All aboard the financial success train - 10 Steps to a financial fresh start

The idea of financial success has changed over the years and if you've been listening for a while, you'll know that for me, that success destination should be as unique as you are. 

But, if there's been a hiccup on your journey, particularly with the finances, it's often hard to get the motivation to continue. So, in this episode, no matter where you are on the path to financial success, I'm sharing the 10 top tips that will help you reach your destination fast. 

It starts with understanding your money story and mindset and ends, with YOU! So, all aboard the financial success train, it's heading towards a financial fresh start NOW!

Transcript

Speaker 1 0:01

You're listening to the Secrets of Successful Business podcast, your go-to source for business tips, tricks and proven strategies that will help you create a streamlined and profitable business. We chat to the best minds in business about their journey. It's my business and I'll do it my way, how they started, rather than going harder to get more focus on growing more with what you have, what they learned along the way. How long are you going to give this?

Speaker 2 0:29

What compromises are you going to make Just because you can do it?

Speaker 1 0:32

doesn't mean that you should do it. It's really important to remember that it's a long game and, of course, we'll ask them for their secret source for creating a successful business. If you're not feeling you're not doing it right, you should be struggling at times. That is part of the journey. Join us as we take a sneak peek behind the curtain. Talk solutions for those business pain points, working smarter, not harder, mindset and the challenges of bidding it all in with the demands of today's busy life style. If you're a business owner, side hustler or just starting your business journey, this podcast is for you. Now here's your host, business coach and content creator, justine McLean from Fawcay Creative.

Speaker 2 1:13

Hello and thanks for joining me on the podcast today. In case we haven't met, I'm Justine, a small business owner on a mission to uncover and share the secrets of creating and running a profitable, sustainable and successful business. I've been in business for over 20 years now and I get to use all that I've learned along the way to help other women in business reduce the overwhelm, gain visibility around their numbers, charge what they're worth and make more money. It's about designing a life you love that fits into your definition of success. So if I can help you create the profitable business you deserve, please reach out Now without further ado. Let's dive into today's episode. Hi and welcome to the show.

Speaker 2 2:00

Today I want to talk about fresh starts. You know those do-overs that you like to jump into at the start of a new year or a new financial year. They're often related to health, to diet, to exercise, maybe to clearing out the toxic friends, probably to money in most cases. But we often want to start over. We often want that do-over, that opportunity for a fresh start. So in today's episode I thought I would take you through 10 steps to a financial fresh start, not necessarily at the beginning of a year, but whenever you feel like you need a fresh start in your business, and I guess this can more broadly apply to your personal life as well. So if a financial fresh start is on the agenda for you at any time, let's all jump on the financial success train. And here are my 10 tips to a financial fresh start.

Speaker 2 3:01

So tip number one what is your money story, and should you change it? Because it might be important to make that change. Now we've all got a money story. That's the thing that has either been ingrained in our minds, our subconscious, since childhood. Money doesn't grow on trees. That was definitely the money story that my mum had ingrained in all of our subconscious as we grew up.

Speaker 2 3:29

Or is it something that someone has said to you, maybe your maths teacher, your hopeless at numbers, or maybe your accountant this business is never going to make money, it's just a hobby. Or it could be your partner you're so irresponsible when it comes to money. Stop spending. There is bound to be a money story somewhere inside that you are telling yourself, and quite often, that money story, that story and it is just a story. I can't stress that enough. That ideology that we have about ourselves when it comes to money is the thing that really puts the brakes on when it comes to our financial success, because if we keep telling ourselves something negative, then we're going to believe it. It's like most things you believe what you can see. You believe what you keep telling yourself over and over again.

Speaker 2 4:21

So, if you want to jump on that financial success train or just have that financial fresh start, the first protocol is to really think about the money story that you're currently telling yourself and ask yourself if it's real or if it's something you've just bought into after many years of being indoctrinated.

Speaker 2 4:42

The best way to do that, and the way I got to the bottom of my money story, was to write it down. You know, if you don't know what your money story is, if you're not really sure about it, then sit and think about it, meditate on it, have a journal, a notebook next to you and when a thought about money comes into your head, write it down. And then go back and look at everything you've written about money. You know how you feel about it, how you think about it when you get a big chunk of money in your bank account, what you would do with that money, whether you feel safe and secure having that money coming in, or whether that makes you feel nervous because maybe you'll be irresponsible with it and spend it on something you shouldn't. Write all of those things down and then start to challenge yourself. Ask yourself if what you're telling yourself over and over again is true. Keep asking the question why? Because every time you ask yourself why and you write down what comes into your head, you're actually peeling away a layer of that money story and before long, you'll actually get to the heart of what you really think about money, what your money story truly is, and you'll say how that is having an impact on the way you not only run your business, but on the way you live your life, because we are all capable of changing our story. It's just important to understand what that story is and to make a decision about whether or not that story is true. Is it something that is an actual thing that we are you know that we're incapable of being responsible with money or is it something we just tell ourselves? So you know, if we think about that one well, I can't be trusted with money. I'm incapable of looking after my money then get to the bottom of whether or not that's true and if you honestly think it is, if you think that money is something that you can't be trusted with for whatever reason, then it's about not only changing your attitude towards it, but putting in place things that are going to stop you from making that story come to a reality. So it might be that the minute a payment hits your bank account, there is a direct debit that comes out and goes into another account that takes away a good chunk of that money. It may be that if you are getting paid so if you've got a business and you're paying yourself you can actually set up direct debits on payday that will send what you need to live on, for example, to your personal account, and then a chunk of money to another account that is, you know, in another financial institution, out of sight, out of mind, and you can't touch it. You could set it up so that there is more of a deduction to your super, for example Again out of sight, out of mind, you can't touch it.

Speaker 2 7:35

So tip number one about jumping on board that financial success train and really having a financial fresh start is to explore your money story, determine if it's true or not and then decide to change it into something positive. The next one comes down to something that is really dear to my heart and that is the commitment, or making that commitment, to learn more about money, so increasing your financial literacy, because in my opinion, particularly when it comes to business, even if you choose to outsource the financial elements in your business. I think it's really important that you don't abdicate all responsibility. I think you need to understand your numbers and you need to understand the story they're telling you. Otherwise, all you're doing is leaving it up to somebody else to decide your financial fate. And why on earth would you want to do that? So make that commitment to increase your financial literacy, whether that is doing a program like business money magnet, whether it is talking to your accountant on a regular basis, whether it is having a one-off conversation with a money coach, whatever it takes. Work out what you need to know, ask the question and learn what you can about money.

Speaker 2 8:51

Tip number three is to take a real look at your numbers. That is, an eyes wide open, honest look at your numbers, whether these are your business numbers or your personal numbers. You need to know where you are at, where you're starting your journey, so that you can make your destination one that is financially successful Once you know what the real state of play is. So if, for example, you're the sort of person who never opens their bills, or you ignore your credit card, or you decide not to really have a close look at what you're spending and just hope that you get enough money in to cover those expenses. Rip the bandaid off, have a look at it the reality is it's not going away. It's not going anywhere and then go back and do what you need to do to change it, to make it so that you are not losing a whole lot of money on expenses that you don't need, for example. And then, when you know what you need to do going forward and you've taken that first real look at your numbers, leave your eyes wide open, check in weekly so that you know exactly what you need to do every week to keep yourself on track.

Financial Tips for Success

Speaker 2 10:11

There is an episode that I have recorded called Back to Business. It will give you some ideas about how to take a real look at your numbers. My next tip is to decide on your money goals and set your intentions. For me, having a goal is way better than putting in place a resolution. So when it comes to creating that financial fresh start, I'm all about setting a goal and then doing what I need to do to achieve that goal. I like to have a financial goal for every quarter in my business and personally I like to have an annual savings goal and then I sit down once I've set those intentions, once I've set those goals and I work out how I'm going to get to where I want to go, tip number five is to really have a look at your debt and any other expenses that you have in your business or your personal life same applies to both and then start to reach out to your suppliers and ask to pay less.

Speaker 2 11:14

Now I know that seems ridiculous, but to give you an example, insurance is a huge cost, not only from a business point of view, but from a personal point of view as well. I had a client a few weeks ago. We sat down, we decided to do a wholesale review on her insurance. I actually bought in an insurance broker to do her business review. We looked at some of the personal insurances that we had, and we had those looked at as well. We contacted her health fund and within the space of an afternoon we had managed to save her $3,000 between her business and her personal insurance expenses. And how do we do that? We simply asked the question. There are lots of ways to save when it comes to your business, and I've got a few different episodes where you can dive back and have a listen to my tips on the best way to get that debt under control and save on your expenses.

Speaker 2 12:13

Tip number six is to monitor your cash flow. Again, this applies to your personal cash flow as well as your business cash flow, because without cash in our lives, we're very limited with what we can and cannot do. We can't live on debt forever, so it's really important to have a great cash flow in our business and our lives. I think that when asked about the best way to understand money, robert Kiyosaki, author of Rich Dad, poor Dad, simply said learn to monitor cash flow. It comes down to two words cash and flow. That's the money coming in and the money going out. So if you don't have a cash flow forecast already set up in your business or your life, get on to that one super quick.

Speaker 2 13:01

So number seven, when it comes to having your financial fresh start and jumping on that financial success train, is to take a close look at your current clients. Now, obviously, we all hope to work with someone who is our ideal client, but sometimes circumstances mean that we take people on who aren't the sort of people that we really want to work with. I mean, you know those people. There's always that scope creed. They're asking for extra bits and pieces. They're contacting you out of hours. They don't want to pay your invoices. They want to haggle on every single quote you give them. You don't need those people in your life. Sure, if times are tough and you're really pushing it uphill financially, 100% maybe you need to take a couple of those d-list clients on, but your clients are really such an asset to your business.

Speaker 2 13:57

I'm going to do a podcast on the 80-20 rule and how retaining your clients can help you essentially earn 25% extra in profit in your business. Just by retaining clients and working with people, you've already got within your ecosystem. So if that's true, if that's the case, then don't you want to work with people that you really love, people that you gel with, people who you know are on board when it comes to you know you delivering that transformation for them, that giving them that service or that product that is going to help them go to the next level or really change their lives? So when you're putting together your financial fresh start, one of the things I always say is to have a look at your current client list. If there are people on there that you don't think you want to work with anymore, it's time to say goodbye to those people. There are always going to be more clients out there. But, more importantly, have a look at the people you haven't worked with for a while and reach out to them, because that can be where the extra money is you need to get you on the road to financial success. And then, of course, it's all about reviewing your prices. Head on back a couple of episodes and there is a whole episode on pricing and whether or not your ego might be getting in the way of your prices. But when you are kicking things off financially, shaking things up, absolutely time to have a look at your prices, make sure they're right and that you are making profit every single time.

Financial Success and Self-Prioritization

Speaker 2 15:27

Tip number nine is to make a commitment to save for a rainy day, because you just don't know what's around the corner, whether it is another pandemic, whether it is a war or some other economic disaster that is just hiding around the corner, or it might be a change in your circumstances. Maybe you need to have a week off because you've got the flu. Whatever it is, you want to sit back knowing that you've got enough money sitting in the bank to get you through. Whatever that rainy day is that is coming your way. So make that commitment to save. I think one of the big pushbacks I get when we talk about saving anything is that every dollar is being used for something and I really can't afford it. But I'm calling BS on that one. I think that you can probably find a dollar here or there and the idea is to just start. And once you start to put money into a rainy day account and you begin to see that money grow, you will absolutely be motivated to add more and more to it. Caveat here. You don't want that money eaten up in fees, particularly when you're starting small. So make sure that you get a linked fee free account, an online only account, if you can, that is linked to just your general day to day account, because that is definitely the way to go.

Speaker 2 16:56

And tip number 10 when it comes to a financial fresh start and getting on that train towards your financial success is to prioritize you, because you're really important. If it wasn't for you, there would be no business and, well gosh, you wouldn't have a life. So prioritize you. What are your goals, your business goals, your personal goals really important? Start to set boundaries. Know what you are prepared to. Say yes to what you're prepared to say no to, and, just like you would expect a salary and superannuation If you are working for someone else, be generous enough to pay those things to yourself and do it as a priority. If you are starting out or you are not in a financial position to pay yourself what you would consider to be your normal salary or something that you would earn if you were working for somebody else, then choose the profit verse system and take 40 or 50% of everything that comes in and put that into your personal account. Try and take your salary once every week or once every fortnight, whatever you choose to get paid, whatever that payment cycle is for you, and then don't dip into it again. The main aim here is to know what it costs you to live your life, to take a salary that is going to cover that and also to pay yourself super.

Speaker 2 18:22

So they are my 10 steps to a financial fresh start and as you continue on that financial journey, here are some things that I want you to remember, and it will be remiss of me not to jump in and say this. Your financial success starts with you deciding on your unique destination. That is, a destination that suits this season of your life and business and I know you have heard me say it before, but I am going to say it the day I die. And once you decide what that destination is, live it and empower yourself to achieve your goals and then, when you achieve them, make sure you celebrate. Also, as you start or continue on that financial success journey, I want you to remember that it's never too late or too early. You're never too old or too young or too set in your ways to make a change or to even start. Bottom line here is if you want to achieve financial success and design the life that you love, then the only way you are going to do it is to make a change, and to do that you need to start, because nothing changes if nothing changes.

Speaker 2 19:35

So if you are sitting there frustrated with where you are financially right now, either in your business or your life, make a commitment to get started and you will see those changes happening before your eyes and before you know it. And as you kick off that journey, no matter where you're starting from, understand that there are going to be bumps and hiccups along the way. You might take two steps forward and four steps backwards, but the key to success is resilience. It's all about taking that step back when things aren't going your way and then, when the benefit of hindsight, having a look at what's gone wrong, really being able to evaluate that and starting again. Because, even though you might not think it at the time, there will be a valuable lesson in that bump in the road or that challenge, and it's something that I guarantee is going to help you as you move forward.

Speaker 2 20:27

Because, for me, nothing is ever wasted. If I had a billboard and I could put anything on it, that is one of the things that I would put. Nothing is ever wasted, because everything I believe that you've done so far in your life is a building block that is going to help you reach the next destination in your journey, and you might not understand or really even value what it is you're doing at the time. As you look back, you'll definitely see how that thing you learned, that random encounter or that experience that you had, has prepared you for the next stage, and I love life for that reason, because I've seen it happen so many times to me and so many times for my kids and my friends. So nothing is ever wasted. So good, all up and enjoy it, even if you think of the time it's a waste of time.

Speaker 2 21:16

The other thing to be really aware of is that overwhelm is going to happen, especially when it comes to money. Getting the finances sorted can be really confronting. It can also lead to poor mental health, to poor physical health, and part of the reason for that is because, when it comes to finances, it's often that one area that we allow ourselves to be completely overwhelmed. And I think overwhelm generally in business is a real thing, burnout is a real thing, but I think the money side of things in particular, there's just something about it. There's that stigma about it that means that we are less forgiving of ourselves, we are less able to allow ourselves that break, that we need to kind of pick ourselves up, forgive ourselves and start again. So if things don't seem to be going your way, don't keep pushing. Maybe just take a step back, stop, review the situation, rest, refresh and then start all over again.

Speaker 2 22:23

And when it comes to finances whether it's finances in your personal life, whether it's finances in your business life not everyone is going to be on your side, and you know what. That's okay, because a business, particularly a successful business is not going to be the destination for everyone and it can take a really special person to step out of their comfort zone and choose a business journey Because, let's be honest, it's so much easier, quite often, to work for someone else. And those people who choose that working for someone else will often look at people like us, people who are in business, and think we're a little crazy. They won't understand this journey that we're on. They won't understand what it is we need to do to achieve that success. And inevitably you're going to have some people who aren't going to be on your side and, as I said, that's okay.

Speaker 2 23:20

So in those situations you have to trust yourself. You have to trust that you can get yourself to where you want to go. If you feel like you are lacking in that information or support, then get the help when you need it. Don't wait to ask for help. It's about embracing your strengths and outsourcing to save you time and money, but also getting that valuable information that you need that's going to help you get to where you want to go.

Speaker 2 23:50

And in saying all of that, you have to also value yourself, your skill set, your time, your energy, and always value yourself from a financial point of view. So, price for profit, charge what you're worth. I'm reluctant to say that, because you know what are we all worth? But charge your value. Let me just put it that way Charge your value and do it unapologetically. Finance might not be the sexiest part of your business, it might not be the sexiest part of your life, but, whether we like it or not, money definitely makes the world go round and I believe that when you've got that handle on your numbers, it means that you've got lots of possibilities.

Speaker 2 24:32

You know, I've always said this to my kids and it's something I truly believe in, and that is to leave all the doors open. In other words, as you move through life, you are going to, you know, be faced with lots of different people, lots of different lessons and you know, because knowledge is power, you know it's important to soak that up. You're not going to get on with everybody that you encounter, but again, as you encounter those people, it's important to leave them in a way that leaves all of the doors open, because you know you never know when the time will come where you might, you know, need that person or that knowledge at some point down the track. So value every encounter, value every piece of knowledge that you collect along the way, because for me it means choice and choice, in my opinion, leans to opportunities and, honestly, if you live your life and you trust yourself financially and try not to burn bridges, when you knock on that door again or when you need that help, it's more likely to swing open wide rather than be closed in your face.

Speaker 2 25:45

You know, finance doesn't have to be hard. Getting a handle on the business money really can be quite easy, you know when you put in the effort. But for me it's about you know finding the ease in doing that. So what's the easiest way you can navigate through the business money to get you to where you want to go, so that you can, you know, discover the ease in the learning that could be doing a course, it could be outsourcing, with the caveat that you understand what that person is doing. But they're doing most of the heavy lifting. You're making the decisions, they're doing the heavy lifting, because I think that's really important. So definitely embrace the finance, even though it's not sexy, even though it can be kind of annoying and difficult, because honestly, it just means you've got so many more possibilities in my opinion and you know.

Speaker 2 26:39

The final thing that I would really like to say before I wrap up today is that as you start or continue on your financial journey, remember that it's those one percent improvements, it's those things that you constantly do day in, day out, that are going to make all of the difference as you move forward.

Speaker 2 27:01

You know they're the things that add up to the big results. So, if you know, doing a big review, a big refresh, is really hard, think about what the one percent improvement is that you can make today that could make all the difference in your business. It might be as simple as trying to save one percent of all of your expenses, or paying yourself one percent more in salary, or spending one percent more of your time looking at your business money, but I guarantee you it's that consistency that will be your biggest win of all. So they are my tips for jumping on the financial success train and having that financial fresh start that you might need this year. I hope that's helped you. I would love to hear what your big wins or aha moments are and until next time, keep on living your definition of success.

Speaker 1 28:01

Thanks for listening to the secrets of successful business podcast. For more information on all things business, head to flossycomau and make sure you hit subscribe on the show so you don't miss another new episode. If you're enjoying the show, please give it a quick rating or review, share it on your socials or with friends who might enjoy it. Catch you next time.