When it comes to business (and indeed life) there are three freedoms we all want to achieve: financial, time and mind. Another way to think about it is, more money, a better work-life balance and less stress. When aligned, business (and in turn your life!) feels great, if one is out of kilter however it can leave you feeling overwhelmed.
Financial freedom is growing sales, lifting margin and profit, ensuring invoices and salaries can be paid, being able to afford to invest in equipment and improving cash flow so that you can enjoy your time out of work. The first step to achieving financial freedom? Working with a business coach for an initial review to assess your current tactics before, together, creating your annual business plan, forecasting your annual finances and managing your cash flow.
Time freedom is ensuring that the business works for you, not that you work for the business. It’s freeing up your time so you can focus on the most important aspects of your business and still have time to enjoy yourself outside of work too. It could be clarifying who does what in the business, improving your business’ efficiency or learning the best business model to be both sustainable and scalable. A business coach can provide an organisational review to assess how your business is currently operating and how it can be made more efficient. This could include training, outsourcing, prioritising tasks and using automations.
Mind freedom is reducing the burden and stress you experience day to day in business. It’s getting your compliance work done on time, minimising taxes, feeling supported and preventing burnout. Mind freedom can be achieved by outsourcing your compliance work to an accountant and by working with a business coach who will provide you with regular, ongoing support and will keep you accountable for your financial reporting. If you would like help achieving the Three Freedoms get in touch with Grace Team Accounting today for business planning and coaching. Call 07 578 5416