Episode 97: Your Money Routine for a Profitable New Year

Your Money Routine for a Profitable New Year
Your Money Routine for a Profitable New Year

Start 2023 with confidence in your numbers by following this monthly routine for a profitable new year! Stephanie Skryzowski looks back at two of our most popular podcast episodes to combine her best tips into one incredibly helpful episode. Setting aside the time every single month to follow the steps outlined in today’s podcast will help you feel more empowered to make decisions in your business.

There’s very, very few people, programs, and products that are an immediate hit and catapult you to new goals. It happens, but I would say that’s not the norm. If you need to increase revenue…really do a bit of soul-searching as to what works in your business, what is most profitable, and do more of that. – Stephanie Skryzowski

Three Prerequisites before creating a Routine:

  • Be a registered business with the state and the IRS.
  • Open a separate business bank account. Do not mix your personal and business finances in one account.
  • Use a system for consistently tracking revenue and expenses every single month. Do this the first week of every month for the prior month.

What You’ll need for a Monthly Finance Routine:

  • Reconcile your bookkeeping every month – include every transaction for the month.
  • Review your financials
    • Run your comparative profit and loss: compare last month to the month prior, or last month to the same month in the previous year.
    • Go over your balance sheet.
  • Forecast your future – map out the next 12-18 months of your business in terms of revenue, expenses and cash flow.

Action Steps to Take to Increase Revenue:

  • Do what works: look at your most profitable revenue streams and double down on those.
  • Can you nurture your current clients for more business or referrals?

Action Steps to Take to Decrease Expenses:

  • Look for forgotten recurring expenses/subscriptions that can be eliminated.
  • Reallocate expenses to revenue driving activities.

Links mentioned in this episode:

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