I’m Just Not A Numbers Person... It’s Gonna Break Your Business
Hi gorgeous ladies! Today, I'm gonna dive into why knowing your numbers is absolutely non-negotiable if you want to grow your business.
Let's have a bit of an honesty moment:
Are you a numbers girl?
Do you let yourself get away with thinking that getting into the numbers of your biz is a bit icky, or uncomfortable, or even worse "something that you don't have time to keep on top of"?
Yeah, we are diving into all of the murky goodness of money today.
For some reason, it is a taboo subject, not something that we like to talk about. And crazy though it sounds, something that it is not ok to aim for!
Do you feel guilty when you try to set yourself a big financial goal? Do you struggle to assign a reason for that money that isn't functional (like a bill, or something for the kids or the house, or a family holiday)?
When was the last time that you allowed something JUST FOR YOU to be the reason that you wanted to hit that bigger numbers?
This is something that I have been super guilty of, my friends, and I KNOW firsthand how much this holds you back in your business growth.
In fact, our relationship with money is so tied into our feelings and self-worth and identity that it is THE single biggest mindset factor that gets in our way.
Ironically, it's also the one we are least likely to explore and talk about.
It was when I was in my corporate role that I started avoiding money. I became almost passive aggressive with it and decided that I was not an admin-oriented person.
Now, from a personality perspective, that was true—I'm a big-picture thinker, great at strategy, intuitive, which makes me a good coach and very detailed in terms of planning to get something done right. BUT little details like "doing the money things" bug me.
In fact, I remember actually saying the words (many, many times I'm ashamed to say!) "I don't do admin details in my life."
Are you kidding me?!
I know that the detailed-oriented amongst you are shaking your heads at me right now, which is ok.
What that was really saying, is that I didn't value my finances and put enough weight on my financial future to MAKE the time to take it seriously. OUCH.
I left it all to Geoff, who was absolutely my safety blanket because he is GREAT at the finances. And don't get me wrong, we were doing great…not without the stress associated with that six-figure corporate life though. And all the trappings that you tend to collect along with it.
So let's fast forward to when I started Nic T Coaching.
In fact, before that, I had a business partner who was also FANTASTIC with money and knowing where things were going. So again, I had a safety net, which meant that I didn't have to get to know my money. I didn't have to repair the relationship with it.
But in this business, it's me. I was the one who was responsible, and I was the one who needed to be across the details. That was a big adjustment.
Want to know what though? When I started to take it seriously and actually get a budget, and monitor the investment decisions in terms of the return that we could expect on it, and track the cash flow. That really enabled me to level up.
Let's take a pause for a second here…
I've done a bit more storytelling than usual today, but that is because I know that we are usually in so much denial that when someone just lists stuff out it's really easy to decide that you aren't in the list, or that doesn't apply to you.
And this is SO important that I WANT you to be sitting back and feeling a little uncomfortable.
It's ok! Everyone has some kind of skeletons in their money relationship closet (and I genuinely mean EVERYBODY, even you—yep, I see you, the lovely lady sitting there feeling smug because you are all over it). BUT we can ALL level up in some way in this area.
So, what is the impact of not knowing your numbers in your business?
For a start, 50% of the women that I talk to (maybe more), don't even realise that they are not profitable. Or they aren't paying themselves, or they aren't valuing their time, or they are LEAKING money all over the shop!
Your business SPEAKS to you through its numbers. The results that you achieve are a language of learning.
How well did things work? What profit did you get, how can you tweak it next time you do it? Where are you customers coming from? What is each customer worth to you? What does each customer cost you to acquire?
All of these things are questions that, when you know the answers to them, are so incredibly empowering to you to be able to move forward in an informed way.
You have all the information that you need at your fingertips to tweak your actions to get a better or different result! Isn't that exciting to you?
Maybe the thought of delving into the answers to all of those questions fills you with a fear so strong that you can feel it in your gut.
I completely understand that feeling too. That is how I felt when I really forced myself to get serious about tracking the money in my business. Guys, it was just last year that I was tackling these gremlins too. It can sneak up on you at any stage in your business!
But, what happens when you go through everything, the incomings, the outgoings, it just means that you now know what you need to change and where.
You can start making decisions like the CEO that your business NEEDS you to be.
Good, bad or otherwise, a great CEO makes decisions and learns from them. Remember last week? Indecisiveness is what keeps you stuck and without a focus.
Imagine what could happen if you stopped being stuck about your finances and started making a plan to move forward. Deliberately. And in alignment with where you are at now, and where you want to go.
I heard Kathrin Zenkina describe it as a money GPS and I love that. A GPS only works if it knows where you are right now AS WELL as where you want to go.
So, my challenge for you this week, my love, is to pull on your big girl undies and take a good hard look at what your business is trying to tell you about where you are and what needs to change.
Then you can set your GPS for where you want to be (that is your dream life my friend, and those goals that you have set for this year in your biz) and start to FOCUS in the right areas.
When you have figured out where you are at right now, make sure that you are addressing all the critical steps to grow a sustainable and strong business to get to that destination. This means knowing what the steps are!
In the Thriving Business Roadmap, I have outlined the six essential steps to growing a business that is going to be around for the long term. It's what got me to multiple six figures and what is taking us to the next step, as well as my amazing clients.
That’s all that I have for you today. See you next week!