Taking Back Control Of Your Business Finances: A Simple Way To Level Up

 
Taking Back Control Of Your Business Finances: A Simple Way To Level Up
If I were to ask you straight up, Do you like wasting money? you’d probably say, Mel, dumb question. Next. But here’s the thing: a lot of us waste money all the time without realizing it. Thanks to automatic payments, subscriptions, and overlooked expenses, money flows out of our bank accounts silently, draining not only our finances but also our energy and peace of mind.

This is why the start of a new year is the perfect time for a financial reset—both in your business and personal life. With just a little effort, you can uncover hidden savings, streamline your finances, and set yourself up for greater peace and prosperity. Let’s dive into how.

Why a Financial Reset Matters
Avoiding financial check-ins might seem easier in the moment, but over time it creates stress. When you ignore your finances, money becomes a source of fear. Anytime the topic comes up, you might freeze or avoid it altogether. However, taking control of your money offers something invaluable: peace of mind. You’ll know where you stand, where your money is going, and how to redirect it toward what truly matters.
Here’s how to get started:

1. Review Your Recent Expenses
The first step is simple: open your bank account and scroll through last month’s expenses. This isn’t about judgment or guilt; it’s about awareness. Look at each charge objectively, as if you were reading a grocery list.
📋 Identify where your money is going.
🔄 Notice any recurring charges, subscriptions, or services you no longer use.
It’s common to discover you’ve been paying for things you’ve forgotten about, like a software subscription you no longer need or a gym membership you haven’t used in months.

2. Cancel Redundant Subscriptions
Once you’ve identified unnecessary expenses, it’s time to take action. Cancel subscriptions or services that no longer serve you. For example:
💻 Unused software: Maybe you signed up for a social media scheduler but haven’t used it in months. Let it go.
🛠️ Outdated services: If your business model has changed, evaluate whether tools you relied on previously are still necessary.
🏋️ Personal expenses: Gym memberships, streaming services, or subscription boxes that don’t align with your current habits are prime candidates for cancellation.
Pro Tip: Calculate how much you’ll save monthly and annually by canceling these subscriptions. Even small amounts add up quickly—freeing up hundreds or even thousands of dollars per year!

3. Downgrade or Switch to Free Options
If canceling isn’t feasible, consider downgrading or finding free alternatives. For instance:
💡 Downgrading plans: When reviewing your tools and services, check whether you’re fully utilizing premium features. If not, consider moving to a lower-tier plan. For example, switching to a basic plan on a platform like Kajabi could save you $70 a month.
🌐 Free alternatives: Some services offer free versions that meet your needs. For example, Wave offers a free bookkeeping solution that might replace more expensive options like QuickBooks.

4. Evaluate ROI on Business Expenses
As a business owner, it’s easy to justify expenses as tax deductions. But ask yourself: Is this expense truly adding value to my business?
🤔 Assess each expense: Does it contribute to your revenue, streamline operations, or enhance your client experience? If not, it might be time to let it go.
📆 Adopt a quarterly review habit: Schedule a regular financial review to evaluate expenses objectively. This ensures your spending stays aligned with your goals.

5. Redirect Savings Toward Growth
The money you save by cutting redundant expenses can be reinvested into your business or personal growth. Think about:
🎓 Upgrading skills: Take a course or attend a workshop to enhance your expertise.
📈 Investing in growth: Purchase tools or resources that genuinely support your business goals.
💰 Building a financial cushion: Strengthen your savings or emergency fund for greater security.

Embrace Financial Clarity
Taking control of your finances isn’t just about saving money; it’s about creating freedom and reducing stress. Every moment is a chance to start fresh. Whether you’re canceling subscriptions, downgrading plans, or reallocating resources, each step you take brings you closer to a healthier, more aligned relationship with money.

And if this feels overwhelming, know you don’t have to do it alone. If you’re ready to dive deeper into optimizing your business finances, consider booking a session with me. Together, we’ll ensure your finances and business are set up for success in the new year. Book a business consultation with me.

Let’s make this your most empowered and prosperous year yet!