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Top 5 Tips to Achieve Greater Financial Freedom

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Top 5 Tips to Achieve Greater Financial Freedom

Freedom is a precious commodity

Do you know what the top goals of trades and construction businesses in Australia and New Zealand are? According to our yearly survey, the first goal is financial freedom, and the second is the freedom to run your business (and life) as you want to.

I’m sure this comes as no surprise to you. In fact, I’d place a pretty hefty bet to say that you have the same goals.

When starting your own business, you aspire to attain the type of financial freedom to live life on your terms and be free of the boredom and repetition of mundane tasks.

You want a freedom where you can enjoy time with your loved ones and focus on achieving, while your business is set up for success and running full steam ahead. 

So I want you to ask yourself: Does your small business provide you with the freedom you imagined it would?

Because it should. Otherwise, what’s the perks to being a business owner? You would certainly have less stress as an employee.

Top 5 Tips To Set Up Financial Freedom for Small Businesses
1. More money doesn’t solve everything:

The answer to your business goals isn’t to simply ‘make more money’. The way you manage your money is arguably more important than the amount your small business earns.

2. Not all that glitters is gold:

Don’t be influenced by the luxuries others own, many are plagued by the debts of their luxuries. Remember, people only show what they want you to see. Their luxury car might dazzle you, but behind closed doors they could be struggling to pull together the monthly payments.
Keep your focus. Don’t be distracted from the journey that you’re on – instant gratification can be damaging to your long-term success. Luxuries are achieved through giving your business time and commitment. You will get there eventually, and you’ll be all the better for waiting for your time to come.

3. Save, save again and save some more:

Spend less than you earn, invest, and then once your money has multiplied, taste the fruits of your success.
Unexpected or forgotten costs frequent small businesses. Whether it’s a tax bill, a broken piece of equipment, or wages to cover the extra hours spent on a job, you need money set aside.

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4. Purchase with your head, not your credit limit:
  1. How do the rich stay rich? They don’t spend money on things they don’t need to. 

Evaluate, compare alternatives, and consider whether every purchase is essential to the daily running of your small business. Could that money be better put elsewhere?  Stopping letting instant gratification cloud your judgment.

5. Check your scoreboard on a daily basis:

What gets measured gets managed. By always knowing the status of your business’ scoreboard, your financials will continue to prosper; due to your knowledge of all incoming and outgoing expenses within your small business.
Basic business housekeeping allows you to spot discrepancies before they become problems, and track what’s working well, so you can do more of it.

Why start today?

These tips are investments. When you invest money in a business, you do so in the hope that that investment grows in value. The longer you have that investment, the more it’s worth.

It’s like putting into a private pension. The growth depends not only on the amount you stash away, but also how long it’s stashed away for.

Stephen puts less money into his pension than Rebecca, but he started 10 years earlier, and actually he ends up with the larger pot.

The financial decisions you make today affect your financial future. What if you end up with double or triple the money you were going to have, by being smart from today? Wouldn’t it be worth it?

Get into Financial Shape with Business Coaching

Financial freedom isn’t something we are blessed with or something that is gifted to us. And it’s definitely not something we can wing and hope that it happens along the way as you grow your revenue. It is something we achieve through calculated financial management and acting on business advice.

The steps to financial freedom can be taught, but it takes time. A dedicated small business coach and attending business coaching programs are some of the most practical and efficient ways to learn the secrets to small business financial freedom.

Learn tried and tested methods so you can avoid the costly mistakes of those who have come before you. Are you ready to start your small business journey to financial freedom?

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