Recession-proofing your organized biz
(www.myorganizedbiz.com) - Whether your head is in the sand, you’re quaking in nervous anticipation, or scoffing at the absurdity, 70% of economists agree that the U.S. is in a recession. In other words, our gross domestic product has had two successive quarters showing a loss rather than a gain.
Myself, I alternate between putting my nose to the grindstone and breaking out in a cold sweat. As a small business owner, I wonder how I’m going to keep afloat.
The good news is that no amount of worry will to change the way things are going. So what’s a savvy, organized business owner to do?
Have a kitchen table financial summit.
My buddy, Mark Silver introduced me to this concept and it has proved to be a life- and sanity-saver. Not to mention a really cool way to stay financially organized.
The basic idea is to develop a regular and sane relationship with your money and finances. So often we run from money issues, and this allows you to face them squarely and gently.
What do you do in a kitchen table financial summit?
For one, make the time for it. Put a kettle for tea and begin to treat your money like you would a good friend. Mark recommends doing it for an hour on a weekly basis. Time invested will pay off.
Once you’ve set aside the time, you develop a spreadsheet. It can be high tech or low tech. Personally, I like scratching it out on paper because the physicality is grounding for me and I can see everything without scrolling. Use what feels comfortable to you.
Enter any upcoming expenses and the dates they’re due. And then enter income you’re expecting. If you’ve been doing it for a while, cross off anything you’ve paid already.
How to beat the recession
A weekly Financial Summit can recession-proof your business because it helps you analyze where your money is going in a non-judgemental way. Over time, you may be able to cut back on certain expenses, pay off debts, and build savings - just by paying more loving attention to your money.
Sound wild? It’s awesome. And if you want to get a complete description of Mark’s Kitchen Table Financial Summit process (as well as a sample pdf spreadsheet) visit his website.
Is your head in the sand? Are you nervous about the recession? What are you doing to stay on top of your financial situation?
Tags: business, define recession, finance, Mark Silver, Organize, recession, survive a recessionRelated Stories
POSTED IN: Finances organized
2 opinions for Recession-proofing your organized biz
b5media - Recession? What Recession?
Mar 31, 2008 at 4:50 am
[...] at My Organized Biz helps you stay on top of your finances during difficult times by having a kitchen table financial [...]
A Year Ago on My Organized Biz (March)
Mar 8, 2009 at 3:02 pm
[...] Recession-proofing your organized biz With the economy still struggling, you may wonder how to keep your business afloat. Read this article for some tips on facing your money issues. [...]
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