Page 19 - iNETrepreneur.magazine.Dec.2020.final

How Small Business Owners

Sabotage Their Success And

What To Do About It

by Monica Ross, MoneyCoachUSA.com

So, you went into business to do what you love without
having to answer to anyone, right? This is what Michael
Gerber called the “E-Myth”—the idea that once you become
an entrepreneur that you get to spend all of your time doing
what you love.

As you’ve probably discovered, and expertise are not worth what EACH week track what income is
this is simply not true. Now you’re you’re asking. The impact that it coming in and what expenses are
responsible for what you do, as well has on your business is that you going out. Once you get a handle on
as all the operations and marketing have inconsistent income coming in. those, every time you’re ready to
and other administrivia. When this happens, you start to feel click the BUY button, be discerning
the pressure and start operating and ask yourself, “Do I really need
You have taken on a lot and you’re from a place of scarcity. We all know this?”
busy. Well done! However, you may that desperation is NOT attractive,
have a habit that is sabotaging your so it undermines your credibility. If this sounds a bit overwhelming
financial success, both in business and you don’t know where to
and your personal life. Now, that may not be you at all. You start, reach out to me for help
could be on top of the income game, at MoneyCoachUSA.com and
This habit is ignoring the numbers and kudos to you! But here’s where learn how to create a new way of
and avoiding anything to do with I really see problems with all small spending—where you have more
money. business owners: tracking expenses. choice, more control and ultimately,
Do you consciously track what you more freedom.
You have a vague knowledge that are spending, or do you simply think
income minus expenses gives you to yourself, “Oh! I can write this About the Author
a profit or a loss. You know that off!” and throw the receipt into a
in order to turn a profit, you need shoebox that gets kicked under the Monica Ross is the president and
to earn more than you spend. You bed, and then ignored until you drop founder of VirtualBookeeping-USA.
can do this in two ways: increase it off at your accountant at year end com & MoneyCoachUSA.com. She
income and decrease expenses. to work their magic?
has been supporting small businesses
Being an expert in your field, you’re Maybe you’re a big picture person and entrepreneurs for over 20 years
all about delivering a fantastic and details aren’t your thing. Maybe in taking control of their personal and
service, and sometimes it feels you’re not sure WHAT you can write business finances. While this single
mercenary to ask for money in off, maybe it brings up memories of mom/entrepreneur with a big heart
exchange for providing support. Mr. Bane in Grade 8 Math and the
This can look like forgetting to shame you feel around “not getting loves bookkeeping, she especially
bill your clients, discounting your it”. Whatever your reason, it’s loves to partner with her clients to
services, or never following up after absolutely valid. help them enhance their lives and
the bill is sent. grow their businesses. She explained:
So, what do you do about it? I’m “I know the freedom that comes from
The message that this sends to going to ask you to consciously that kind of success!”
your clients and reinforces in your make an effort to look at your
subconscious is that your time numbers each week.

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