Episode 45: Helpful Money Habits for Your Business

Managing your business finances doesn’t have to take a lot of time or be a grueling process. We have a few habits in our business that helps make money management practically painless. If you set up a few good systems in your business today, you’ll have a clearer picture of where your money is coming from and where it is going while also avoiding money surprises.

Episode 45 Show Notes

Key Takeaways:

#1 Create a Money Calendar

  • [5:40] Have a tracking list of your recurring operating expenses: your website, your bookkeeper, insurance, and any software subscriptions such as Google, Zoom, Adobe Suite, 
  • [6:47] Create a money calendar specifically for these expenses. They will be shown in your calendar weekly, monthly, quarterly, or annually depending on the payment plan 
  • [7:02] In this way, you can visualize it clearly. They will no longer be a surprise and you know when to expect it
  • [7:23] You can create reminders for any bigger ones or to give you time in advance to think if you really need it
  • [9:23] Having it in your calendar, as something you see everyday, is very helpful

#2 Create a referral and project profitability analysis spreadsheet

  • [10:10] It’s a spreadsheet with every client who has booked a consultation call 
  • [10:32] It’s a good way to track who’s buying, what’s working and what isn’t, and what you’re closing rate is
  • [10:42] If it becomes a project, you continue tracking along. For example, for flat fee projects you can track how much you charge and how much hours you actually spend on the project to see if you are making or losing money on your projects
  • [11:29] Another key element of this spreadsheet is the referral source and grading these. With this, you can compare your sources to see what kind of quality of projects and clients you’re getting from each and if there are any patterns
  • [13:54] You might think you know these things, but until you actually track your hours, rates, clients and have it all in one place, you will not get the full picture

#3 Create a Project Profit Sheet where you track sales and services, billable and non-billable, and revenue vs expenses

  • [15:35] Putting it in one spreadsheet gives you a better grasp of all of these additional expenses
  • [15:45] If you give gifts to your clients on holidays, special occasions or at the end of projects, this will be a useful tool 
  • [16:12] Other types of costs that would go here are if you end up making a mistake that you need to pay out of pocket
  • [16:37] You should be grossing at 60 percent with each project

#4 Read and implement “Profit First”

  • [19:39] The old model accounting is income minus expenses equals profit. Profit first flips it around and says income minus profit equals expenses
  • [19:58] This means you pay yourself first as a business owner and you take profit first then you operate on what is left 
  • [20:22] A lot of bookkeepers don’t get it, but there are a lot that do. You can find “profit first” certified coaches and programs
  • [21:11] The author of Profit First is very firm on taking a percent of the profit through a quarterly bonus and investing in yourself – going out for a nice dinner, going for a vacation and doing something to reward yourself
  • [21:30] Managing your money this way will help you not burn out
  • [21:45] We would hope that you would be paying yourself monthly anyways. In addition to that, you take a percentage from your profit account, which just sits ther e and accumulates gradually
  • [23:35] You can also apply this to your time. Each year take two weeks off for yourself completely, where you disengage and check out from your business

#5 Batch your days and dedicate one day to money (i.e. Money Mondays)

  • [24:50] Check in on your bank account, check your credit cards, paying invoices
  • [25:06] This way you’re not reacting to things as they happen and you’re not letting these tasks interrupt your flow throughout the week
  • [25:40] This would also be a good day to follow up on clients who wanted to work with you pre-COVID and check in on them
  • [27:30] If you have trouble with dealing with money, consider putting all financial related tasks on Monday so you can get it out of the way for the week
  • [28:00] Whether you choose to adopt all or just one of these tips, the point is to make money a habit so you’re not turning a blind eye to what’s happening in your business in terms of finances 
  • [29:26] The hardest part is getting started but once you get going, it helps you build momentum moving forward. It can actually be incredibly motivating!


  • [33:38] Was there at least one habit in this list that stood out to you? Put it in your calendar right now and make time to implement it
  • [34:31] When you’re done, email us at hello@designersgettingcoffee.com or tag us on Instagram @designersgettingcoffee and let us know!

Resources Shared

  • Episode 44 – Transform Your Relationship with Money with Jenny Karlsson
  • Episode 40 – Q&A Session #4: Referral Programs, Business Coaching and Client Boundaries
  • Profit First: Transform Your Business from a Cash-Eating Monster by Mike Michalowicz
  • Clockwork: Design Your Business to Run Itself by Mike Michalowicz

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