“Anx­i­ety is caused by a lack of con­trol, orga­ni­za­tion, prepa­ra­tion & action.”David Kekich

The above quote was post­ed to Mack­ey Advi­sors Face­book page recent­ly.  As I read this, I was sur­prised as to how much it hit home with me.  When anx­i­ety takes over I tend to be coun­ter­pro­duc­tive.  I have been work­ing with busi­ness­es for almost 19 years and have encoun­tered quite a few anx­ious busi­ness own­ers.  While their reac­tions might not be the same as mine, the under­ly­ing source of anx­i­ety is the same.  Lack of con­trol, orga­ni­za­tion, prepa­ra­tion and action are the root cause.  Below are a few reme­dies to help own­ers with their anx­i­ety sur­round­ing their busi­ness.

  • Pre­pare an Annu­al Bud­get – Take time pri­or to your fis­cal year and plan your income and expens­es month­ly. This helps to pri­or­i­tize expens­es and achieve your finan­cial goals.  Prepar­ing ahead of time will allow you to be proac­tive when any unfore­seen expens­es arise. A care­ful­ly thought-out bud­get is a crit­i­cal tool to nav­i­gat­ing your busi­ness to pros­per­i­ty.

 

  • Imple­ment a Fore­cast­ing Tool – As much as we would like to be able to pre­dict future busi­ness and future sales, things can hap­pen that affect your bud­get, such as tak­ing on a larg­er client or los­ing a client. Imple­ment­ing a fore­cast­ing tool that looks 3 months ahead will help you make the nec­es­sary adjust­ments in spend­ing and keeps you focused dur­ing the year as the busi­ness changes.

 

  • Cash Flow Pro­jec­tion – When cash is low or you invest in addi­tion­al assets with­in your busi­ness, anx­i­ety will rear its ugly head. Using the bud­get and fore­cast from above you will be able to put togeth­er a cash flow pro­jec­tion.  As we know, cash is king.  Hav­ing a fan­tas­tic year doesn’t always result in great cash flow.  A pro­jec­tion will help to quick­ly spot prob­lems with cus­tomer pay­ments and will also know that the busi­ness can pay its sup­pli­ers and employ­ees.

Once you have imple­ment­ed these reme­dies, busi­ness own­ers will now be able to take con­trol, get orga­nized, be pre­pared and take action.