Money Matters!

Money Matters – Let’s Have A Show of Hands

Hands up those of you who don’t have money worries?

Maybe you’ve just started a business. Without a regular income, the thought of not making enough sales can make you panic about paying the bills next month.

Or perhaps, business is doing so well that you’re thinking about expanding. But, you’re worried about scaling up… who do you turn to for advice to access the funding available or help you write your business plan?

And who really knows what pension they’ll get when they retire? You may have pensions squirreled away that you’d forgotten all about.

If you’ve started a business… what’s your end goal? If you haven’t thought about an exit strategy and an opportunity arises to sell your business and move to a luxury villa in the South of France, it could take you years to pull it off. When Cadbury’s approached Jo Fairley of Green & Blacks to buy them out, it took them another 2 years to finalise the sale as they had nothing in place.

Your Money Matters Support Squad

In Pink Link, you are surrounded by a host of fabulous women who understand money and how to make the most of it. Experts who can help your emotional wellbeing, sort out your finances, and who can help you plan for the future you dream of. 

During the pandemic, I for one had plenty of sleepless nights worrying about turnover, wages, and the future of the business. It was due to the amazing women in the network that I found ways to cope with the stress and anxiety. They helped me to deal with the intricacies of expanding and remodelling the business. They helped me to see the light at the end of the tunnel.

Our Members’ Tips and Advice

I asked our members for their comments and top tips, here’s what they said:

Amanda Green, Emotional Health Coach “I thought lockdown would wipe out my new business after I made the leap from a well paid job. But I have adapted and it has made me stronger and developed my skills (ongoing)! I do see money as energy and that our thoughts about money, as well as our relationship to it. It’s part of the package!”

Angela Rawlinson, UW distributor at Let’s Save and Earn “Money does matter! Don’t they always say look after the pennies and the pounds will take care of themselves? Some of us just forget about how much we actually could save on our monthly outgoings just by making a few ‘tweaks’. We’re all busy people and sometimes we don’t find the time to ‘sort it out’. With a few little tweaks, I can help you save money on your utilities bills and put some more money back in your pocket. Let’s face it we could all benefit from that couldn’t we?”

Sue Menzies-Runcimann of Su Melville Art said “As a former accountant I know the importance of ‘knowing your numbers’! My two easy money top tips are:

1. If you’re not a limited company, put 20% of all your income when you receive it into premium bonds. That way you won’t miss it – think PAYE for the self employed. This keeps the money out of the way and at the end of the year you will have your tax money plus a little at hand. If you win that’s a double bonus! Should interest rates rise then reconsider as premium bonds do not accrue interest 😊

2. If you ordinarily shop online use a cash back site such as TopCaskback. This will earn you money on items you would be buying anyway”

Kate Clarke of Kate Clarke Marketing said “This topic is so fitting. I just finished reading the 100 Year Life by Lynda Gratton and Andrew Scott. It’s spurred me on to make a financial plan and get on top of pension payments.”

Our Top Tip

Denise Almond, Pink Link Poulton Network Facilitator and an accountant with decades of experience said “Over the years, I have come across lots of businesses. But, I have to say that most of the successful ones have had their figures spot on. They know what their break even point is – how much it takes to just keep the business ticking over without paying themselves. They know:

• their weekly/ monthly turnover needs
• watch carefully what they spend their money on
• check their figures and revise them regularly

I have also come across businesses that just wing it!! No plan – no knowledge of what they need to keep the business afloat. Spend not really considered. Most of those don’t make it (or don’t make what they set out to do). I admire people who take calculated risks – some pay off handsomely – but have seen people burned badly.

I can only say that information is the key! Please don’t bury your head. It needs the same energy as other parts of the business.”

Your Action Plan

• Take a good look at all your outgoings – are you paying for unnecessary subscriptions? A financial declutter is essential for knowing what you have coming in and going out
• Do a money plan – personal and business? Work out exactly what you have, what you need and put plans in place to reach your goals
• Get your books in order – there’s lots of bookkeepers and apps who can help you keep on top of everything
• Find an accountant who uses terms you can understand and looks out for ways to save you money
• Talk to a financial advisor to plan for your future and find those hidden pensions
• If you are in debt, are struggling or thinking about giving up – talk to an insolvency practitioner. They might be able to save your business and help you manage your debt
• Find a bank who is proactive in their support for women in business
• Look after your emotional wellbeing – ask a coach for advice

Looking After Your Financial Wellbeing

Being in control of your finances means you’re less likely to get sick or get knocked off track when times are tough. Join us for a free masterclass delivered by the NatWest Business Builder Team. It’s open to all women, book your place here.

Share Your Tips

I’d love to hear your top tips to manage and make money work for you. Please add your comments below.