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Numbers Freak You Out? It's Time to Cultivate Financial Confidence!

Writer's picture: Stacey BennettStacey Bennett

Running a business means wearing a lot of hats, and one of the most daunting responsibilities for many entrepreneurs is staying on top of numbers and finances. For those who consider themselves “not a numbers person,” attending to and making sense of the financial data in their businesses can be a real struggle. And of course, the things we struggle with most are typically the least likely to get done!


Unfortunately, when we don’t engage proactively with our numbers, it’s far too easy for avoidable issues to turn into 𝘣𝘪𝘨 problems. In the best case, being disconnected from our finances can prevent us from making informed decisions, setting realistic goals, and measuring progress in a meaningful way. At worst, we’re far more likely to struggle through cash flow crunches, unexpected tax bills, and bloated budgets we can’t seem to get ahead of.

A woman sitting at her laptop with head in hands.

Thankfully, cultivating strong financial skills and confidence is not as difficult as it seems. And when we do, we unlock a whole new set of tools to help us guide our companies strategically.


If you’re someone who feels skittish or avoidant around financial details, don’t fret. Here are a few steps to take that will start to build your confidence quickly:


  • Own the fear. Sometimes our fear makes us stay quiet about questions and confusion because we don’t want others to know “we don’t get it.” The first step in gaining financial savvy is embracing where you are and realizing you’re not alone. Many business owners struggle with numbers, and just as many have overcome their limitations and gotten quite good at managing money. You can too.

  • Choose the right advisors. If you’re not great with numbers, you probably already know how important it is to have financial professionals in your corner. Bear in mind, though, that not all advisors are great at explaining financial concepts 𝘰𝘳 at meeting you where you are skills-wise. Make sure you feel comfortable asking questions and being open with the bookkeepers, accountants, and financial advisors you work with – 𝘦𝘴𝘱𝘦𝘤𝘪𝘢𝘭𝘭𝘺 around topics you find confusing. If you don’t, you’re less likely to get the guidance you need to grow your skills.


  • Embrace technology. While not all technology makes life easier, it can be particularly useful when it comes to finances. Take advantage of user-friendly bookkeeping software (Xero is our favorite) to simplify the process of tracking income, expenses, and profitability. Choose banks like Relay that utilize technology to streamline banking tasks. And tap into the wealth of online training and resources to learn the basics of bookkeeping, financial statements, and cash flow management.


As you embark on the journey to mastering your finances, remember to start small. There is a whole, complex world of financial tools and topics out there, and it’s all too easy to get flooded with information. Begin with something you understand somewhat, such as a Profit & Loss Statement, and bring proficiency there first. You can then build on related concepts (for example, other financial statements), until you feel knowledgeable and confident enough to tackle more challenging topics.


Additionally, to really change the way you view your skills and savvy around money, you need to stay consistent. Find a tool or structure that helps you put regular effort into learning about your money. Online classes, accountability groups, podcasts, and financial coaches are a few places you can look. We also encourage all business owners to conduct regular “Money Dates”, during which you complete financial tasks and review your numbers for insights. (Download our free money date checklist here).


If you’re in Northeast Colorado, please stop by for our monthly Public Office Hours to get guidance and ideas about your business’s finances. This drop-in consulting time is unlimited, free, and available to you, no matter what stage of business you’re in.  You can find details and upcoming dates on our Facebook page.


And finally, if you are in the market for an advisor to help with bookkeeping, cash flow, and financial management, we’d love to chat with you. You can book a free strategy session with our Founder here.


Numbers can be scary, and financial management can seem difficult if you don’t have a ton of confidence with it. Take heart that there is no such thing as being “bad with numbers.” There is simply "unskilled," and anyone can learn what it takes to be financially fit. The important thing is to start.



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