OUTLINE
0:00:00 - Introduction and definition of a financial wellness strategy
0:02:53 - Reason #1: Provides direction for business growth
0:05:46 - Reason #2: Provides clarity and avoids going in circles
0:08:39 - Reason #3: Ensures you never run out of money
0:10:32 - Reason #4: Reduces mental overload and stress
0:12:25 - Reason #5: Helps achieve business goals and dreams
0:13:11 - Reason #6: Removes fear of asking financial questions
THE ERIN DAVIS SHOW
Today, I want to share with you six reasons why you need a financial wellness strategy in your business.
But first of all, what is a financial wellness strategy? Well, the strategy is the what and the how that you need to implement in order to move your business forward.
It really does get very personalised, very deep and looks at all the things that you need specifically for your business in order to achieve what it is that you want to achieve.
So that is a strategy. It's the big picture, but it also has the nitty gritty of what it is that you need to do.
Here are my six reasons why you need a financial wellness strategy in your business.
1. You actually need to have an idea of where you want to go in your business. If you don't know what you need to do and how you need to do it’s like throwing spaghetti at the wall. In order to move your business forward, you need to have a clear direction. And having the financial wellness strategy in place tells you exactly what you need to do and how you need to do it. It's very specific for your business and it is tailor made. So your strategy is completely yours. It looks at what you need to do to move your business from where it is right now to where you want to go.
2. You need clarity and direction. As I said, if you don't know where you're going, and what you need to do, it's like throwing spaghetti at the wall. You’ll be going around in circles, you're going to be in the same position that you are in now as what you were 12 months ago. And looking forward to 12 months, you're going to be in the same position as well. So unless you have some very clear direction and very clear action points, it is not going to feel aligned. And it's not going to feel streamlined. So if you want to move your business forward, it is about having clear actionable steps in an easy to understand and very straightforward way that you can follow step by step and tick off.
3. You want to make sure that you never run out of money. Look, we're in business for a reason to make money, right. But it's not the only reason. And sometimes in business, we get so caught up in the day to day running around doing all the things in the business, that money ends up being a juggle. Having a financial wellness strategy means that there’s a very clear plan, a very clear action, step by step guide in place that you need to take, which makes sure that you have enough cash flow in your business. It makes sure that you can pay your bills on time. It makes sure that you know what your tax obligations are. And you're separating your money so that you know exactly what you need to do. The stress of not having enough money or feeling like you're going to run out of money carries a huge mental load. And particularly for women, as we are so busy doing all the things for work, family, that’s just the way we’re designed that most of us take on so much that it becomes very overwhelming. So when you add on top of that the money stress of not knowing if you're going to have enough money this week, you end up working so hard, but you can't enjoy it.
Really like what's the point of working so hard if you can't have the cash flow and you can't have the money to do the things that you want to do. Women aren't usually driven by money (at least most women aren't). They're driven by what the money provides. So running out of cash flow means you can't spend more time with the kids. It means you can't have that time freedom. It means you can't work school hours, because you are so busy in your business, just trying to make ends meet that it creates so much stress and overwhelm. So the financial wellness strategy allows you to get very clear on what it is that you need, how much you need for your money goals and just really putting those systems and processes in place so that you never run out of money. Because running out of money would just be disastrous. And that's not why you're in business.
4. The mental load of having to do all the things just gets so overwhelming. You know, we're in information overload at the moment. We have access to so much information through the internet, Google is my best friend and I use it for everything. The problem with Google is though, there is just so much information. And that then causes overload and overwhelm instead of understanding. So when you have a strategy that is clearly laid out, which is very specific to your business, it tells you step by step what you need to do. And I can say, from experience from using a coach in my business, that when the coach lays things out step by step, it’s an easy to follow process - it's really like colour by numbers, right? Because I’ve got so much going on in my head that I just don't have the mental capacity to be able to know what it is that I need to do, how I need to do it and then making everything happen.
What I also really struggle with is knowing what order to do things in. That then causes me to stress out and feel anxious and overwhelmed. So what I want to do with a financial wellness strategy is remove that overwhelm, remove the questioning and the guessing, what you need to do in the next phase. It really is just laid out step by step which makes things so much easier when you can just remove that mental load and the stress that comes with it. Because I think we just totally underestimate how much that stress and that pressure actually puts on us. I know for me, particularly in that coaching space, things are not in my zone of genius, I am not good at everything, like we all aren't, I have my zone of genius, which is the money mindset and confidence space. But there are other areas in my business where I am not and it's not my zone of genius. Which can make things really hard. And I'm finding it really challenging learning new things by putting myself into a space where I haven't had the knowledge or the understanding of what I need to do. So when you can be vulnerable enough to ask for help and ask for somebody who is more knowledgeable in that space to be able to support you, they help you and become your cheerleader. It just reduces that invisible mental load. And it is really hard to quantify. But I feel like this part of the six reasons is really one of the biggest reasons. I feel like as women we just take on so much. And most of the time, it's not from pressure from other people, it's pressure from ourselves to do everything and be everything for everyone. But that then comes with it the mental load of the pressure and the expectation. So the whole purpose behind a financial wellness strategy is to reduce that overwhelm, reduce the pressure and expectation and overwhelm that you feel. So you don't have to overthink and you don't have to question everything that you're doing. All you need to do is follow the step by step process.
5. You’re committed to your dreams. You’ve gone into business for a reason and you want the time flexibility and you want the financial freedom that it brings, to be able to spend time with your family. You know, wake up without an alarm if you want. Go on holidays more than just four weeks a year, have time off to go and see your kids at their sports carnival or school activities, whatever it needs to be, catch up with friends or go for a walk in the middle of the day and not feel the pressure to be at work. So I know that you're committed to your dreams. However, when you can either go slow, or you can go fast. And going slow will mean that it's clunky and it's messy, and it feels out of flow. When you have a clear strategy that is a step by step process, it will move things faster for you. It can still feel clunky and it can still feel hard, however, it's about taking control of what it is that you want. And really just grasping that wholeheartedly and putting yourself out there. So be committed to your dreams and know that it's okay to ask for help. It's okay for you to use that support network around you to have a very clear plan and move quickly. And that’s why I love the financial wellness strategy because it is the most important thing. It's all part of it, it's all connected. But to be able to have somebody that can help you and support you in that direction is so good.
6. I see a lot of women in my accounting world who are too scared to ask their accountant questions. They feel a lot of shame and also a lot of judgement because they don't understand. They don't want to ask silly questions. So the whole purpose with a strategy is to have it all laid out there for you. It’s about getting very clear on what is important to you, what you want to achieve, how you want to do it, and it's there for you. So it's about having that support and having somebody there that can help you achieve what it is that you want. Without feeling that judgement. It's the step by step process, it's the hand holding, that gives it all there to you. So you can then really step it up and achieve what it is that you want.
So these are my six reasons why I feel like every business needs a financial wellness strategy. So just to recap,
1. Is to move your business. It's moving the needle forward in your business, to where you want to go.
2. It's providing you clarity and direction. So you're not just throwing spaghetti at the wall, going around in circles, really just not achieving what it is you want because you have no clue about the direction and what needs to happen next.
3. You want to make sure you never run out of money. Pretty important, right?
4. You need to free up the mental load that you're carrying of having to do all the things. This is step by step and it puts it all together. All you need to do is colour by numbers and follow the plan.
5. You're committed to your dreams. You can either go fast or you can go slow. Having the strategy there is the way that you go fast.
6. You don't need to be scared to ask your accountant these questions, you can have it all laid out for you to follow, step by step and really just move your business forward into the direction that you want to go.
So there you have it, my six reasons why every business needs a financial wellness strategy. If you’re thinking that your business needs to have that direction and needs to have that clarity, jump on over to my website www.erindavis.com.au/wellness and you can check out the financial wellness offerings I have because I know being an accountant, when you have that clear direction and you have the clear focus and the step by step strategy, your business is going to thrive and that is what I want for you!
