Money Management and the Right-Brain Entrepreneur

admin — Sat, 12 Jun 2010 18:17:04 +0000

With summer approaching and our minds on more creative fun and interesting things, I thought it might be a good idea to share some thoughts on Money management and your business. Just because we are taking vacations and time off does not mean we can ignore issues that affect our financial security now and into the future. I read an excellent book about money and the right brain entrepreneur and thought I’d share some tips I garnered from it (and a few of my own).

The real problem with budget and accounting is that most small business owners don’t want to talk about it! Unless of course they are accountants or bookkeepers.

Budgeting and accounting, a topic we tend to avoid is critical to the success of any small business. If you read the statistics (in America alone) more than 50% of new small businesses go out of business the first year and what’s left of those only 10% are still in business after 5 years.

Add to that the entrepreneurial spirit is one that leans to the creative or innovative side of business not the left-brain analytical side.

Here are six tips for the right-brained business owner (and they aren’t too painful):

1. Look for creative ways to save money. Are there items in your business that you buy name brands when generic might work just as well? If so, compare cost and see if it is worth buying.

2. Shop for office products online. In many cases, the office products superstores offer a discount for online shopping as well as free next day delivery! Saves you time, money and fuel.

3. Always have a shopping list of needed items. Without a list, we tend to forget items and then have to make another trip which costs valuable time and money – especially when the item is something that cannot wait until another trip to be purchased. And right-brained entrepreneurs are also more impulsive at times so we sometimes get tempted to buy things we don’t really need and often in the long run don’t even want.

4. Right-brain people tend to be attracted to coupons (especially well-designed ones with great offers). However, if the product is something you would not purchase without a coupon, I recommend you don’t purchase with one. Chances are it is something you don’t need or would never buy again. On the other hand, if there is a product you would like to “try out” and just haven’t yet, I recommend you wait until there is a substantial discount available.

5. Most right-brained people like write so this one should be easy to implement that is, if you remember to do so. Carry a small journal to track your spending for 30 days. Decide which items you could “give up” to save money.

6. Balance your business checkbook or hire someone to do it for you! I have known right-brain business people who “round off” the numbers. The problem with rounding off is that you could find yourself with shortages in your account, bank overdraft fees and embarrassment from valued vendors.

I also recommend you read the book “Money Management for the Creative Person: Right-Brain Strategies to Build Your Bank by Lee Silber. Although it was written in 2002, the information is still pertinent and interesting.

You can find it at Amazon and other online and local bookstores:

Your Own Personal Wealth Mentor – Your Keys to Success

admin — Thu, 11 Feb 2010 04:50:46 +0000

Finding Your Own Personal Wealth Mentor – Seeking Guidance in all the Right Places

“The right mentor can be a catalyst to your success in building wealth.” Heidi Richards Mooney

Don’t know where to begin when it comes to building your own wealth? Oh, sure, you’ve read all the books and know some pretty rich people. And you say to yourself, how did they get so rich? And how can I do the same? You’ve attended wealth building seminars, workshops and conferences on the subject and even perused the internet. All valuable ways to increase your own wealth-building knowledge. And yet, you feel like you’re still missing an important key.

What you may need is a Wealth Mentor. Someone to coach you; someone to help you put all the pieces of your new-found knowledge together; someone who is willing to share her own expertise.

Just how do you find someone willing to share her expertise and wealth-building strategies? First of all you need to know what to look for. You wouldn’t go to someone who is down and out or struggling financially for advice, you would look for someone who has been there, done that and is still doing it. Making money that is! And the person should be someone you admire, trust and is willing to share her time with you, to coach you. The mentor/protégé relationship can be an informal one whereby you ask occasional advice or it can be more structured where the two of you meet frequently (at scheduled intervals) and discuss your goals and aspirations. A mentor must be not only be willing to do so, she must be committed to your success.

The first thing to do when seeking a mentor is write down the attributes you want your mentor to possess. Does your wealth mentor need to be a millionaire or would someone financially solvent be sufficient? What other attributes and characteristics do you want your mentor to have? A good mentor is non-judgmental, open and honest, a good listener, good observer, has the time and expertise you need and is patient. And don’t’ think the mentor is going to do it all for you.

This type of relationship is a two way street. It should be mutually beneficial. A good protégé must have a genuine desire to learn, is non-judgmental, trustworthy, ethical, takes initiative, asks for feedback and gives feedback on her progress. A good protégé learns to be a good listener. Does your mentor need to be local or could it be someone you could contact via phone or virtually? Many good relationships are virtual these days.

Since the emergence of the Internet, coaches and mentors around the world have moved their practices online and via phone. Make a list of people you know who might fit your criteria. If you are having trouble coming up with names, ask your circle of influence for some suggestions. If you don’t know the persons suggested, ask for a formal introduction. You can join your local Chamber of Commerce or other professional associations and get involved. By attending meetings regularly people get to know you and the ideal mentor might be right under your nose.

Three words of caution when searching for a mentor: your email inbox. With the overwhelming email we receive each day, there is undoubtedly tons of emails in your inbox from people offering to show you how to get rich quick by following their advice, signing up for their system, selling their “product that sells itself. Hey, if the product really sold itself, why would it need so many people to promote it? I’m not suggesting that there aren’t really good products out there that you could represent that may lead to your financial success. What I am suggesting is that you need to use caution and reason when deciding if the people who make the claims are for real. And that’s another chapter all together. Choose wisely to find someone who is committed to the relationship, will give you time, and wants to see you thrive. Look for someone you can relate to, be open with and want to spend time getting to know better. The right mentor can be a catalyst to your success in building wealth. And isn’t that your goal?

©Heidi Richards Mooney – is a Professional Speaker, Business Coach and the Author of 7 books including: “Quirky Marketing Calendar ~ 365 Ways to Grow Your Business Using Zany & Non-Traditional Holidays www.QuirkyMarketingCalendar.com

Success and Then Some » Wealth & Prosperity

Money Management and the Right-Brain Entrepreneur

Your Own Personal Wealth Mentor – Your Keys to Success