Todays a business holiday!!!
YAY, It’s the first Money Monday!
No, I do not imagine things. If you know me, you know that I did the bookkeeping for my family’s business. I first started my business as a bookkeeper-for-hire. And recently, I worked in my church as a part-time bookkeeper.
I love doing it! I honestly get that dopamine hit when numbers add up right, and the checking account reconciles to zero. I love depositing money, and I also love when I’ve made a profit in my business.
First Money Monday is derived from First Friday, which I consider Boss Friday (more on that later). First Money Monday is when I need to start looking for the bank to send me the previous month’s bank statement.
Then, I can reconcile the month and make sure everything is accounted for, from all sales to expenses. Then, I can create a profit and loss sheet. And as my dad would say, “That’s where the money is!”
You see, this particular statement, the profit and loss sheet, aka income statement, tells the story of your business.
Too many people have a money mindset issue where they’re afraid to look. That was me at one point when 80% of our business left for China in one year.
But is being afraid to look reasonable?
For example, if we have a stack of credit card bills unopened, does not opening them make the issue OK? As if we don’t owe anything as long as we don’t look? Nope! Not looking is a big issue because it’s procrastination, and it’s, frankly, putting ourselves in a powerless victim position.
That’s why I’ve always circled First Money Monday on my calendar because I wanted to look. I tried to dig in, find that story, and find more money in my business.
First Money Monday is one thing I didn’t learn in high school, college, or grad school. At all! I learned this as my family’s business bookkeeper.
I’d love to teach you how to improve your money situation in your business. The day to look is Boss Friday. But the day or week to prepare begins with First Money Monday.
For now, I’ll settle on the dates of importance. If you’re on my list, you should receive reminders every First Money Monday and Boss Friday.
If close money management has been on your priorities list as yet, my challenge to you is to open up last month’s bank statement and read it. If you need help with this, always feel free to reach out to me.
Will you do it? Look at your statement?
Janet Johnson is the author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money. Before becoming a coach, Janet gained seventeen years of experience in a family-owned manufacturing company. She also trained small business owners in Financial Management and Lean Enterprise for seven years through contracts with the State of Connecticut and the Small Business Administration for seven years.