#17: IMPERFECT ACTION GIVES YOU TRACTION

Today’s episode is all about taking imperfect action and what that can look like for you when it comes to managing your business finances. If you’ve ever felt paralyzed by perfectionism or overwhelmed by the numbers in your business, this episode is for you. Progress over perfection is a game-changing mindset shift, and I’ll give you practical steps to start moving forward imperfectly with your money, no matter where you are in your entrepreneurial journey. 

Key Takeaways: 

• Why perfectionism can paralyze your financial progress.
• The importance of taking small, imperfect steps in managing your business finances.
• How to create a money plan (budget) even if you’re not a “numbers person.”
• Tips for building financial habits and accountability to stay on track.

Resources Mentioned: 

· Episode 1: Start Smart: https://www.buzzsprout.com/2295061/15079510

· Episode 2: Don’t Fudge It, Just Budget: https://www.buzzsprout.com/2295061/15079641

· My YouTube budgeting tutorial: https://youtu.be/REhxY79ykHU?si=KH-X0LbgKj48x6QI

Don’t forget to follow or subscribe wherever you listen to podcasts, so you don’t miss the chance to gain skills and confidence around small business money topics. 

Reach out at support@financiallyadjusted.com with any questions you’d like answered in future Q&A episodes!

Recommended payroll software (affiliate link): 

ADP: http://accountantprogram.adp.com/accept/?EID=5453c160-167e-4c6b-aedc-893d78fb3f87&type=ShareUrl

GUSTO (affiliate link): https://gusto.com/r/leslie4559

Recommended bank and the one I use in my business (affiliate link):
https://app.relayfi.com/register?referralcode=leadingledgerbk

QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at support@financiallyadjusted.com with any questions regarding signing up.

 https://completebusinessgroup.com/leading-ledger-bookkeeping-llc/

Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.

Check out all my FREE financial resources in one place

Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest

Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.

Transcript

What is going on my entrepreneurial friend? I am so happy back with me this week. I’m really excited to share today's because this topic is so very important, and something everyone needs to consider in life and in business, especially when it comes to your finances. Today I'm going to be talking about how important imperfect action is specifically when it comes to your business money. I'll preface this episode by telling you that topic hits home big time for me. I'm an all or nothing personality and I have perfectionistic tendencies, so I need a reminder also that imperfect action is better than no action at all.

And I constantly tell myself this. I'm a total work in progress with the progress over perfection mentality, and probably always will be for me one of the biggest ways that inaction has really me back is with physical fitness. Since I'm an all or nothing person not I tend to lean towards not working out or moving my body at all if I can't get in some comprehensive intense workout. As we all know moving your body for five ten or fifteen minutes is a whole lot better than not doing it at all.

But I've had to train my brain to not get stuck in the perfectionistic train of thought. This year I actually have made some great strides when it comes to this, and my goal has been more so to show up and create the habit versus…showing up only if it looks a certain way and just flaking out if I can't get like the hour-long workout in versus just a fifteen-minute half hour walk with my dog. When it comes to finances, I think many people get stuck in this mentality and then end up not moving forward at all and stay just as in the dark as always. When dealing with money and numbers I think a lot of entrepreneurs that haven't had a experience handling finances or who haven't um or who have self-identified as not being a numbers person fall into this trap frequently. Finances are a little different than creative side of the business-like marketing.

So many people get scared away for that reason. They think because um you know numbers are so precise and finances are so precise, I shouldn't even touch this. But yes, you know you do want accuracy when it comes to your bookkeeping and your taxes. However, there's so much more to managing your money in your business. And just because you don't have a natural bent towards numbers, or maybe you're not the one who’s doing the bookkeeping or doing the accounting it doesn't mean that you should totally check out or avoid taking any action. You are not alone if you're feeling like you just can't find your way out of the dark when it comes to managing your business finances or maybe you feel at embarrassed that you are so in the dark and so that keeps you stuck. So many business owners are in this mental space, so you are definitely not alone. And there's no shame in that whatsoever. But I just want to encourage every entrepreneur listening today that you can one hundred percent take imperfect action and gain traction when it comes to understanding your finances…I challenge you to adopt the progress over perfection motto from here on out when it comes to your money.

I've written this out on a post it note for myself and stuck my computer monitor for whatever it is that I mentally stuck on and can't move forward, which you know is physical fitness and then in business a lot of times that is just like showing up and doing my podcasts or speaking Like I love it but I get stuck mentally thinking oh I'm not perfect at that. The marketing stuff or the speaking stuff, so I'm just not going to do it, so it takes pushing yourself and reminding yourself that you don't have to be perfect to start. So maybe that posted trick could help you to just write out progress over perfection or take imperfect action. Just stick it right where you need to see it Your mirror your computer monitor whatever. And if this sounds very familiar to you, you’re in the right place and I'm here to be your cheerleader. We are gonna work through this together.

You're probably wondering what the imperfect steps forward look like for you. Well that depends on where you're at Everyone has their own specific situation in their business and different levels of how much you've checked in how much you've learned, and if you're completely new to business, um you're gonna feel especially…overwhelmed and in the dark, I'm sure. So, if that's you and you're a new entrepreneur check out my very first podcast episode titled Start smart. There's a lot of overwhelm in all areas of business when you're new Especially when it comes to setting up systems choosing an entity, all of that stuff So this is gonna lay out the things that you need to think about as a business owner and take action on in the beginning stages, such as entity type, startup costs budgeting, um choosing your financial tools and systems…and who you need to hire as far as professionals in your business. If you've been in business for a little while or a long while, and you feel like you're still in the dark about your business finances, you are definitely not alone.

Many people who have even been in their businesses for ten twenty plus years, they still feel stuck, and they feel like they've never really had a grip on it They probably have hired professionals to help them, but that doesn't mean they feel like they are clear on what their numbers are or how healthy you’re doing. And that really can change the confidence level you have as a business owner. So, it doesn't matter what level you are at or how many years you've been in business it's super important to just start and move forward imperfectly at any stage. And my best advice when it comes to the first imperfect step that you can take. If you haven't done this yet it's creating a money plan, otherwise known as a budget. I have a specific episode specifically or have an episode specifically on budgeting which is episode number two…Um there's also a tutorial on my YouTube channel on how to create a budget So if you're more of a visual person that could really help you.

But creating a proactive plan for your money is really the key to unlocking control in your business. I'm going to also recommend that you keep learning about your financial reports and understanding those because that's very important. But that is…

historical data by the time you're looking at that report, that has already happened in your business this. What those show you is in the past essentially. One of the most baller moves that you can make as a business owner is to take charge of telling your money where to go before it leaves. One of the biggest reasons entrepreneurs feel stuck or in the dark is because they have no plan. They're simply…looking at a bank statement or looking at their financial reports briefly after, you know professional given them to them or maybe they're doing their own bookkeeping and they're behind.

So, they don't even have that, that data from the month before. But if you can…Make it a priority to create a money plan in your business. It will level you up as a business owner and the control you have in your business. One of the biggest reasons entrepreneurs…feel…stuck is because they don't have that plan. Until you've laid out and examined where you that money is going and being allocated…for the future, you won't feel confident in what you're doing and where your money's going. If budgeting…scares you or you just you hate it, you view it as a limiting thing or a tedious thing. I am gonna challenge you today to reconsider this. If you're limited on time, you only have to do an initial budget and then it's basically copy and paste moving forward. You are just taking that same shell of a budget that structure of a budget and pasting it for the next month and then you're simply…adding or subtracting one off transactions are occurring every month.

Even if you forget stuff when you first do your budget and you feel like I suck at this. You're forgetting stuff your amounts are correct. You're not quite accurate based on what actually happened and the budget you laid out. Then I'll just tell you that you need to tweak things moving forward. You just need to take the real time data about what actually happened and then tweak your budget moving forward. After you do this for a certain amount of months, you’re not gonna feel that way anymore You're not gonna feel in the dark or like you suck at this You're gonna feel like alright “I kind of know what's going on in my business” and you're gonna start to shape your plan a little more towards your goals and what you want to have seen happen. You're gonna say okay well, I want my financial reports to look this way in two months so how am I gonna tweak my money plan to get there? Where's my money gonna go to make it look the way I want to; give me the money I want left over. So, it'll take practice, but you can definitely get comfortable with it The more you show up and the more you do it every month and check-in with it throughout the month. I promise you you'll be a much better shape a money plan versus not having one at all

It brings awareness to what's flowing in and out your business and puts it on your radar. You can then use the real-time data from those financial reports to see what actually happened in the business and adjust accordingly. If you're just someone who doesn't want to do this stuff by yourself, and you really feel like while you're getting off the ground taking this imperfect action you need some accountability…could you do this with a partner? A spouse a business partner…or another entrepreneurial friend who's also struggling or who has done this and can understand where you are because they've been there. Do you have a professional in your corner who could help you along and help you get started with one.

There are so many options for educating yourself and getting the help you need, but the magic will really happen when you decide to show up and create that habit of just showing up. Even if you are in a space where you're like I am so just mentally stuck and don't wanna create a budget can't do that right now, just look through your bank statement get an idea of what's flowing in and out Start there. Start examining your data and seeing what's going on. Just showing up and taking baby steps towards understanding your finances better will always leave you feeling more enlightened and confident than not doing anything. And if you haven't yet go back and listen to my podcast from the start. I talk about budgeting, understanding financial reports, walking you through those, how to save and pay yourself, all kinds of other topics

I also have some free resources on my website that can help you along in your educational journey So definitely check those out. I'll be working on some courses down the road as well. Um regarding foundational financial knowledge for small businesses…and, um further down the road some bookkeeping basics. So, you don't need to be an accountant or a math whiz to handle your business finances and you certainly don't need to be perfect at any of this stuff. Just show up because you owe it to yourself, and you owe it to your business to do that.

If that looks like setting a reminder in your Google calendar that just says money check-in it can be as simple as that. Get to know your behavior around money first and then set up disciplines and habits like this to help you along. You're somebody you know you're gonna avoid it You know you need that accountability partner. You know you need that that reminder on your calendar. Set it up so that you can show up. It's not easy but you've got this. I promise you friend, you've got this!