The Business Owner’s Guide to Financial Self-Awareness

You know your revenue. You know your goals. You probably even know how many followers you gained last month.

But here’s the question: Do you know you when it comes to money?

Because growing a business isn’t just about mastering numbers — it’s about understanding the person making the decisions behind those numbers.

That’s where financial self-awareness comes in. And it’s one of the most overlooked drivers of long-term success.

Money Doesn’t Just Reflect the Business — It Reflects You

How you manage money in your business is often shaped by your beliefs, habits, fears, and history with money

Are you a spender or a saver? Do you avoid your finances or micromanage every penny? Do you equate investing with risk — or opportunity?

Every financial decision is influenced by your mindset, even when you think it’s all strategy.

Until you understand why you’re making certain choices, you’ll keep repeating the same patterns — even when you change the tactics.

Here’s What Financial Self-Awareness Might Reveal

• You’re underpricing not because of strategy — but because of imposter syndrome
• You delay hiring not because the business can’t afford it — but because you fear losing control
• You avoid reviewing your financials — because deep down, you're afraid of what you might find
• You chase top-line growth — because revenue feels like validation

These aren't “bad” behaviors. They're human. But they need to be seen before they can be changed.

How to Build Financial Self-Awareness (Without the Overwhelm)

This isn’t about spreadsheets or financial jargon — it’s about curiosity and honesty.

Start here:

• Track your reactions to money decisions. Do you feel anxious sending invoices? Guilty raising prices? Relief when you land a client — even if it’s not a great fit?
• Ask what’s driving the decision. Is it data? Emotion? Fear? Ego? Scarcity?
• Review your financial habits. Are you consistent? Reactive? Delegating too much — or not enough?

When you’re financially self-aware, you make better choices. You spend with intention. You price with confidence. You invest with strategy — not emotion.

You stop being reactive, and you start becoming proactive.

Financial resolutions to make for 2012

Shedding unwanted pounds, recharging a golf score that's stuck in neutral, nurturing a better relationship with your teenager — these resolutions and many more will appear on lists this coming January. Of course, some good intentions will fade before the flowers arrive on Valentine's Day. But other decisions, if allowed to harden into habit, have the potential to greatly affect your financial future. For most people, incremental choices and a lifestyle of discipline are the key to attaining financial independence. Here are five suggestions for the coming year to help you achieve that goal.

Review your expenses. The start of a new year is a great time to take inventory of your finances. Track your expenses for six months or so. You may be surprised at the result. Do I really spend that much on coffee? Are my utility bills really that high? For many people, getting a handle on how cash actually flows through their checkbook can be a great motivator.

Build an emergency fund. Unless you plan to finance your "rainy days" with expensive credit card debt, setting aside cash in an easy-to-access emergency fund should be a priority. Many companies will allow you to allocate paycheck deposits into more than one bank account. Pick a savings account, designate it as your emergency fund, and start socking money away. Strive to accumulate a large enough balance to cover three to six months of living expenses.

Save — automatically. Retirement savings can be set up along similar lines. By making deposits directly into a retirement account, the money won't show up in your checking account where it's likely to be spent. Of course, if your employer offers to match contributions to a 401(k) plan, be sure to take full advantage of the matching amount.

Pay down debts. If you're saddled with debt, you're beholden to others. As the old saying goes, "The borrower is slave to the lender." True, it's often more fun to buy stuff on credit — you don't have to wait. But by whittling away at debt, you can expect to cut your overall interest costs and enjoy more financial flexibility in the future.

Treat yourself. Most of us can't live like monks. To stay motivated, budget some "fun money" into the mix. Make that meal at a nice restaurant or a weekend get-away your reward for the financial sacrifices you make the rest of the year.

Source: http://www.atconnercpa.com/

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