YAY, It’s “Money Monday” of the month!
No, I do not imagine things. If you know me, you know 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 get that dopamine hit when numbers add up, and the checking account reconciles to zero. I love depositing money, and I also love when I’ve made a profit in my business. There are so many ways to increase your sales! Check out this article about growing sales and while you’re at it, check out this one on decreasing expenses.
What’s First Money Monday?
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!”
Profit and Loss Statements
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.
Real Experience Taught Me
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. You should receive reminders every First Money Monday and Boss Friday if you’re on my list.
Prioritize Money Monday!
If close money management has been on your priorities list yet, my challenge is to open up last month’s bank statement and read it. If you need help with this, always feel free to contact me. Apply for a free consultation here.
Will you do it? Look at your statement and see what you find.