Financial Overwhelm

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I will share the three strategies to overcome financial overwhelm— tried, tested and triumphed by my clients and me.

And why am I talking about this today?

 Well, mainly because at the beginning of the year just after the high of such wonderful festivities, it all dawns on you regarding how much has been spent over the holidays, and how much you've earned in the year. You have your corporation tax liability for the previous year, self-assessment, overall annual income and expenditure.

It's a time of reckoning, so to say, when it comes to finances, there's a lot of pressure, a lot of overwhelm and also there's the feeling of not wanting to deal with it.  A lot of business owners look away and leave it to the other person, to someone else to deal with it and just wait for the bill.

Why do you need to stop and read this?

It's for your health, that of your family, and that of your business. Hiding your head in the sand is not going to make the problem go away, giving total ownership and authority to another individual is not how you run a business. You need to have oversight of what is going on, inflows and outflows in the business.

Let get started, I'm sharing with you three strategies to put in place right now to overcome financial overwhelm.

First, is identifying the problem identifying the underlying problem that is causing the financial difficulties. And a lot of the times this are life events, such as unexpected illness or an accident, parenthood, family breakdown or unexpected retirement.

Other times they’re business events, such as working under capacity having lots of time, but not enough clients or unable to shift your products.

These are examples that can cause you to be in financial distress, which can easily lead to financial overwhelm. And because it is so hard to deal with at that point in time, you prefer not opening your mail, you prefer not talking to an expert, you prefer not dealing with it, hoping that will go away. It will not go away, you must handle it and knowing the root cause eases the pressure and gives clarity.

The second thing you need to do is create a spending plan. Start this by looking at your incoming and outgoing money.

How much is coming into the organisation?

How much is coming into the home and how much is being spent?

Where is it all going and where is it all coming from?

It is important for you to have an overview of your current state, understand your current state, identify your cash inflow and outflows, then you put a spending plan together to decide where you want your money to go.

It's vital that you're able to prioritise your spending. You know what is coming in, what's going on and you want to focus on what's important to you.

The very last strategy for tackling financial overwhelm is prioritisation. Prioritise where you want to put your money and spend your money to achieve your financial goals.

Based on your prioritisation what actions need to take place….. increase income, re-direct funds to another project or reduce money to a specific piece of work?

Determine what the problem is, and what is causing the difficulties, understand where your money is coming from, and where it is going to put in place a spending plan based on your priorities of what you want.  Simple!

Those are three strategies to deal with financial overwhelm. As you can see, they're very easy to implement, very easy for you to put in place right now so that you're able to start tackling that issue that you've not been putting off all this time. Don’t let it become bigger and bigger and fester and fester.

In conclusion, it's important to do this so that you are not overwhelmed and physically ill. Financial stress has been linked to anxiety, panic attacks, sleepless nights, backache, heart attacks, and deaths. That's how serious this is.

That’s why you need to take action now. Not taking action leads to these can consequences that have a knock-on effect on your health, family and business profitability.

Imagine yourself in control of your finances, knowing where your money is going, how your money is growing and feel like an adult about your finances.

To have oversight of what you can achieve when you are in control of your money, I encourage you to download the Financial Planning Checklist for Visionary Businesswomen. It gives you a view of your financial landscape that will help you scale your business, increase your passive income and give financial security.

Are you F.A.T (financial action taker), what strategies have you used to overcome financial overwhelm?

Financial Disease

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I had a call with a potential client. And during the whole call, there was a strong expression of hers, just to want to get the quick wins, and want to create more money and increase investment in the organisation. Just an eagerness just to get more money, more money, more money. But she wasn’t willing to look at the foundation. Why was she running out of money? Where was the money going? What was causing the bleed out of money?

This call with her prompted this post.

Unfortunately, she is not alone, a lot of business owners are gravely financially ill. You might be a skip, a hop, and a cocktail away from burnout.

What are the four symptoms that you have a financial disease? And why must you cure yourself?

It is all about understanding the story behind your numbers, so they can make data-driven business decisions and scale your business with ease.

  1. The very first one is overwhelmed, being stuck and being frustrated. The cocktail from hell.

These eventually lead to burnout. Financial overwhelm is a major symptom among business owners and vicious feast to famine cycle they are in currently.

And how do you overcome this, it’s by taking bite-sized steps, always being in action? You have heard this before, money loves speed. To overcome being stuck and frustrated, split your tasks to bite-size chunks and always be in action. And don’t try doing it all by yourself. Rome wasn’t built in a day and not by Cesare alone either.

2. The second symptom that you have a financial disease is the curse of knowledge.

You have the knowledge, you have the intellect of what needs to be done and what works, but you’re not doing it. You don’t have the action plan. You know that you need to be taking care of your finances, you know that you need to be looking at your numbers, but you just don’t do it for one reason, or the other, you are not doing it.

How did you overcome this? It’s simple, bite-size delegation. When you have a lot of information and are a constant consumer, it can be hard to then be a producer. So stick to your action plan, always making sure that you’re still aligned with your strategy.

Knowledge is power. But knowledge without action means absolutely nothing to your bottom line. Learn and implement. Make sure that the actions are specific, measurable, achievable, relevant and time sensitive.

3. The third disease is that you can save no money nor time.

You cannot save money, you cannot save time, you’re always at capacity. There’s nothing worn with wrong with working at capacity, the issue here is your money is not at capacity. You think you are doing everything, right? Putting in the work 110%. But this is not being reflected in your bank balance. You’re not saving time because you’re working at capacity. You’re not saving any money because your bank balance doesn’t reflect any of your effort whatsoever.

How do you overcome this? Look at what is going on. An easy review, assess, implement.

What works and what isn’t. What are your customers saying? What are the best outcomes for each product or service that you’re offering? Review, assess, and implement. That is how you save time and money. Putting strategies in place so that you’re able to actually get the most out of yourself, the most out of your team and the most out of your business. And this starts reflecting in your bank balance as well.

4. The fourth symptom is that you want to scale your business but are struggling.

How do you go about this? Where do you start? Well, if you want to scale your business, you have to have the right positioning, the right product, the right process, the rights persons. That is how you scale your business.

So have you got the right product? What are your clients saying about it?

Have you got the right positioning? Are you an authority and leader in your industry? Do people know who you are and what you do?

Have you got the right processes in place, making sure that they’re costed, that you’re pricing covers your costs and overheads?

And finally, have you got the right persons/team? And when it comes to finance, have you got your financial coach, your financial director or your chief financial officer? Have you got somebody that is looking at the numbers, reviewing the numbers, making sure that you’re pressing the pedal on the right products, making sure your marketing is giving you an ROI, making sure that your efforts are giving you an ROI, making sure that your strategic vision is being achieved, making sure that your KPIs are the right ones. And they’ve been measured, and they’ve been improved upon. Have you got the right persons?

These are the four symptoms that you have a financial disease, you’re overwhelmed, stuck or frustrated. You have the intellect know how, but you don’t act. You can’t save time and you can’t save money. And you want to scale your business. Those are the four symptoms that you have a financial disease. These are all things that you need to cure, for your business to scale and you have a business that supports your lifestyle.

Why do you need to act now, because you to live life on your terms.

Financial overwhelm is a no-no, it has lead to some serious cases of depression, breakdown, and burnout.

Having all the knowledge and not implementing, is of no use to yourself, business or anybody.

If you aren’t saving time, what is the point? If you aren’t saving money, what are you doing, where is it all going?

Struggling to scale that is a major growing pain without a defined framework to follow. Also, scaling is different for everybody but the foundations remain the same.

To help you have the full overview of your finances make sure you download the free ‘Financial planning checklist for visionary business owners: 6 secrets to increasing your income without any additional work’.

I’m Anwin Mbah a Business Wealth Strategist here to support you build a business that supports your lifestyle.