Your Monthly Financial Review
I’m just finishing up my Monthly Reporting clients and we’ve been discussing how last month went.
It’s a process we go through every month. Sitting down and discussing what worked and what didn’t work. What are the figures telling us, what is the financial story of the business.
Some clients resist doing a Monthly Financial Review.
WHAT’S THE RESISTANCE ABOUT?
If you’re one of these business owners, then what thoughts come up for you when you think about sitting down and doing a Monthly Financial Review in your business?
1. Can you be bothered? (What is it going to change anyway?)
2. Do you find it confusing? (You’re already busy and overwhelmed; why add to your plate? Or you’re not good with numbers. Why would you do something that has you feeling not confident?
3. What will it mean once you have this clarity? What are you going to do about it if you don’t like what you see? What steps can you really take to make changes? (You’re doing your best already.)
Take note of what’s coming up for you as you read those questions. All of these are normal reactions to feeling uncomfortable about change.
IT’S LIKE A BLOOD TEST FOR YOUR BUSINESS
It reminds me of when I go to the doctor and explain my symptoms. She asks, ‘How do you feel?’ ‘What has been happening?’ and ‘May I suggest a blood test?’ The blood test results don’t tell the story of every piece of my health, but they give a pretty good indication of what is happening.
One of the most popular responses as to why business owners do not start up their own version of a Monthly Review in their business, is because of a story that they don’t want to see what the figures are going to say. They hold judgement towards themselves for the financial ‘success’ of their business.
If you feel like you also fit into this category, then I want you to start thinking of your Monthly Review like a blood test for your business.
It is no longer a reflection of your own worth, intelligence or success. It is merely a method to see what is happening.
And if you find yourself beginning to piece together the income for the month and compare it to the expenses for the month and your self-talk becomes judgemental, negative or you start to feel shame around the figures you are seeing, I want you to reflect back on this article, and think to yourself, ‘If this were a blood test, would I be putting myself through the ringer because my iron is low? Or if I have an elevated white blood cell count? No!’
The judgement, shame, guilt, and feelings of overwhelm need to be left at the door. And I’m giving you permission to do so.
AND IF YOU’RE STILL STUCK
Here is some more help to get started with this new practice.
If you’re having trouble sticking to a routine, consider creating a ritual for yourself.
If you’re not sure how to incorporate this into your busy life, you could try habit-stacking.
If you keep saying you’ll do it later, check out why that doesn’t always eventuate.
If you struggle between urgent and important tasks in your business, this article helped me.
If you would like help starting to put together the process of a monthly financial review, you can check out an online class I offer here.
If you’ve experienced other reasons for not pulling together your business figures monthly, I’d love to hear them.
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