Financial freedom means having enough money to live your desired lifestyle. Is your business allowing you to hit key financial milestones such as buying a house or taking a holiday? Real wealth is not about money… but freedom #WeCanHelp #FinancialFreedom
When you started in business, what did you imagine your lifestyle would be? How does your current lifestyle compare?
Many business owners assume that after a few years in business they should be able to achieve another financial milestone such as buying a house, upgrading the car or taking the family on an epic holiday. Reality may be different.
Is financial stress common in your business?
You invested a significant amount of cash in the early days with the aim of getting a great return on your investment. Perhaps you’re busy focusing on profit, assuming that will mean more money in the bank, when what matters even more is cashflow. After all, you need enough cash to pay your team and suppliers, invest in new business assets and pay yourself.
Achieving financial freedom means having enough money for you to live your desired lifestyle. We can help you understand the difference between profit and cashflow and help you implement strategies to improve your cashflow so you’ll have more money in the bank - both the business’s account and your own!
What does financial freedom look like for you?
It might mean paying off the mortgage early, taking an extended holiday, or just having financial security in retirement. First, you need to define what you want financially from your business.
How much money does your business need to provide to you so you can live your desired life? Start with what you want over the coming 12 months. We can then help you break this down, so you know the revenue and sales targets you need to achieve to hit the magic number.
We’ll then help you develop a plan, so you know the actions you must take to achieve your targets. We can even hold you accountable to completing these actions so you achieve your overarching financial goals and desired lifestyle.
What will your lifestyle look like in 12 months if you continue with business as usual?
Compare this to what your lifestyle would look like if you implement a plan, with clear targets, and accountability to ensure you achieve your goals. Get in touch and try something different this year!
“Real wealth is not about money… real wealth is about freedom.” - James Clear
Content originally published by BOMA. We have updated some of this article for our readers