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Grow, Baby
Your next best step?SET STRATEGIC + INTENTIONAL FINANCIAL GOALSRight now, you're probably feeling like you're on a hamster wheel, running with no end in sight, and overwhelmed by all the business and financial advice out there on the internet.You'd love to be able to clearly define your next steps to a more profitable business, feel confident you'll be able to retire one day, and know where to invest your money next.But when you think about financial goals, does your brain start to tell you all the reasons why you'll never reach them?Want some tips to help you set strategic financial goals? Read on…Listen, I've seen behind the curtain of a LOT of small businesses. Not knowing how to set strategic and intentional financial goals is a really common issue - instead, a lot of business owners tend to throw out random numbers for their revenue and profit goals, with no idea whether those numbers will actually work for them!But you might be thinking…… How will my business ever generate enough money for me to reach all my goals?… Shouldn't I always be aiming to grow, grow, grow - above all else?… I feel like such an imposter when I think about creating wealth.… I'm not so great at numbers and money... I don't know if this will work for me.I understand that thinking big about your goals (or changing them altogether) can be scary. But I’ve seen behind the scenes of tons of small businesses, and I can say with confidence that you will go so much farther in your business if you have a clear map of where you're going.The fact that it’s scary is why I also recommend that everyone also do some money mindset work, so we can make sure that you aren't self-sabotaging yourself along the way.Luckily there are steps you can take to make it a whole lot more approachable.1. Know Your Starting PointI know this may not be the sexiest first step, but knowing your numbers and how your business is performing now is absolutely key to financial success. You need to know a few data points about how your business has performed in the past in order to make smart decisions about how to move forward. Some things to know include your total sales, trends over time, sales numbers for each product/service, what it costs you to get it delivered to your customer, how much of your time (or your team's time) it takes, and what you spend your money on.2. Know The End GoalOne of the first questions I ask my clients is this: "What's your financial freedom number?"So many entrepreneurs can't answer that question. They're so busy working on the here and now, they don't stop to think about what they want to get out of their business.But knowing how much money you need to be able to step back from your business one day is absolutely crucial to setting the right cash flow goals.So if you don't know what your financial freedom number is, you need to figure it out! Know how much you spend every month and use that as a starting point to figure out how much money you will need to cover your retirement years.3. Accommodate Your Lifestyle Goals TooIt's not just about the money, or the end game. You need to make sure that your business is set up to support your life along the way too!This might include wanting more time to spend with family or take vacations, focusing on your health, wanting to buy a vacation home, or just not working 40+ hours every week! You might also get tired of doing the same thing, day in and day out, so you need to design your business to keep inspiring and exciting you.To do these things, you might need to hire a team (for your business OR at home!), restructure your packages and pricing, adjust your schedule, etc. And all of these things are going to impact your cash flow needs!Once you've gone through all these steps, it's time to set some intentional goals. Ask yourself a few questions: 1) How much do I need to generate in cash flow to support my life now, and be able to step back and relax one day?2) How much will it cost to structure my business to do all these things?3) How much do I need to generate in revenue to pay for all this?There you go! Now you've set goals for sales, expenses, and profits. You also know what things are important to you and what you need to grow your business, so you can allocate your money to that and invest wisely."Who’s this finance guru giving me all these great tips?" Glad you asked!Hi 👋 I’m Sarah.I’m a Virtual CFO and CPA. I believe in a modern approach to finance and taxes, and I'm not the stodgy, traditional CPA your dad referred you to. I believe that there's way more to your business‘s finances than your tax return - it's important to think about your money holistically in order to maximize your overall profits and keep more of what you earn, so you can build your wealth, leave a legacy, and create more peace and stability in your life.With nearly a decade of accounting experience under my belt, from working in the Big 4 and corporate world to starting my Virtual CFO practice, I’m here to make finance more approachable, less stressful, and more fun!P.S. Don’t forget to check your email! I’ll be in there with more finance tips to help you level up your business and put more money in your pocket.And I would love for you to tell me what result you got! I hang out on Instagram a ton, so click below, follow me for even more easy & approachable tips, and send me a DM!