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Are You Over Complicating Your Business Finances – Ep. 126

Are you letting business finances overwhelm you? In this episode, let’s tackle common pitfalls and practical tips to simplify and scale your money. So here we go!

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Wondering What’s Next?

Podcast Key Points:

0:00 – Episode Overview
1:28 – Waiting To Hit Cash Flow Goals
2:27 – Complicated Strategy That Makes 0 Sense
3:11 – Checking bank account balance
3:42 – QuickBooks expense tracking
4:27 – Overwhelmed by the numbers
5:04 – Guilt and judgement around money
5:38 – Budgeting to pay the bills
6:32 – Doesn’t matter because you’re underearning
7:59 – Simply Biz Workshop

Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist

Are You Over Complicating Your Business Finances

Are you overcomplicating your business finances? Maybe they’re just non existent. There are eight signs that I’ve seen working with clients that they’re like hey, you’re overcomplicating your business finances and what you need to do about it. So let’s get into it!

This is the Your Money Your Life podcast. I’m your host Aimee Cerka, a money confidence coach for female entrepreneurs on the path to six figures. After over 10 years in the personal finance industry and multiple personal financial and medical crisis.

I was fed up with the lies that are being shouted from the rooftops by the Gurus and the media said I help you simplify, solidify and scale your money. By blending tactile money strategies with mindset work, you can create unstoppable finances together, you’ll finally figure out the money thing so you can make more money in less time without living off of beans and rice, or sacrificing your lifestyle.

Episodes here on the podcast are short and sweet. Being married, having four kids at home, homeschooling being the CEO running the household. I’m kind of busy, and I know you are too. So let’s keep it simple and get to the point. Welcome. I’m so glad you’re here.

Signs You’re Overcomplicating Your Business Finances

Welcome back to the Your Money, Your Life podcast. I’m your host, Aimee Cerka. We are talking today about business finances, and are you overcomplicating them.

Now, before you tune out, and you’re like, I don’t want to hear this. I don’t like numbers. I’m just here to coach. That’s exactly who I’m talking to. Because this is the problem with that when you’re overcomplicating your business finances when you’re not working on your business finances, your cash flow is affected.

So what are the eight signs that I’ve seen? That mean you’re overcomplicating?

Waiting to Hit Cash Flow Goals Before Starting

Your business finances, the first one we talked about last week, waiting to hit your cashflow goals to even start? How do you know what cashflow goals you actually need? We’re just making up numbers, we’re pulling them out of thin air, when we don’t have these things set up from the beginning.

So if you’re waiting to hit your cash flow goals before you start working on your business, finances, Red flag number one, okay?

Complicated Strategies and Overwhelm

Number two, you’ve got a complicated strategy that is like just it’s so overwhelming, you can’t work on it, you have no idea what’s going on this could be for this before if Profit First. Although I love this system a little complicated for most people who are showing up as the entrepreneur like it’s just not your wheelhouse, right?

So that maybe you’re relying on a bookkeeper or somebody else, but then you’re not really knowing your numbers, you might see them, but what do they mean and being confident enough to be able to manage things yourself, there’s nothing wrong with having help. But as the CEO, as an entrepreneur, you should always be involved with the numbers and know what’s going on so that you can make decisions with them. That’s Red flag number two.

Bank Account Balance Budgeting

The third one, if your business budgeting is done by your bank account balance, you just log in, like Hey, okay, I’ve got money to spend, like, Sure. Let me do the money through Academy, I’ve got the money in there. That’s not budgeting.

And it’s that’s how you end up with overdraft fees and a lot of different things because we are not really looking at things where things are actually at, we just are using this picture that we think is accurate when it’s not accurate.

Mere Tracking of Expenses

Fourth thing would be if you’re just tracking expenses. Now typically I see this more on the personal side than the business side. But business side would work as well. Probably the way that it’s most frequently showed up on the business side, when you’re just tracking expenses, is you have QuickBooks set up, you’ve got the bank import, like you’re making accounts are linked and they’re importing transactions.

And you’re like, I’m good, I got this, like you don’t ever go look at them, you don’t approve them. And then tax season is a mess. But that’s a whole ‘nother story.

So if you’re just tracking your expenses, you’re not looking at it proactively. So when you’re just tracking your expenses, you’re looking at it after the fact instead of intentionally setting a plan beforehand.

Overwhelmed by Financial Matters

The fifth one is overwhelming, which kind of goes with the second one, like just if you were overwhelmed with the idea of it, maybe I’ve also heard that it’s boring, but like it’s just it’s too much like I don’t have the capacity to handle this. We’re just and then you end up probably bank account balancing, maybe jacking expenses, so they all kind of play in here.

But if the idea of your business finances are overwhelming, you’re overcomplicating it, but I don’t care if you’re a numbers person or not. This is what I do. I make money simple so that you have have the confidence you need to, to go do the stuff you need to, okay? You’re overwhelmed by your business finances red flag.

Guilt and Judgment Around Past Investments

Number six. If you feel guilty for judgment about maybe investments you’ve made in the past that didn’t pan out like you thought they would. We’ve all done that. There’s definitely ways to reframe this is one of the things that we do all the time inside Money Mastery Academy is working to move forward.

But if you feel guilty about the money, you spent the money you haven’t made, or judgment, you’re going to end up overcomplicating your business finances, because you’re not looking at things objectively, then, when you’re not looking at things objectively, this is where it’s a problem, right?

Budgeting Only for Bill Payments

The seventh one, again, we see a little bit more frequently on the personal side. But you could do this on the business side as well, because you’re not planning for growth, if you’re budgeting just to pay the bills. So you’re probably expense tracking, then you’re looking at things after the fact you kind of might know like, what’s coming out when like, oh, yeah, I had this membership do around this day, this is here, this is here.

But you’re not being intentional and strategic about where you want to go the things that you’re working towards. So then this program shows up that you want to invest in. But then you haven’t planned for it. The money’s not there.

And then you don’t know if you should, because what if it doesn’t work out? Then we got the overwhelm showing back up and the guilt and judgment, do you see how they all pile in together, and we end up overcomplicating our business finances, that again, if you’re budgeting just to pay the bills, the expenses that you need to run your business, red flag, Okay?

Underearning and Reluctance to Budget

Last one. If you feel like you’re not earning enough to be able to business budget, I see this quite frequently, if we are still investing from our personal budget into our business, which if you are, there’s nothing wrong with that. Most businesses are not profitable, until at least five years.

And then after that 50% of those fail. So the fact that you’re here, and you’re doing things consistently, like this is important. And then we can even talk about all the tax benefits you get from running a business.

I mean, IRS tax code was built for business owners, because we create jobs, there are things that you’re legally entitled to, because this is the way it was created. So didn’t matter if you’re under earning like, that’s fine. Don’t make a big deal out of it.

Again, guilt judgment, you see, they all interconnect, right? If you’re under earning, you still have to have that business budget. And that’s one of the reasons that I love my prosperity simplified system, is because it’s set up to make a seamless transition between investing into your business, and paying yourself from your business.

And honestly, if you have to go back to investing in your business, because we had, whatever income drop, doesn’t matter, the system’s there that it works together seamlessly. And it’s not a big deal, because it’s only a big deal when we make it a big deal, or we don’t do things intentionally, and we don’t know where we’re at.

Take Control with the Simply Biz Workshop

So if you’re like that prosperity simplified system sounds interesting, Aimee, I am hosting the Simply Biz Workshop, which essentially, we’re going to spend an hour together and we’re going to kick start this process, we’re going to sit here and set it all up first steps together, it’s only gonna be $27. I have a limited number of spots that I’ve opened up. Because I want to be able to make sure you’re getting that time and we’re actually moving forward within the workshop, right?

Link for that is going to be in the show notes. So check it out. That’s happening live on January 18. If you are listening to this episode after the fact, check out the link. I don’t know if I’m going to open up a replay but I’ll have details there for you like what your options still are. I would love to have you on the Simply Biz Workshop. There we go.

If any of these were like hey, though, that’s me that red flag is me because now is the time to take control of your finances now is the time to move forward. And I want you to be able to do that. So that’s what I’ve got for now.

We talked about eight different red flags signs that you are overcomplicating your business finances, if you’re waiting to hit your cash flow goal is to start if you’re using a complicated strategy that just doesn’t make sense. If you’re budgeting by your bank account balance, if you’re just tracking expenses, if you’re overwhelmed by the idea of it, you’re feeling that guilt or judgment, shame all those things around your business finances, Decisions, decisions you’ve made in the past, etc.

The Seventh One was if you were budgeting just to pay the bills, you’re not strategically looking forward. And then the eighth one was if you feel like you won’t make a difference, because you’re under earning. All right, that’s what I’ve got for now.

I want to hear from you. Which one was like oh shoot, you got me. Send me a message on Instagram @aimeecerka. My handle will be in the show notes as well, we’ll see you next time. Bye for now.

Your Path to Unstoppable Finances

Thank you so much for listening to the Your Money Your Life podcast. Wondering what’s next? When you’re ready, there are different levels of support that you can use on the path to creating unstoppable finances and your unstoppable life.

After all, your finances are unique and your support should be to ultimately will create a customized plan to ditch financial struggle for good that works for you. Your goals, your priorities, your life, go to workwithaimee.com to get started with one of our most popular programs, or you can book a q&a call with me, and we’ll figure out what your next step should be.

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Aimee Cerka
Aimee Cerka

The Money Confidence Coach - She helps motivated women, like you create the happiness, family life, financial security, and long-term wealth they deserve. Create unstoppable finances so that when the next curveball is thrown your way... You're prepared. Click Here to Learn More

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