Do you have a money problem or a budgeting problem? Many childcare business owners express to me that they don’t have enough money to do the things that they want to do in their business. I would like to ask you to ask yourself this very simple question. Is it that you don’t have enough money, or you’re not properly budgeting what you have? I have seen it happen time and time again in this childcare industry. Childcare business owners fall into one of the four categories. Number one, spending money beyond their management skills. Number two, poor tracking systems. Number three, unaware of the cost of what it takes to truly care for a child. Number Four, not referencing their bank accounts often enough.
In today’s blog post, I want to talk to you about understanding what it takes to really manage your childcare business and your money in such a way that will cause growth, in such a way that it will cause you to have a successful business. If you’ve never learned much about budgeting your money, then I can understand why you are having financial challenges. Trust me, when I started in the childcare industry, I experienced financial challenges too, but there was something on the inside of me that said, “Andrea, if you’re ever going to be better then where you are, you must learn to control your finances.” Then, I began to seek out ways to really control my finances so that I could grow my business, and so that I can lead a financially healthy organization.
A few things that I found out was that I didn’t have a money problem, but I had a budgeting problem. How will you know if you have a budgeting problem as well? You’ll know you have a budgeting problem when your clients are paying you on time, and you’re walking away with loads of cash in your hand. Instead of you going straight to the bank account and depositing that money, you’re spending $5 here, $10 here, $100 here, and thinking that you’ll replace it back as soon as you go back to the bank. At the end of the day, you never replace that money. It just is money gone. How else will you know you have a budgeting problem and not a money problem? When you don’t reference your bank accounts every single week, or every single day, or every single month. You have to reference your bank account according to how you spend money in your business.
If you have money going out of your business every single day, then you need to reference your bank account every single day so that you can have a clear picture of where you are when you start your day and where you are when you end your day financially. Then, you’ll need some type of tracking system. A system such as your checkbook register, or a system that you carry on your task management calendar to tell you exactly what you have coming in and going out for that particular week. Whenever you find yourself in one of those scenarios, then you will clearly understand that it’s not the amount of money that you make that is causing you to feel broke or feel as if you can’t afford to do the things you want to do. It’s the way that you’re managing your current budget.
If you’ve never created a budget to help you know how to spend your money and when to spend your money, then you definitely want to look into my Childcare Acceleration Program. The Childcare Acceleration Program has several classes available to give you hands-on experience, documents, and me coaching you through determining the cost per child, how to create more money in your business to meet your budget, how to create a budget, what factors go into creating a budget, and also I’ll be there as an accountability to help you stick with your budget. I’ve heard clients tell me all the time, “Andrea, thank you so much because of you, I’m convicted to watch my money.” I know what you focus on grows. The more you focus in on growing your income and getting your money on budget, you’ll realize that you’ll have more money for the things that you really want to do because you’ve learned the power of budgeting your money.
Ask yourself, do you really have a money or a budgeting problem? Your budgeting problems can end today. You can find out more about the Childcare Acceleration Program by logging on to ChildcareAcceleration.com. Allow me to be your coach and walk you through creating more profits and overcoming all the challenges that you face in your financial life.