sort ofpeople that we really want to
work with.
I mean, you know those people.
There's always that scope creed.
They're asking for extra bitsand pieces.
They're contacting you out ofhours.
They don't want to pay yourinvoices.
They want to haggle on everysingle quote you give them.
(13:39):
You don't need those people inyour life.
Sure, if times are tough andyou're really pushing it uphill
financially, 100% maybe you needto take a couple of those
d-list clients on, but yourclients are really such an asset
to your business.
I'm going to do a podcast on the80-20 rule and how retaining
(14:01):
your clients can help youessentially earn 25% extra in
profit in your business.
Just by retaining clients andworking with people, you've
already got within yourecosystem.
So if that's true, if that'sthe case, then don't you want to
work with people that youreally love, people that you gel
with, people who you know areon board when it comes to you
(14:24):
know you delivering thattransformation for them, that
giving them that service or thatproduct that is going to help
them go to the next level orreally change their lives?
So when you're putting togetheryour financial fresh start, one
of the things I always say isto have a look at your current
client list.
If there are people on therethat you don't think you want to
work with anymore, it's time tosay goodbye to those people.
(14:47):
There are always going to bemore clients out there.
But, more importantly, have alook at the people you haven't
worked with for a while andreach out to them, because that
can be where the extra money isyou need to get you on the road
to financial success.
And then, of course, it's allabout reviewing your prices.
Head on back a couple ofepisodes and there is a whole
(15:09):
episode on pricing and whetheror not your ego might be getting
in the way of your prices.
But when you are kicking thingsoff financially, shaking things
up, absolutely time to have alook at your prices, make sure
they're right and that you aremaking profit every single time.
Tip number nine is to make acommitment to save for a rainy
(15:31):
day, because you just don't knowwhat's around the corner,
whether it is another pandemic,whether it is a war or some
other economic disaster that isjust hiding around the corner,
or it might be a change in yourcircumstances.
Maybe you need to have a weekoff because you've got the flu.
(15:52):
Whatever it is, you want to sitback knowing that you've got
enough money sitting in the bankto get you through.
Whatever that rainy day is thatis coming your way.
So make that commitment to save.
I think one of the bigpushbacks I get when we talk
about saving anything is thatevery dollar is being used for
(16:14):
something and I really can'tafford it.
But I'm calling BS on that one.
I think that you can probablyfind a dollar here or there and
the idea is to just start.
And once you start to put moneyinto a rainy day account and
you begin to see that money grow, you will absolutely be
(16:35):
motivated to add more and moreto it.
Caveat here.
You don't want that money eatenup in fees, particularly when
you're starting small.
So make sure that you get alinked fee free account, an
online only account, if you can,that is linked to just your
general day to day account,because that is definitely the
(16:55):
way to go.
And tip number 10 when it comesto a financial fresh start and
getting on that train towardsyour financial success is to
prioritize you, because you'rereally important.
If it wasn't for you, therewould be no business and, well
gosh, you wouldn't have a life.
So prioritize you.
(17:17):
What are your goals, yourbusiness goals, your personal
goals really important?
Start to set boundaries.
Know what you are prepared to.
Say yes to what you're preparedto say no to, and, just like
you would expect a salary andsuperannuation If you are
working for someone else, begenerous enough to pay those
(17:37):
things to yourself and do it asa priority.
If you are starting out or youare not in a financial position
to pay yourself what you wouldconsider to be your normal
salary or something that youwould earn if you were working
for somebody else, then choosethe profit verse system and take
40 or 50% of everything thatcomes in and put that into your
(18:01):
personal account.
Try and take your salary onceevery week or once every
fortnight, whatever you chooseto get paid, whatever that
payment cycle is for you, andthen don't dip into it again.
The main aim here is to knowwhat it costs you to live your
life, to take a salary that isgoing to cover that and also to
pay yourself super.
(18:22):
So they are my 10 steps to afinancial fresh start and as you
continue on that financialjourney, here are some things
that I want you to remember, andit will be remiss of me not to
jump in and say this.
Your financial success startswith you deciding on your unique
(18:43):
destination.
That is, a destination thatsuits this season of your life
and business and I know you haveheard me say it before, but I
am going to say it the day I die.
And once you decide what thatdestination is, live it and
empower yourself to achieve yourgoals and then, when you
achieve them, make sure youcelebrate.
Also, as you start or continueon that financial success
(19:07):
journey, I want you to rememberthat it's never too late or too
early.
You're never too old or tooyoung or too set in your ways to
make a change or to even start.
Bottom line here is if you wantto achieve financial success
and design the life that youlove, then the only way you are
going to do it is to make achange, and to do that you need
(19:31):
to start, because nothingchanges if nothing changes.
So if you are sitting therefrustrated with where you are
financially right now, either inyour business or your life,
make a commitment to get startedand you will see those changes
happening before your eyes andbefore you know it.
And as you kick off thatjourney, no matter where you're
(19:52):
starting from, understand thatthere are going to be bumps and
hiccups along the way.
You might take two stepsforward and four steps backwards
, but the key to success isresilience.
It's all about taking that stepback when things aren't going
your way and then, when thebenefit of hindsight, having a
look at what's gone wrong,really being able to evaluate
(20:14):
that and starting again.
Because, even though you mightnot think it at the time, there
will be a valuable lesson inthat bump in the road or that
challenge, and it's somethingthat I guarantee is going to
help you as you move forward.
Because, for me, nothing is everwasted.
If I had a billboard and Icould put anything on it, that
is one of the things that Iwould put.
(20:35):
Nothing is ever wasted, becauseeverything I believe that
you've done so far in your lifeis a building block that is
going to help you reach the nextdestination in your journey,
and you might not understand orreally even value what it is
you're doing at the time.
As you look back, you'lldefinitely see how that thing
you learned, that randomencounter or that experience
(20:59):
that you had, has prepared youfor the next stage, and I love
life for that reason, becauseI've seen it happen so many
times to me and so many timesfor my kids and my friends.
So nothing is ever wasted.
So good, all up and enjoy it,even if you think of the time
it's a waste of time.
The other thing to be reallyaware of is that overwhelm is
(21:19):
going to happen, especially whenit comes to money.
Getting the finances sorted canbe really confronting.
It can also lead to poor mentalhealth, to poor physical health
, and part of the reason forthat is because, when it comes
to finances, it's often that onearea that we allow ourselves to
(21:41):
be completely overwhelmed.
And I think overwhelm generallyin business is a real thing,
burnout is a real thing, but Ithink the money side of things
in particular, there's justsomething about it.
There's that stigma about itthat means that we are less
forgiving of ourselves, we areless able to allow ourselves
(22:04):
that break, that we need to kindof pick ourselves up, forgive
ourselves and start again.
So if things don't seem to begoing your way, don't keep
pushing.
Maybe just take a step back,stop, review the situation, rest
, refresh and then start allover again.
And when it comes to financeswhether it's finances in your
(22:27):
personal life, whether it'sfinances in your business life
not everyone is going to be onyour side, and you know what.
That's okay, because a business, particularly a successful
business is not going to be thedestination for everyone and it
can take a really special personto step out of their comfort
(22:47):
zone and choose a businessjourney Because, let's be honest
, it's so much easier, quiteoften, to work for someone else.
And those people who choosethat working for someone else
will often look at people likeus, people who are in business,
and think we're a little crazy.
They won't understand thisjourney that we're on.
They won't understand what itis we need to do to achieve that
(23:12):
success.
And inevitably you're going tohave some people who aren't
going to be on your side and, asI said, that's okay.
So in those situations you haveto trust yourself.
You have to trust that you canget yourself to where you want
to go.
If you feel like you arelacking in that information or
(23:32):
support, then get the help whenyou need it.
Don't wait to ask for help.
It's about embracing yourstrengths and outsourcing to
save you time and money, butalso getting that valuable
information that you need that'sgoing to help you get to where
you want to go.
And in saying all of that, youhave to also value yourself,
(23:53):
your skill set, your time, yourenergy, and always value
yourself from a financial pointof view.
So, price for profit, chargewhat you're worth.
I'm reluctant to say that,because you know what are we all
worth?
But charge your value.
Let me just put it that wayCharge your value and do it
unapologetically.
(24:14):
Finance might not be thesexiest part of your business,
it might not be the sexiest partof your life, but, whether we
like it or not, money definitelymakes the world go round and I
believe that when you've gotthat handle on your numbers, it
means that you've got lots ofpossibilities.
You know, I've always said thisto my kids and it's something I
(24:36):
truly believe in, and that is toleave all the doors open.
In other words, as you movethrough life, you are going to,
you know, be faced with lots ofdifferent people, lots of
different lessons and you know,because knowledge is power, you
know it's important to soak thatup.
You're not going to get on witheverybody that you encounter,
(24:57):
but again, as you encounterthose people, it's important to
leave them in a way that leavesall of the doors open, because
you know you never know when thetime will come where you might,
you know, need that person orthat knowledge at some point
down the track.
So value every encounter, valueevery piece of knowledge that
(25:19):
you collect along the way,because for me it means choice
and choice, in my opinion, leansto opportunities and, honestly,
if you live your life and youtrust yourself financially and
try not to burn bridges, whenyou knock on that door again or
when you need that help, it'smore likely to swing open wide
(25:42):
rather than be closed in yourface.
You know, finance doesn't haveto be hard.
Getting a handle on thebusiness money really can be
quite easy, you know when youput in the effort.
But for me it's about you knowfinding the ease in doing that.
So what's the easiest way youcan navigate through the
(26:03):
business money to get you towhere you want to go, so that
you can, you know, discover theease in the learning that could
be doing a course, it could beoutsourcing, with the caveat
that you understand what thatperson is doing.
But they're doing most of theheavy lifting.
You're making the decisions,they're doing the heavy lifting,
(26:24):
because I think that's reallyimportant.
So definitely embrace thefinance, even though it's not
sexy, even though it can be kindof annoying and difficult,
because honestly, it just meansyou've got so many more
possibilities in my opinion andyou know.
The final thing that I wouldreally like to say before I wrap
up today is that as you startor continue on your financial
(26:48):
journey, remember that it'sthose one percent improvements,
it's those things that youconstantly do day in, day out,
that are going to make all ofthe difference as you move
forward.
You know they're the things thatadd up to the big results.
So, if you know, doing a bigreview, a big refresh, is really
(27:08):
hard, think about what the onepercent improvement is that you
can make today that could makeall the difference in your
business.
It might be as simple as tryingto save one percent of all of
your expenses, or payingyourself one percent more in
salary, or spending one percentmore of your time looking at
your business money, but Iguarantee you it's that
(27:31):
consistency that will be yourbiggest win of all.
So they are my tips for jumpingon the financial success train
and having that financial freshstart that you might need this
year.
I hope that's helped you.
I would love to hear what yourbig wins or aha moments are and
(27:54):
until next time, keep on livingyour definition of success.
Speaker 1 (28:01):
Thanks for listening to the secrets of successful
business podcast.
For more information on allthings business, head to
flossycomau and make sure youhit subscribe on the show so you
don't miss another new episode.
If you're enjoying the show,please give it a quick rating or
review, share it on yoursocials or with friends who
might enjoy it.
(28:22):
Catch you next time.
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