3rd in the series of: the why in business
Why finding your purpose matters in business.
Part 3!
You’re going to need to pay yourself and remind yourself of your purpose as a small business owner. It’s easy to drown in the day-to-day grind of income verses expenses. You can quickly lose sight of why you even started the business in the first place. Take time to reflect on your purpose and make sure your finances are in alignment.
Your purpose will not only help you stay motivated and focused, but it will also help you make better financial decisions for your business.
Many entrepreneurs are motivated by the desire for financial independence. They want to build a business that generates sustainable profits and provides them with economic freedom. Achieving financial independence involves careful planning, disciplined saving, and strategic investment.
Your purpose matters for financial independence.
Make financial goals that line up with your purpose:
List your income and expenses to visualize where you can cut costs and increase savings.
From those savings, you’ll want to create an emergency fund to last you 6 months of living expenses.
Pay off high interest debt as quickly as possible.
Save at least 20% of your income.
Generate passive income.
Contribute to retirement accounts.
Continuously learn about finances.
Make mindful spending choices.
Create a financial plan according to your values and purpose as a small business owner. James, Business Coach 007, is here to help you achieve your financial independence goals.
Thanks for following along in our “Why finding your purpose matters in business” series.
Next in this series…