How I’m checking in on my business finances this summer

This post is sponsored by Intuit QuickBooks, all opinions are my own.

Way back in February, I wrote a blog post in collaboration with Quickbooks about setting financial goals for your side hustle – and I think it’s about time that I check in about my business finances! This is the 3rd installment of a series in with Quickbooks to help you (and honestly me too) get our business finances together.

So let’s get into it. Here’s the update on the step by step process I use to evaluate my 2018 goals for my business:

THINK BIG PICTURE

2018 is my go hard or go home year. To be brutally honest, I owed money on my taxes this year based upon my 2017 business revenue, and I don’t believe that I need to have a side hustle or hobby that costs me more money. Knowing this, thinking big picture means that I’m doubling down on the ways I can impact the lives of minority professionals. Hosting the 2nd annual Empowerment Social on May 19th and launching the Get Your Brand Right program this June is part of that.

And going hard, or going home also means that I have to sacrifice time with friends, squeezing in time to work at any time of day, and overall just busting my butt to make sure I hit my goals. It’s definitely not glamorous – but it’s my reality.

MAP OUT YOUR TASKS

In April I attended the Goal Getter Elite Retreat with Jereshia Hawk, my business coach. We talked big picture, but then we broke our goals down into the granular tasks that need to be executed in order to achieve our goals. I left the retreat with a weekly list of tasks for all of quarter 2. There was literally nothing left for me to do, or think about besides executing everything that I mapped out. In the past, I’ve used Trello, but this time around I tested out Asana and loved it!

BLOCK OUT TIMES FOR BUSINESS & TIMES FOR REST

I’m. So. Bad. At. This.

Legit.

Because I know I’m in “hustle mode” this year, I’ve planned out some times this year where I’ll be able to disconnect and unwind, but I haven’t really taken much time off since February. I’m getting married in August, so I’ll definitely be taking some time off then. And, I’m planning a couples trip for January 2019 too.

DETERMINE WHAT’S REVENUE GENERATING & NOT REVENUE GENERATING

I learned this from the My Taught You Retreat in January. When outlining my tasks, I worked to eliminate what wasn’t making me money and double down on the projects that have the most impact and most financial gain. When you’re in business or launching a side-hustle, sometimes people feel guilty about talking about money, but in reality, if you’re not making money it’s not a business.  

The key is to focus on how you’re serving your community and customers through products and services. When you’re authentically serving and providing true value, the money will come.

SET UP A MONEY MANAGEMENT SYSTEM

Mo’ money, mo’ problems? If you cannot manage the money you have, it’s unlikely that you’ll be able to manage even more money as it begins to roll in. As you’re starting to grow your side hustle, Quickbooks is an all-in-one platform that helps you organize your growing business and have a professional way to send invoices too.

If you use this link, you’ll be able to get QuickBooks Self-Employed for only $5 per month ($10 regular) for the first 3-months, or you can get the tax bundle for $12 per month ($17 regular) for the first 3-months. When I launched my side hustle years ago, QuickBooks was the perfect solution for invoicing and tracking my funds.

 

GET AN ACCOUNTABILITY PARTNER

I’m a member of 4 accountability groups, and have a weekly accountability call with a fellow business owner. I cannot speak enough about the power of surrounding yourself with likeminded people when you have BIG goals. Entrepreneurship is hard. It’s only looks like fun and games on Instagram. In the picture below, that’s literally my business coach looking super excited about my 2nd quarter business plan… and me looking stressed out!

Accountability partners help you stay on track, inspire new ideas, and support your ventures. And most of all, they remind you that you’re not alone as you’re working to realize your entrepreneurial goals.

This post is sponsored by Intuit QuickBooks, all opinions are my own.