4 Essential Actions for Financial Freedom in Business | AD

Whether you’re just starting out in business or you’ve been around for a while, you don’t just want to survive. The goal is to THRIVE. With a little extra intention, you can take the overwhelm out of business ownership and turn it into empowerment.

Assess

I know it’s not always pretty. Still, you have to take an honest look at the sitch in front of you. Money is an emotional thing—it’s tied to our livelihoods, our security, the future of our businesses, and more. Take a step back from that and try to see your financial situation from a bird’s eye view.

Look at the numbers you see as if it is data from an experiment. Can you point to the different numbers and understand what they mean? What are they telling you about how your business is functioning? Is more money going out than coming in?

Educate

The one thing we ALL have in common with our finances is that we can always use more education. Once you’ve got a grip on your situation, it’s time to fill in the gaps. No one knows it all when they’re first starting out, so release that pressure. Now is the time to seek out the people, resources, and tools that you’re missing.

If you don’t even know what you’re missing, start there. Look back on your assessment and figure out what you need the most help with. It might be getting a handle on the jargon of the financial world, budgeting better for your expenses, or developing a business strategy. From there, you’ve got books, podcasts, Youtube videos, blog posts, and perhaps even people in your life to seek out for assistance.

Equip

Now that you know what you need, it’s time to equip!

If you’re someone who started a business around your passion (like me! I see you), you might have been in for a surprise when you landed smack in the crazy world of entrepreneurship. Your daydreams of filling your days with work you love became just as real as the payroll waiting on your desk and the stressors of cash flow and accounting demanding your attention.

You didn’t start a business to be bogged down in your bank account all day, but as a small business owner managing your money is an absolute necessity. NorthOne is the Banking App for business owners who want to manage their finances without giving up all their time doing the work they loved in the first place. You don’t need a degree in finance or a background in business, you just need the right tools in your pocket.

With a Business Banking App like NorthOne, you can do all the things you need to conduct successful business from your phone, like mobile check deposit, cash withdrawals, the ability to wire payments, and connection to accounting and payment software. You can even save for big money moves like payroll, tax, and rent with their Envelope feature. Plus, no need to worry about overdraft or NSF fees that hurt small businesses. NorthOne isn’t about that life, m’kay?

Choose NorthOne for your business banking needs, and get empowered to make the right financial decisions with the one simple, stress-free, and supportive tool you need as a business owner. Get $10 when you open and fund a new account using my link! Visit apply.northone.com/amy to get started!

Organize

Once you’ve got the tools, it’s time to organize your financial life! This looks a little different for everyone, depending on your needs. Now that you have the awareness, it’s time to put systems in place. You might be in a situation where automation of payments makes sense, or maybe you need to sit down every few weeks and carefully assess each payment you’re making.

Now is the time to get really clear on your financial goals. If you have a concrete vision for your business, it orients your finances toward a focused purpose that matters. Your budgets take on meaning when you know you’re saving for some game-changing equipment. When you have a goal in mind, your expenses are essential items rather than mindless splurges here and there.

The more you know the ins and outs of your finances, the better. But remember, you don’t have to go it alone. Always lean on the tools that provide the practical usage, the education, and the support you need as a small business-owner.