Episode 284: Are you revenue tracking?
People often get scared by creating a profit and loss statement, but it's crucial to understand your money mindset and work through your money stories. In today’s episode, Fiona shares reasons why you should track your revenue and provide tips on how to get started. Tune in!
Topics discussed in this episode:
Introduction
Having clarity and an overview of your money
Make decisions with confidence
Future plan and forecast what's coming up
Feel like an adult
Conclusion
Get in touch with My Daily Business Coach
Resources and Recommendations mentioned in this episode:
The reason that I call it a revenue tracker is that I think sometimes people are scarred by a profit and loss statement or your P and L or if you use all these different acronyms in finance. People can just put their walls up because we all have stories and narratives attached to money. We all do. Doesn't matter where you come from. We all have stories attached to money. And working with clients’ money is partly working through their money mindset and working through what are the stories you're telling yourself. When it comes to tracking your money, if you are not doing it already, I wanted to talk through today four reasons why you should, but also how to get started.
Welcome to episode 284 of the My Daily Business Coach podcast. Today you are listening to a coaching episode and if you have ever struggled with your finances and if you have ever felt like there's not enough money in the bank, what did they say? There's not enough months left at the end of the money. That's a Dave Ramsey quote I think. But if you have ever worried about your money as a small business owner, whether it's putting money away from your 401k or your pension or your superannuation, whether it is, how am I actually going to be able to pay my staff? Or if it is, I would like to take a wage from this at some point and I'm not, then today's episode is 100% for you. Stick around for that. Two things I'd like to mention.
The first is, of course, to acknowledge the traditional owners and custodians of this beautiful land on which I live and record this podcast. And that is the Wurrung and Wurundjeri people of the Kulin Nation. And I pay my respects to their elders, past, present, and emerging, and acknowledge that sovereignty has never been ceded. And I also pay my respects to any other indigenous or Torres Strait Islander people who might be listening in today. The second thing I wanted to mention is that it has been coming for a long time, but we are rebranding. If you are listening to this in real time, it is the end of February 2023. We are rebranding. Over the course of the next month, you'll see redirects happening and you'll also see possibly new artwork come up on Apple and Spotify and wherever you listen to this.
We don't get to control when exactly that switches over, so just please keep that in mind. I'm excited about the rebrand. It has been like literally years in the making. It's not that huge. It's like we're hyping it up. It's just a slight amendment to the business so that it can be aligned with where we're going in the years to come. Keep an eye out for that. As I said, we don't know exactly when things will roll out, but keep an eye out. And of course, you can always email us if you miss any episodes or you for some reason can't find us, although I'm sure you'll be able to find us. You can email us at hello@mydailybusinesscoach.com. Let's get into today's coaching episode.
We are talking about money, in particular how you track your money. Now, this is such an important part of the business. I cannot stress it enough. I have worked with thousands of people. This is my eighth year in business and I have seen all sorts of businesses big, small, those just getting started those decades in, I have seen businesses that are making multimillions. I am seeing businesses that are making or that want to make maybe their first $5,000. And no matter where you are in business, you want to be tracking your money. I cannot stress it enough. I also probably should stress at the start of this episode that I am not a CFO. I'm not a chartered accountant. I am not an accountant.
I am not a financial planner, I'm not a financial advisor or a licensed financial advisor. Everything I'm telling you is general in nature and is also coming from a business coaching perspective. The reason I wanted to talk about this is I just think it's something that a lot of people miss or a lot of people start and then they decide to, for various reasons, stop doing. Particularly if they don't like what they're seeing, they stop doing it as an avoidance strategy. And it is something that if you get into a habit of doing it can be magical for your business. Both in understanding where the issues might lie, but also in the joyful and celebratory moments as well when perhaps more money is coming in than you thought or perhaps you're having a spike and you can then relay where is that coming from.
What marketing have I been doing? What has changed in our brand awareness? All sorts of things can, can lead to a spike in income and revenue. But the important thing is to understand what is coming in and what is going out. Now, you can call this a profit and loss statement. You could call it some basic revenue tracker, whatever you want to call it. And sometimes I think when you say profit and loss statement to people or P and L sometimes people can get their eyes just glaze over or they think, “That's my accountant to look at.” Or that's for the financial person to look at rather than that's for everyone in the business to look at. But most importantly, the person leading the business is completely aware of this. I have gone into agencies before where pretty big agencies where I've talked to their CEO about this and they'll say, “Well, as long as checks don't bounce, we are fine.”
Which is an interesting place to be as the CEO of a business. That is not a judgment on somebody, but it is something to reflect on, and maybe even as you're listening to this be thinking, am I coming at my business, particularly the financials in my business from that perspective of unless something bad happens or unless someone doesn't get paid, we are okay, which is a reactive way of looking at business and your financials rather than being proactive and being on the front foot and understanding your numbers. If I turned around today and said to you, where are you at in relation to your revenue goals? You'd be able to say, we are sitting here or we are 75%, which is perfect for this time of year. Or we are our profit has dipped by this percentage over the last two months, but we know that that's because of X, Y, Z.
Quite often that doesn't happen and it doesn't matter. Again, I keep stressing it doesn't matter if you are a year into business or people that are 20 or 30 years into the business. The financial part of it is a huge part of why we started, but it is not something that we look at sustainably whilst running the business. And sustainably for me is looking at it daily, if not weekly at a minimum. Understanding where is the money coming in, where is it going out, and then where are we tracking in relation to our financial goals. I think that looking at a revenue tracker can be the very basic level and starting point for a lot of small business owners. I know that you should also have a profit and loss statement depending on where you are in business, but I would suggest that most people should be on some software.
I use Xero, I'm not sponsored by Xero. Hello, Xero If you're listening, welcome to sponsorships, I'd be totally open, but there's Xero, there's MYOB, there's QuickBooks, there's Honey something. There are so many out there that you can use and a lot of them have an affordable startup entry fee. Now, if you don't have that, the basic minimum that you should be using is an Excel sheet or Google Sheets to track your money. Now if you're thinking, “I hate Excel, or I'm really bad at formulations,” you can find so many of these templates online. If you work with us, we work on a revenue tracker with you. It's also part of Marketing for Your Small Business if you're enrolled in that course. And it's a huge part of our Money Mapping course. Feel free to get that as well. You can find all of those at mydailybusinesscoach.com/shop.
Coming back to a revenue tracker, the reason that I call it a revenue tracker is that I think sometimes people are scarred by a profit and loss statement or your P and L or you use all these different acronyms in finance and people can just put their walls up because we all have stories and narratives attached to money. We all do. Doesn't matter where you come from, we all have stories attached to money. And working with clients' money is partly working through their money mindset and working through what are the stories you're telling yourself. When it comes to tracking your money, if you are not doing it already, I wanted to talk through today four reasons why you should, but also how to get started at a very basic level.
Now, this is not accountants or anything else like that. This is a very base level for starting. I guess I'll go through that first and then I'll go through the four reasons why I think this is so important. There are a few ways to track your revenue at a very, very basic level. The first could be going into a platform that you're already using and looking at things like your activity statement or looking at your profit and loss or your balance sheet. Now sometimes again this even just that act, if you have never done that, can feel very daunting. Or you open up these reports on a tool like Xero or MYOB or QuickBooks and it just all looks like I don't even know where these figures mean, I don't know what's coming in.
And depending on how it's been set up or if your accountant is in there or your bookkeeper or your financial planner or advisor, there'll be other columns and other things added in that you may not know at first glance what they mean now. You can go through that with the person that's helped you set it up or come back to a very basic level. Like I've said, you can start your own basic revenue tracker in Google Sheets or in Excel sheet, or you could take pen to paper as well if you'd rather, although I would try and do it digitally so you don't lose this stuff.
The first thing is to figure out what is the revenue that's coming in. This is the total gross revenue. This is not taking everything out and what about this? Because again, we're trying to make it very basic and simple to start with. Simple is great. That's what you want to get to with money. Just a very simple way of looking at it first and then you can make it more complicated and get different tools and bills, bells and whistles. But the first thing very basic is to create an Excel sheet. Google Sheets or as I said, if you have to do it in pen and paper, do it in pen and paper. And the first thing is to figure out what are my revenue streams, what are my revenue streams that are coming in. And you might decide to put these in groupings or you might decide to put them as a calendar year. Let's use the calendar year as an example.
Let's say you have one column, you have column A that has your different revenue streams broken down. Then you have all your months across column B. You might have, depending on when you're starting, let's say the Australian Financial Year runs from July 1st until June 30th. You might have July, August, September, and October, all the months through to June next year. Then you have the revenue streams in the first column. Let's say for my business, one of my revenue streams is Group Coaching, but I run two groups at any one time and then we often have an overlap with the third group for a month or two. I might have group one, group coaching group one, group coaching group two, and group coaching group three. I have three different lines for that one revenue stream, which is total group coaching.
Now, those groups will start at different times of the year. Most people in the group, I would say 90% pay monthly. I know that if a group is starting in March, they will get their first invoice in February and then they'll get 11 other invoices after that. I could go into that tracker, I could look at, let's say it's group coaching group two, and I could then input the total amount that I expect to get in from those 10 people doing that group coaching program for the whole year. But each month, let's say, just to keep numbers easy, let's say I have a program that I sell for a hundred dollars a month and I have 10 people doing it, that's a thousand dollars. I put a thousand dollars into February a thousand dollars into March a thousand dollars into what's next, April, May, and June.
I can put in, that is the expected money that should come in from that particular line in the revenue stream, which is group coaching group two. Then let's say I have group coaching group three, which is the line below. Maybe that one doesn't actually start until August. I have in July because we always invoice one month out of a thousand dollars in August, and a thousand dollars in September a thousand dollars. I can see that it's some months of the year when those two groups are going, the minimum I will be bringing is $2,000 for that month. However, back to column A, I have other revenue streams. I might have group coaching group one, group coaching group two, group coaching group three, then I might have speaking fees and I might decide on a goal for speaking. Speaking is something I do in my own business.
I might decide how much money per month I want to make from speaking gigs. Let's say I want to make a thousand dollars a month from speaking, that's $12,000 for a year. I will put a thousand dollars under each of those monthly columns next to the line for speaking gigs. Then I might have another revenue stream, which is, let's say my book. I get paid royalties on my book twice a year. At six months mark. I can put in what I might expect or I can put in a minimum goal that I would like. Likewise, I'm currently writing book two now that advance will be paid in three separate payments. It's paid when you sign a contract when you submit the book manuscript, and when the book comes out.
That payment is usually spread over about 18 months. I will put in let's say I've signed the contract in March, I'll get paid in April for that. I can put that first chunk then I know that the book is due in, let's just say the book is due in September, then I can put that month like in October because it takes 'em about a month to pay. I can put in the second chunk of that payment. And you can see how firstly just listing out where you're expecting money to come in is the base level of just your revenue streams and you can break each of those revenue streams down as much as you want. Let's say you are running a shop and you're like, well that sounds fine if you're running a service-based business.
But if you're running a shop, you might be like, well how do I break these down? You might have them in categories or verticals. You might have accessories, homeware, clothing, or apparel, you may have in separate categories depending on how you set up your shop and your point of sale system, and the inventory management tools that you're using. You might have it as my online store as one revenue stream, my physical store as another revenue stream and maybe you have your own brand label as well, which is going into stock us as well. You have that brand there as a wholesale and you might do other things. Maybe you run events in your shop. You might have events as a separate part of the revenue streams and you might decide that every quarter you're going to run one event and you want 50 people to come and they're all going to pay this easy on yourself.
They're all going to pay $20. I think that's a thousand. Is that a thousand? Someone will tell me off my dad would be turning over in his grave that I can't do this basic math, but it is hot. It is hot here in Melbourne, I'm recording this and 39-degree weather so my brain is melting a little bit. But let's say you have those events each quarter and you expect to make a thousand dollars, you would then put in April a thousand dollars under the event line. If you start doing this and if you're mapping this out whilst you're listening to this, that's awesome. You can also go to the show notes for this episode, which you'll be able to find at mydailybusinesscoach.com/podcast/284 as this is episode 284.
The first thing to get clear on is where is your revenue coming from and when in the year is it coming from. You're putting all of this down underneath this, you will then have some totals. You'll be able to total up how much money I expect to come in in January or July, how much expect do I expect to bring in in August? Telling up all of those different revenue stream amounts that you've added in underneath that or wherever you decide to put it. You'll then need to put your expenses, you'll need to put in your guesstimated or if you know your fixed expenses. Your fixed expenses are things that don't change. Commercial rent, wage, other things that are fixed, gas, electricity, stuff that is just fixed. It has to be done and has to be paid for.
And then you'll have non-fixed expenses or your other expenses there. They might be things that you decide to cull, especially when you look at how much is coming in and how much is going out. Now in that you also want to be included in your expenses, your wages, your superannuation, and anything else that you're having to pay your tax withholding. And again, because we have people all over the world listening to this, which is so wonderful, every country or lots of countries have different tax rates. For the sake of ease, I often say to people, put aside at least 15% minimum. The reason that you put that aside and if you're listening in Australia like well that's only half of what a company has to pay roughly, the reason that you put less than you know the total amount is that you'll always, or again, depending on which country you're in, you will have different things that you can claim for.
Your actual taxable income is rarely your full revenue. It is your revenue minus all these expenses, minus all these other costs of the business. You can have that as taxable income. You'll put that aside or you'll put that into your expenses. And what you want to have a look at is, does the money that's coming in, does it give me some buffer between the money that's coming in, all the revenue streams and you've mapped them out across the calendar here and then all the expenses which are also mapped underneath those months. You can start seeing July is going to be a tough month because we don't get paid for X, Y, Z. Or maybe you've had to pay out a huge amount for stock and that stock doesn't come in, it doesn't start selling and give you the return on investment until later in the year.
It's a way of being able to see everything at a glance that is so helpful. Again, there are so many different ways to put this through. What I've described to you is a very basic revenue tracker. The other thing that you want to think about, and you could add this to the top of your revenue tracker or it could be a whole other tracker is a week-by-week projection in terms of your financial goals. I have this in a tool that we call a weekly business review that I share with my clients quite often. And part of Marketing for Your Small Business, the course which you can buy at marketingforyoursmallbusiness.com and breaks your goal, your total goal, revenue goal for the year up into 52 equal amounts. Now a lot of businesses will change that because they don't get paid 52 times a year perfectly, but it's showing you at any one week in the year where you should be.
Let's say at the top of this revenue tracker, you have a couple of lines clear on your Excel sheet. You'll have at the very top, you will have this week's budget or this week's you can call it budget, you can call it target allocation, you can call it this week's sales projection, whatever it's, and we'll have in week one, whatever the full financial goal is divided by 52, that will be your first week's total that you're trying to hit the budget that you're trying to hit. Let's say for the sake of numbers you wanted to make 52 million in the year, that will equally amount to a million dollars a week. Let's say it's a million dollars in week one. By week two your budget is no longer a million dollars, it's $2 million because you should have made 2 million by now to be able to hit your 52 million by week three, 3 million by week four, 4 million, and so forth.
You have that running for the whole year, week by week. Or again, if you wanted to, you could break it into 52 divided by 12, figure that out and just have a monthly goal and then look at all the revenue that's coming in and see again how far or close, what is the variance between what the goal is for that month and what you're actually bringing in. Or you can break it down by week. A lot of people get scared about breaking this down by week because they're like, it's so detailed. But I think it also allows you to see changes that are happening. Let's say you decided that you were going to start running Google ads and you put them on in the week 3rd of September and you started seeing a massive increase. If you are just looking at the total month, you might think, that it's getting close to Christmas and the gifting season.
Maybe your stuff is related to Father's Day or something else that happens in September or Spring. Who knows? And you may not catch that it's, that was actually the week that we started those ads and that's what we saw a spike come up against, which is another massive reason why you want to start revenue tracking. Whether it is weekly or whether it is monthly, you want to have your goal somewhere in your revenue tracker. What was your financial goal? Let's go back to that instance of 52 million. If you have each week you're getting a million by week 18 of the year, depending on where you start your calendar, let's say by week 18, you look at it and you're like, "Okay, we were supposed to have made 18 million by this stage in order to hit 52 million. However, we have brought in 11 million, so we're 7 million short.
However, we know that that money is going to come in in two months because something huge is happening. And we know that that money is going to come in. What you don't want to happen is that you're not looking at this stuff on a regular basis. And what happens is you get to tax time or you get to, in Australia we have bass, you get to your quarterly bass and you're like, I really didn't make that much money. I'm a bit deflated. And you start telling yourself all sorts of things because like I said at the start of this episode, so often we equate money with all of these like self-worth and we have all these money mindset narratives that come up. And instead of getting to a point where you can't really do anything about it, like once you've come to the end of the quarter, once you've come to tax time, it's all in the past.
You can't make more money if you've already passed that month. Whereas if you are looking at it every week and you're looking at it all the way through the year, there is so much more of an opportunity for you to see the dips and realize, “Okay, we've got to go harder on that,” or we've got to push that, or this isn't working, so we need to do something else and try and test an experiment, which is a huge part of marketing. That is such an important part to have your goals, your financial goals listed out, and to have it listed out in some way that is trackable throughout the year. Not just, I want to get to the end of the tax year and I've made this much. It's like if you wanted to make that much by the end of the year, where do you need to be three months before that point?
Where do you need to be three months before that point? And where do you need to be nine months before the end of the year so that you can see where am I at any glance, like where am I can open it up on a random Tuesday morning and know where I'm at? It is such an important thing and I hope that that is getting across. I know it's difficult to talk about Excel spreadsheets in this medium of a podcast, but believe me, if you can listen to this again or go through the podcast show notes, it'll just make such a massive difference to your business if you are tracking these things. This brings me to the four reasons why you should track. I've talked you through how to in a very basic way, but the four reasons, if they're not already super clear to you.
Number one, you need to understand your numbers in order to grow and in order to grow sustainably. You don't have these mega peaks and troughs. I mean, mega peaks aren't so bad, it's the mega troughs that are hard. And I've seen people come through that where they haven't been looking at this stuff and they have mega troughs. They have mega dips in things. It's so much so that they then end up in a massive amount of debt. Some debt is totally fine and depending on how risk-averse you are or not, you will have a certain amount of debt. However, what's not so fun is when that debt has become so big that other things that you wanted in your life have to be sold or, for example, remortgaged because you have gone into so much debt because you are not watching the money.
Again, it can be a confronting thing to look at your money and to start looking at it regularly. I talk to clients all the time who have said, “Oh yeah, I used to do that, but then I just stopped because I didn't like what I saw.” That's not a reason to stop. That is even more of a reason to be looking at it. Ignoring a problem doesn't make the problem go away. Looking at it, facing it head-on makes it less scary and also allows you to go, okay, this is the starting point, this is a benchmark. Where do I go from here? Who could I ask for help? How can I make a way forward rather than ignoring it? And the problem gets worse. The first thing is, like I said, having clarity around your money situation right now, is number one, the most important reason why you need to track your revenue.
Number two, which is a bit more fun, you can make decisions with confidence when you know your numbers. It is not as scary to think about hiring somebody else. It is because even if it's like, I can't hire them right now because this and this and this needs to be paid off first, but knowing the money that's going to come in let's say September, I know and my expenses are going to be low from that point on for let's say three or six months because maybe you're not carrying in stock until six months later. I know that I can bring somebody on and it might not be bringing somebody on full-time, but it could be I'm going to hire a virtual assistant for the first time, or I'm going to hire somebody on a part-time basis, or I get to hire somebody to come into the warehouse and pack orders so that I don't have to do it on Sunday afternoons.
It allows you to make decisions with confidence because you understand what your situation is rather than thinking, which I hear all the time, “I don't think I can afford to do X, Y, Z.” Let's say it's you that need help with graphic design, but you are thinking, well, I don't think we've got the money for that. Based on just a feeling or not looking at your numbers or you look at your numbers and you realize if we stopped that and that, maybe some subscriptions that you're not that you don't utilize, maybe some memberships that you're not getting much out of. If we pull back on that, that will actually give us an excess of a certain amount of money per week and could go into a graphic designer working for you two hours a week.
Again, when people think about hiring, they think about having to pull somebody in full-time rather than somebody working pro-rata somebody on part-time, someone casual, or a freelancer that they're paying a certain amount of hours a week. That clarity is so important. Confidence comes from clarity. The second point I'm making is that you can make decisions with confidence when you know where your money is coming in from. Likewise, even things like paying yourself more. If you are aware that maybe you've started subscription boxes and you've got a certain amount of people signed up for a year, maybe you are running something like a group coaching program or maybe you have a membership model that you know that that certain amount of money is coming in, maybe you're going to pay yourself a little bit more now or maybe that money is going to top up your superannuation or maybe that money is going to be taken out and put into investments so you can diversify your income and you're not completely depending on your business solely as your only revenue source in your personal life as well.
That's number two, being able to make decisions with confidence because you have gone through number one, which is understanding and having clarity around your money situation. Number three is that knowing your numbers now allows you to look into the future. Now I've just talked about making decisions with confidence, but being able to future forecast, to a degree, let's say we're not all we can't all see into the future. No one, well, I'm sure lots of people saw a pandemic coming, but nobody necessarily saw how full-on it would be, particularly for small business owners and particularly in different parts of the world. I know here in Melbourne we had the longest lockdowns in the world and my heart goes out to anyone in hospitality or music or events or weddings because it just got locked down for so long that any of those businesses that managed to stick on, I mean I'm saluting you because it is such a hard slot now.
We can't know everything that is going to come in the future. However, we can plan and be able to forecast when we know our numbers and when we've been looking at our numbers for a certain amount of time. At least a year, if not once you've been doing it for a year and another year and another year, it makes the ability to grow your business so much easier and to forecast, when could we introduce that new category line? Well, when could we do this? Because you're allowed, you're able to forecast or maybe you can buy more stock and get a better deal for your stock because you are aware of your financials and you're aware of where you're actually going into the future. You can better forecast sales as well because you can start seeing trends and patterns that emerge.
Particularly with that year long, and that's why I said the weekly rather than the monthly, but if you're looking at it, you can start seeing that, “Okay, we see a massive uptick in sales at this particular year.” Now I'm not counting like Christmas, Hanukkah, the end Duvali, the end of the year business, which is a huge uptick for most retail businesses, but other spikes that might be going on that you are like, “I wonder why that keeps happening in May,” or I wonder why that keeps happening at the last week of July. And you can start then assessing the behaviour of your customers or clients and really understanding how you might move forward with even better offers that time next year. Because you know that there's a tendency to spend, likewise, if you know that when you go on sale or that when you do something different in the business or you have a gift with purchase or you have added values, you have a massive uptick.
You only know that if you're actually tracking it. And even in what I've just said, maybe it's a sale that is great for your audience, maybe other audiences. You see that when you offer a gift with purchase, which is like a small gift when people buy a certain thing or maybe it's a limited edition product that comes with something when they buy it in a particularly short amount of period, you can start seeing what do our customers prefer? And you might say, we've been going on these sales, but when we did the gift with purchase, that was way higher. And that's what people are after rather than the percentage off. It depends on who your customers are, but allowing yourself to look at the numbers allows you to future forecast, not just your sales figures, but to look at, what marketing really worked for us in terms of financial growth and what are we going to do next year based on those numbers?
That is number three, understanding how to future plan and future-proof in a way as much as you can your sales will close because of that. We've had number one, clarity over your money situation. Number two is confidence in making decisions. Number three is being able to plan and future plan your business based on sales and also marketing. And number four, you feel like an adult. I know that sounds really silly as if people are out there feeling like kids, but you feel like, “Okay, I've got this, I'm on top of my business and I'm understanding my money.” And as silly as it sounds, it is, if you've ever been in a situation where you were hiding from these figures or where you weren't looking at them or you weren't making any revenue tracker make one time and time and time and time again, I hear from clients like, “I feel like an adult.”
I feel like I'm running a proper business now. And these are people who are running like big brands, they've got lots of staff, but if they're not on top of this, it can feel a bit overwhelming or it can feel as if when they go in to see their accountant or their financial planner, they're like the kid being taught. And they're giving that power to somebody else to make these decisions rather than them having it. And if you're feeling like an adult as well, it means paying your bills on time, paying invoices from your suppliers when they come in, not being that business that people are coming to going, you still haven't paid my invoice, can you please pay my invoice? Because that is not creating good relationships and nurturing and strengthening the connections that you want to have in business.
You want to make sure that you are really aware of what expenses are going to come in when, how much money you are getting in when you can pay them. Even if you have to say to somebody, “Look, I know that you know we are going to be able to pay this invoice, but we're going to be able to pay it right at the date of the deadline, we are not going to be able to pay it beforehand.” That information is gold and it's transparency and it's trust with your suppliers and other people that you may have to pay invoices for. Being an adult is also about paying yourself and making sure that you're paying yourself a livable wage at an absolute minimum, if not a great decent wage with bonuses and other things on top, depending on how you're set up. But it's about saying, I know that I'm bringing this amount of money into my household and that the business is covering it.
I know that the business is also covering my superannuation or my pension. I know that the business is also covering any policies or indemnity or insurances that I have to have as a business owner so that you're not shying away from things or worrying about, what if that happens. Or getting to a point where say, I don't know, you're at a dinner party and people are talking about superannuation and you feel like you have to shy away because you haven't been contributing to yours. That is the fourth point, which is a really important part, feeling like an adult feeling like you have things under control.
Just to recap those four reasons, and there are so many more, but the four reasons. Number one, having clarity and overview of your money situation right now, whether it's good or bad, just not putting good or bad next to it, not putting a motion, just having a clear overview. Number two is being able to make decisions with confidence. Number three is being able to future plan and forecast what's coming up. And number four is to feel like an adult, to feel like an adult in business. And that you are paying your bills on time, you're paying yourself on time, you're not scrimping and saving every single, you know month. You're not constantly borrowing from other family and everyone else to make things meet. You are an adult and you've got this.
I hope this has been helpful to you. If you are interested in all things money. We have a course called Money Mapping. It's affordable and it has helped hundreds of people understand where the revenue streams are coming in, how to map that out, how to set goals, and how to find things like recurrent revenue, which is important for stabilizing any business.
You can find that at mydailybusinesscoach.com/shop. We also have Marketing for Your Small Business. It kicks off in five days if you're listening to this in real-time. And you can buy the Marketing for Your Small Business course anytime at marketingforyourlsmallbusiness.com, but twice a year, rerun Rerun, a nine-week live coaching program. And in that, we go through all the different things that you need to understand to be able to market strategically and sustainably and in a way that aligns with your values and beliefs. Now at the end of that, you have the option to present your marketing strategy and plan to me and everyone else on the call for feedback. It's a great way of staying accountable. If you already own the course, make sure that you have checked your inbox because you would've been offered a very affordable upgrade to take part in this.
A lot of people come back and do it year after year so that they create their marketing plans. And this is a perfect time of year to do that if you have not already created your marketing strategy and plan for 2023. again, you'll find all the information over at marketingforyourlsmallbusiness.com. Like I said at the start of this episode, you can find all of the information over at the show notes, which are at mydailybusinesscoach.com/podcast/284. If you have any questions about it, feel free to email us at hello@mydailybusinesscoach.com. And lastly, if you found this useful, I would love it so much if you could take two seconds and leave us a review on Spotify or Apple or wherever you listen, it just helps other small business owners find this and perhaps they really, really need to work on a revenue tracker of their own. Thanks so much for listening, I'll see you next time. Bye.
Thanks for listening to the My Daily Business Coach podcast. If you want to get in touch, you can do that at mydailybusinesscoach.com or hit me up on Instagram @mydailybusinesscoach.
