…but if you’ve got the right attitude and a good financial plan in place it will help you achieve the kind of life and business you want. So says Joan Baker (pictured to the right) - experienced wealth coach, author of eight ‘how to’ business titles and founder/director of Queenstown-based, financial coaching company Wealth Coaches.
Joan’s job is to remind people that whatever their situation they simply can’t ignore money. “As a business owner, you have a responsibility to tackle your finances head-on. If your business is profitable, work out how you can keep that going. If it’s not making any money, you have to figure out why and analyse whether there is potential there – or whether you’re better to cut your losses and move on,” she says.
According to Joan, a business has to earn its keep. Most people start a business so they can retire early or create a work-life balance. This kind of financial freedom can only be achieved if a business is paying for itself.
Five steps to financial freedom
- Get yourself in the right frame of mind – a positive mental attitude will help you achieve your goals.
- Be confident – money and accounts can be complex but there’s no unsolvable mystery here. Put your finances on the table - gather together all your information so you can go through it easily.
- Talk it through - involve your business partner, talk to your accountant or employ a business mentor or coach.
- Review your goals - check in regularly with how you are doing.
- Measure where you are at against where you want to be.
