7 Steps to Implementing Your Money Date

It’s not what you may be thinking! Let’s spend some time breaking down the basics of a money date and I’ll explain why I think having them is such a critical part of your financial wellness.

What is a money date?

The purpose of a money date is for you to regularly schedule a calendar appointment to review and talk about your business finances.

Why should I plan for that?

You are managing the finances for your business and your finances are a critical part of having a successful one. You can have this date alone (with your CEO self) or with your financial support team (your accountant or CFO).

What will I do during this time?

  • Review your goals.

  • Monitor the status of your profits.

  • Analyze your cash in/cash out.

  • Plan for future growth which monitors risks.

How often should I have a money date?

You can choose between weekly or monthly, but don’t stretch past monthly. You’ll need to know exactly where you stand with your finances so that you can course correct whenever you find it necessary.

Why is this something successful people do regularly?

A money date gives you a good look at the past, the present, and the future.

  • Review your profit & loss statement for a historical look back at sales and expenses that have already occurred.

  • Review available cash for a snapshot of where your business stands today. Look at what’s available for you to reinvest in the business or to cover expenses if sales become an issue.

  • Set money goals, sales expectations, and a strategy for the upcoming period for a future look into the end goal for your business finances. Having good financial visibility ensures that all departments understand their role in the profitability of the business. After all, what gets measured gets managed.

Simple steps to take for a successful money date

If you just start with these few steps, you’ll begin to feel more secure in your business’ numbers and start making confident money decisions.

  1. Categorize your spending.

  2. Review your business budget.

  3. Review your profit and loss statement.

  4. Review your available cash.

  5. Set money goals and sales expectations.

  6. Plan your strategy for the upcoming period.

When’s your next money date?

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