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8 Tips Women Business Owners Need to Know
Women's Small Business Month
Carrie Gallaway, CFP®, CeFT®
In case you’re not aware, October is Women’s Small Business Month. Over the last few years, I’ve become extremely passionate about helping women business owners. I have found that women business owners are often engrossed in their business, and because they are so busy working, they neglect their financial future. I help women business owners protect their cash flow, build their personal wealth, and protect the future of their business. In celebration and to show support to the 13 million women-owned businesses, I’ve put together 8 tips to ensure you’re working on your business, not just in your business, while also working on your financial future. After all, it is Your Money and Your Life!
(1) Track your money: You’ve got to know where your money is coming from and where it’s going.
(2) Set S.M.A.R.T. (Specific, Measurable, Attainable, Relevant, and Time-Bound) intentions or goals for your money and wealth for the next 12 months.
(3) Create systems to attain your goals. If you aren’t sure how to figure it out, ask for professional help. You might need a business coach to help you create a new process. Or if you want to ensure you’re on track to save for a retirement plan or a house purchase, ask a financial planner for help.
(4) Get a legal checkup: review your corporate documents, client contracts, do you need a new operating agreement, should you trademark or copyright? Take time to meet with a corporate attorney to find out where you stand.
(5) Evaluate your business risks and liability insurance needs. If you have liability insurance, take time yearly to review your coverage and policy specifics. Businesses change as do policies and coverage needs.
(6) Is debt getting you down? Don’t let it, you can pay down debt and save for other longer-term goals. Don’t neglect saving and investing just to pay down debt. Review your options and develop a systematic plan. Your future self will thank you.
(7) Cash is not always king. Women are notorious for not wanting to lose hard-earned money and therefore don’t always invest, but there is such a thing as having too much cash, which will rob you of growth and long term wealth creation. Create an investment plan that allows you to sleep at night while also participating in long-term growth. Not sure how to do this? Schedule a time to talk here.
(8) Practice gratitude. Being grateful for what you have and what you’ve accomplished pushes away anxiety, worry, negative feelings, and builds resilience. Scientific studies show that practicing gratitude supports success, happiness, health, and wealth. Gratitude even makes great leaders.
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