31 May In Business, Love & Money
Nearly all of us on this planet need to deal with love and money and often at the same time. If you are involved with someone in a long-term relationship (business and/or significant other) you are likely going to have to deal with the intertwining of these lovelies.
Do an Emotional Audit in addition to a Financial Audit
The financial side of doing work in your relationship can be taken on by one person, often the person with the more obvious skills to do it (i.e., organizational, project management, number crunching). Yet if you are in a relationship where both parties aren’t all too keen on the role of taking on financials you can pick someone, support them or opt to trade off having the Finance Role.
In my own personal relationships, I’ve always taken on this role. Although I’m far from liking doing the finances, that’s how it’s always worked for us. Here are some rules to help keep finances and love balanced.
Rule #1 is that you are communicating on finances in business (if you are an entrepreneur, with your finance person/team) or personally with your other half. If you are in business with your significant other, communicating is all the more crucial. Yet, whoever makes financial decisions has to communicate with their partner. It does no good if one person is left out of the loop. It only sets you up for stress later.
Rule #2 is to remember that money is the source of great emotion. It’s a fluid currency meant to come in and go out of our wallets, our bank accounts, and our lives. We all think about it and manage it differently. Yet there are some reoccurring themes for couples.
When we think of it and how it affects our emotional life, we can understand why we deal with it a certain way and then rethink what’s working and not working for us.
Whether you are just starting out in business or taking your business to another level, here are some things anyone in an entrepreneurial role needs to do:
Forecast and plan your income and outflow
Tracking Conversion Rates
Track Your (ROI) Return on Investment
There is so much more than this small list, and communicating effectively to make it happen is key. If it seems like a lot to balance, pick one area that is a priority and focus on building that out. If it needs work with a partner, make time to sit down together and create a plan for it. For instance, if you have not been projecting your income, try to spend 10 minutes a day focused only on this task. Then get together with your partner and go through it until it is an item that can be checked off your Financials List.