Task #23: Reconcile the last Quarter and use this information to set up for your current year.
This is the last money blog post, deep sigh. Look, I split it up becuase in this business money has a season. Being a service based profession is amazing, but it is also frustrating. I know come October, I am working my butt off and trying to turn family session edits quickly, so I can then upsell the holiday card purchase. I only have two months to make half the year’s goal.
Looking back at each quarter will make your tax professional happy, because you will be prepared, but also it should make you feel more empowered about your money.
I met with our family financial advisor 2 years before I went full time into photography. He set me up with specific goals and really hammered in the power of looking at each quarter instead of the full year.
Now, as I prepare for the coming year, I am working toward monthly goals, not just quarterly goals. Every year you are in business your view of money will change, and I can only hope it contines to stay positive and powerful.
While listening to Amy Porterfield’s podcast (#355 “Monday Made Simple: An Entrepreneurs Guide to Taking Control of their Finances”) the guest speaker, Rachel Cruze, said:
Reasons why people want to be in control of their money can include safety and security or status and getting new things, which is why it’s important to know your money motivation.Rachel Cruze
I am motivated to hit my monthly goals and now moving into this year I am not only calculating my services, but also my courses, mentorships, and soon workshops.
I would never be able to make goals, or feel comfortable without looking back through my past ledgers and taking control of my business income.
Your final time going through the ledger needs to be goal oriented. Use what you have learned about your financial ground to make some real goals this coming year.