So my gorgeous business babe who should be on your business money team?
Don’t think that you have to be a millionaire entrepreneur before you build a business money management team because trust me, it really helps to start as you mean to go on and upgrade as you go.
Being a good money steward from the start will help you grow your income more rapidly and make you feel really good about your money. So, no matter where you are right now, let’s talk about who should be on your business money team.
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Lucky Bitch Video Transcript – Who Should Be On Your Business Money Management Team?
So my gorgeous business babe who should be on your business money team?
Now first of all don’t think that you have to be a millionaire entrepreneur before you build a business money management team because trust me, it really helps to start as you mean to go on and you upgrade as you go.
Being a good money steward from the start will help you grow your income more rapidly and make you feel really good about your money.
So, no matter where you are right now, let’s talk about who should be on your business money team.
Team Member #1: Bookkeeper
The very first hire that I recommend (for your money management team) is a bookkeeper and this is even if you’re in very, very early stages of your business.
Let me tell you why.
For most of us, especially creative entrepreneurs, that kind of thing isn’t really in our zone of genius and it can really stress us out. So when I started in my business, I was maybe six months in and I was just looking at my receipts all the time, it was stressing me out and I’m stressing out about taxes and I really thought about it a lot and it was just mental clutter that I did not need.
I remember someone saying, you know, “Hire a bookkeeper.” So I asked around and I talked to this lady and she said, “Just send me all your receipts. Send me everything that you’ve got.” And I was saying, “No, no, no, I really should do it, you know, I’ll sort out this year and you can do next year.”
So stupid, and she goes, “No, seriously, just box it up and send it to me, I’ll sort it out.” I’m like, “That sounds horrible.” She said, “That’s my job, I love it.”
So don’t forget there are people who absolutely love doing that kind of stuff.
Now, I’m going to talk really quickly to people who go, “But I love doing my own bookkeeping.”
Yeah, that’s good as well but does it make you money?
Most of the time the answer is no, so that’s why I really suggest that bookkeeper is the first person you add to your money team because it will really make you feel quite pro, but also it will save you money come tax time when everything is all organized.
The other thing that’s great about having a bookkeeper is if you get monthly or quarterly reports, it really does help you keep an eye on your income and what you pay attention to will grow.
Want more on money management? Head over to How to Manage Your Money as a Female Entrepreneur.
Team Member #2: Accountant
The number two hire for your money team is an accountant. Now, you can start again just having someone who does your taxes once a year. That’s exactly how I started.
And remember, you could do it yourself but is it your zone of genius and is it how it makes you money? Usually, it’s not.
And this is again, just feels like a pro kind of thing in your business to make sure you’re doing things well. It also means that sometimes you get later tax filing deadlines if you’re going through an accountant.
So, you can upgrade, maybe you’ve already got an accountant, then I would suggest to take it to the next level.
I meet with my accountant once a quarter. And again it’s just that really good way of paying attention to what’s happening with your money and every quarter we tackle a new project. The last project that we tackled was moving me away from being a sole trader to being a company. And again it’s just having someone there in your corner who can help you.
Looking for more details on how to work with your team? I’m sharing my very routine actions over here: Daily, Weekly and Monthly Actions To Keep Your Business Moving Forward.
Team Member #3: Financial Adviser
The next stage on from and accountant could be adding a financial adviser to your money team. So maybe you’re doing really well in your business and it’s time to start looking an investment strategies.
If so, a financial adviser could be the next person that you need to add to your business money team.
Team Member #4: Money Mentor
Now the fourth group or person to add to your team is a money mentor, somebody who has done what you want to do and someone who has the results that you want to achieve. And I say it very strongly in that thing right, don’t get a mentor or don’t take business advice from people who haven’t achieved what you want to achieve.
So it’s all well and good to, you know, have your Uncle Bob tell you, you should do this or, you know, whatever. But sometimes you really need to get that advice from somebody who has been where you’ve been.
I remember last year, I really specifically sought out a mentor who had a very similar business model to me, had very similar pricing and very similar products. And then, you know, but her business was a multimillion-dollar business. So I could ask her questions about different stages in her business, different money plateaus she had experienced and it was incredibly rewarding because she really understood exactly where I was coming from and didn’t try and push me into a different direction.
So that’s that fourth person, who is a money mentor who has had the financial results you want.
Team Member #5: Mastermind Group
The fifth group, and this is a group, to add to your money team is great mastermind buddies who again have a great money mindset and are a good mix of people who are at your level and above.
This has been incredibly important for me in the last year and has been an incredible addition to my money team. I really do see them, they don’t know it, they’re not employed by me but they are part of my business money team because everyday we can have really honest conversations about money.
I see, you know, some of them have similar incomes to me and some of them earn four or five times more than me. Hell, yeah, that’s inspiring.
So sometimes you can grow out of mastermind groups. We can grow out of peer groups and you really need to look for that next level because it will stretch you, it will stretch your income and it will stretch what you see as possible.
Are you ready to find your mastermind group? You can get some simple steps to get started here: How to Find Your Mastermind Posse.
So there are the five groups. If I’ve missed any out, write them down in the comments because I would love to hear, you know, what actions you’ve been taking or what actions you’re inspired to take after listening to this about how to build a great business money management team.
And I would suggest coming up to LuckyBitch.com because I’ve got a lot of resources about how to increase your income and have way more fun in your business. So build that money team, you potential millionaire and have an abundant day.
Did you miss last weeks video? Check it out here: What To Do When You’re Triggered and Jealous of Other People’s Money and Income.