excuse proof your finances | Childcare Ninjas

Are you putting profit first in your childcare business?

by admin | Feb 11, 2021 | Blog, Uncategorized

If I asked you right now what your profit was going to be at this moment, would you know? Have you got a system in place to give you a birds-eye view of what’s going on in your childcare business finances right now?

It’s important that you nail this as soon as possible, so you can see at a glance what you’re making and how much profit you’ve got.

I’ve spent the last few years really honing in on making sure I have a cash flow system within my financial system that allows me to see what’s really going on – so I can see what my profit truly is.

Read on for tips on putting profit first and making your childcare business more streamlined financially.

So why do we need to know about profit?

When it comes to finances, you want to be able to get a quick and easy-to-understand overview. This is so you can actually pay your bills on time, not miss essential payments because you’ve prioritized things, and – vitally – you won’t have so many Childcare biz surprises!

One thing I’ve looked at and has helped me a lot is the “profit first” system of cashflow. I’ve also written more about profit here and lessons I learned from watching The Profit!

How does “Profit First” work?

I read the book “Profit First” by Mike Michalowicz and boy oh boy it was a game changer! A massive help. It’s helped me see where I’m making a profit easily, where things are going more clearly. Which means I have a much better handle on payroll – which my staff appreciate! – and obviously this helps me keep the whole taxes thing under control too.

Profit First is based on a waterfall system where all income flows into your top income account, and then on the 10th and 25th of every month, this cash is allocated out to the other accounts – based on your current allocation percentages. So you can have accounts for Tax, paying yourself, profit and expenses, that you put money into twice a month. It’s flexible to suit your needs and definitely worth looking into!

Getting finance systems in place!

Creating a system doesn’t have to be hard to understand, and I love the way the author, Mike, broke it down in a very simple manner. It really helped me get a better grasp of where my money’s going and I’d love for you to have the same.

The earlier in your business you can do this, the more ease you’ll find in your business regarding finances.

I’ll be going Live tonight in my Facebook group, talking about, “Creating a cash flow system that’s simple”. Do come and join me, I’d love to share the process I use and how I adapted Mike Michalowicz’s book “Profit First” model to work for my Childcare business. I’ll be discussing how to create a system where you can be clear on your profits and expenses and easily get a ‘snapshot’ of your finances at any given time.

There’s going to be some super tips that you’ll want to implement! Never miss a bill again or find yourself short at the end of the month!

So pop it in your diary, tonight 8 PM EST in my group. Join the FB group here. If you think any of your Childcare Biz owner friends would also love it, send them the link!

Have you read the book “Profit First”? How did you find it?

If you haven’t had a chance yet, I’d love for you to read the book, and put together a simple cash flow system that is easy for you to follow. Are there any other money books that have helped you in your business or life? I’m always looking for recommendations – hit me with your lists in the comments!

Come and let us know over in the Childcare Ninja Facebook group! We’re an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!

Why 2021 is the year you can excuse-proof your finances!

by admin | Jan 1, 2021 | Blog, Uncategorized

If 2020 has taught us anything at all, then surely it’s that we need to be prepared for the unexpected and be as adaptable as we can be. So how can you use this knowledge to organize your finances to make you more secure?

So what I’m sharing with you today is things we can do to cover ourselves. Making sure we cover all the bases and essentials, plus investing in our childcare businesses and us. Because investing in ourselves is key to growth.

Does the word “finances” fill you with dread?

Since I’ve been running my own business, I’ve got a lot more comfortable talking about money. The ins and outs, the profit margins and invoices. I’ve written about it before over here, and in other places too!

It’s strange, because although we know how important money is, and how finances impact our lives daily, it seems that we don’t like to talk about it much. There’s definitely a touch of taboo when it comes to discussing the green stuff.

Recently, I posted about finances in my Facebook group and it turns out that not many Childcare Ninjas are feeling the topic! But what I want to change is how we view money. Because it is super clear that to become successful in your childcare business, you’ve got to get comfy with finances and the talk that comes with it.

Excuse-proofing your finances

Last year, it was very easy for many of us to make excuses around not investing in our childcare businesses, and putting off investing on ourselves. But now 2021 has arrived, and we should be able to start off on a good foot, covering ourselves so we have the finances we need to grow our businesses. This includes money for investing in ourselves and investing in our childcare businesses.

Now is not the time for excuses! So what can you do to change the way things have been going? Have you made a plan for alternative income streams? Have you got ideas for saving money?

Challenge yourself to up your finance game

Developing your childcare business this year means you’ve got to stop using the old excuse “I can’t afford it”. Take the opportunities that you’re given in 2021 to grow your business. Lean into the fear and get stuck in. Stop putting off investing. Take money as an excuse of the table. And to do that, you’ve got to set yourself up to be more secure. You need to get comfy looking at your finances. To know exactly what you need to have coming in, and some extra for investment.

I want to challenge you to sit down and create some plans on different ways you can make some extra income next year. Set a timer and write down all the possible ways you could make money. E-bay? Babysitting? Make a cup of coffee and really go for it with that list!

Think outside of the box!

What are you good at that could bring you in some side hustle money? Could you teach piano lessons or do dog walking? Could you offer odd job skills to neighbors? Perhaps you’re a dab-hand at baking and might offer your services to busy moms who haven’t got time to make that all-singing all-dancing birthday cake?

Don’t let worries about what other people might think get in the way of you trying ideas out. Marie Forleo waited tables and taught dance classes while she worked her way up to the top of her game! She talks about money myths many of us women fall into here. And doing something other than running your childcare business, so that you can have enough money to invest doesn’t make you a failure. Trust me!

Still stuck on how to excuse-proof your finances?

I have a great resource that can help you out. It offers a number of different ideas to help you get the cash you need to start your in home business, hire that coach, or purchase that course to help move you along on your journey to success.

I designed this for you because I want you to get the tools you need to get to the next level of your success quickly and I don’t want you to keep putting your success on hold because of limited funds. And I want to help you reach your success as quickly and as simply as possible because it’s about time that you started living life on your own terms! Are you with me!? Download you free ideas list here.