The plans of the diligent lead to profit as surely as haste leads to poverty. (Proverbs 21:5 NIV)Financial planning in business is about keeping track of 4 things
- How much money you owe (debt)
- What you own (assets)
- How much money you make (sales revenue)
- What your costs are for making that money (fixed and variable expenses)
Having an excel spreadsheet that you look at almost DAILY is the key to developing amazing financial management skills.
If reading the Bible every morning is the most important thing you do, then reading your financial status needs to be the 2nd most important thing you do daily. YES… IT’S THAT IMPORTANT!
See, if you only glance at your money once in a while, it will be gone before you know it. The Bible says “Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle. (Proverbs 23:5 NIV)
If you aren’t sure on how to budget for your business, see an accountant or pick up a book on accounting for business. Maybe reach out to a successful Godpreneur and take them to lunch and ask them what they do daily, weekly, and monthly to manage the books in their business.
We can’t just glance at money. We have businesses. We Godpreneurs are passionate about our calling, but we need to be more passionate about selling our calling!! How much further can our calling get if we focus on being financially responsible every day! Godpreneur Money Rule #17 – Godpreneurs tell their money where to go and what to do by keeping a strict financial accounting.