SEVEN ACTIONABLE INSIGHTS TO KEEP YOU IN-STEP WITH YOUR FINANCIAL PLAN.

Hey Founders,

Two weeks ago, I had the opportunity to tap into the brilliant minds of our Fierce Founders. We delved into a crucial question: what prevents business owners from implementing their financial plan? Today, I’m excited to share seven valuable insights from that discussion and offer up some possible solutions you may wish to consider if you’re finding yourself in a mental state of "meh".

LACK OF CLEAR VISION OR GOAL

One of the most common issues I see preventing business owners from taking action is the lack of a goal that they're emotionally aligned with. After all, it’s hard to get anywhere without knowing exactly where you’re going, and more importantly, why you want to get there.

Here’s how to fix it: For Fierce Founders, you already have both your three-year financial goal and your 12-month plan. Meaning you know precisely where you're going and exactly how to get there. If you're still stuck, determine why achieving the goal [aka The Formula] is important to you. What does building a successful business afford you?

If you're not yet a Fierce Founder and haven't built a financial plan, start by defining a clear vision for yourself in your business. Consider these five questions when starting this process:

1. What will the value of my business be worth?

2. By when do I want to achieve this?

3. By having what impact?

4. On whom?

4. Through what products and services?

INADEQUATE RESOURCES

It’s easy to underestimate what you’ll need to get things done. Whether it's time, money, or human capital, the over-optimistic personality trait of the Founder can seriously impede our ability to budget for these resources effectively. Coming in tight on time, money, and labour can add a lot of stress and obviously challenge our ability to achieve our plan.

Here’s what you need to do: Before you dive in, take a good look at the resources required—money, time, people, technology—and make sure you’ve got enough. If you’re short, consider scaling down the task, look for additional funding, or find ways to outsource some tasks.

POOR TIME MANAGEMENT

Continuing to work in the business vs on it, constantly putting out fires, and dealing with day-to-day operations can eat up all our time, leaving little left to implement the big picture.

Here’s the deal: To combat this, prioritize your tasks and set a structured schedule, blocking out your time and sticking to it. Set yourself up for success by choosing shorter blocks of time at the start. This technique builds trust in your ability to follow through on your commitment [as long as you don't book over it. ;) Don’t be afraid to delegate and leverage the countless tools available to us like calendars . project management apps [Asana and Monday], and time-tracking apps [Toggl and Clockify].

FEAR

Fear of failure and success (believe it or not) can be huge roadblocks.

Fear of failure often stems from perfectionism, past negative experiences, and high expectations from oneself or others. These factors create a significant psychological barrier that can deter Founders from taking risks and pursuing their goals. Fear of success often stems from a fear of change, increased expectations, or losing one's identity.

Here’s what you need to do: Understanding the root cause behind your fears is essential for addressing and overcoming it. When it comes to fear of failure, adopt a growth mindset where "failing" is seen as a learning opportunity. Break your plan into smaller, less intimidating steps and celebrate the small victories to build confidence along the way. When it comes to fear of success, are you afraid of the responsibilities that come with it? Do you fear losing your current lifestyle or relationships? Getting clear on any negative correlation to achieve success will be important for you to identify.

LACK OF ACCOUNTABILITY

Without accountability, your plans can quickly fall apart. Tasks get ignored, deadlines slip, and your mojo takes a nosedive. When there's no one to answer to, the initial excitement for a project can vanish faster than you think. Accountability is your secret weapon—it ensures commitment, discipline, and keeps you on track. It boosts motivation and keeps projects aligned with your goals, allowing for those crucial adjustments along the way.

Here’s what you need to do: If you're running solo, find an accountability partner, group, or consider setting up an advisory board (more on that in another post). Set clear expectations; what do you plan to accomplish by when and why. With your accountability partner and/or team, make regular check-ins a non-negotiable part of your routine. Weekly meetings and one-on-one sessions are perfect for keeping the momentum going and tackling any issues head-on. Use performance dashboards and key performance indicators (KPIs) to track progress and catch problems early. Lead by example, be transparent, and foster a culture of accountability. Give constructive feedback and celebrate every win, no matter how small. These steps will keep your plans on track and help you consistently move towards your goals.

INADEQUATE MONITORING AND ADJUSTMENT

Inadequate monitoring and adjustment can totally mess with your head. It creates this false sense of progress, like you're moving forward when you're really not. This can seriously ramp up your stress levels because you’re not catching the issues early enough. Plus, it means you're missing out on opportunities to modify and/or improve the plan as required. It chips away at your confidence, makes learning harder, and turns the fear of failure into a giant monster in your mind.

Here's the deal: First, establish clear KPIs—those are your key performance indicators that let you know you're on track. Schedule regular reviews, and I mean put them in your calendar and stick to them. Embrace flexibility because things change, and you need to adapt. Seek feedback from your team and accountability advisors; they can see things you might miss. And don’t forget to celebrate your milestones, no matter how small. This keeps your mindset positive and your motivation high, driving you and your business to success. You’ve got this!

OVERWHELM AND BURNOUT

Wearing too many hats can lead straight to burnout. And let’s be real, having too many to-do lists (and notebooks) can be just as bad. We joke about it on our calls all the time—so many of us, myself included, live and die by the never-ending to-do list. Not having a plan can make you feel like you're spinning your wheels, but having a to-do list that never ends can wear you out completely.

Here’s the deal: Prioritize self-care and work-life balance. Break your plan into smaller, manageable tasks, and only list the top priorities. Consider writing your to-do's on a whiteboard, and wiping them out when done. Don’t be afraid to delegate or hire extra help—it's not a sign of weakness, it’s a smart move. And take regular breaks. Seriously, stepping away can keep you energized and focused. You need to recharge to keep bringing your best to the table. Remember, you’re in this for the long haul, so take care of yourself along the way.

THE BOTTOM LINE IS THIS

Mastering your money mojo and implementing your financial plan can be tough, but tackling these common issues head-on can make the whole process smoother. Start by defining clear goals—know exactly what you’re building. Make sure you’ve got the right resources lined up, manage your time like a pro, and don’t fear fear itself; see it as a stepping stone. Create a culture of accountability and keep communication wide open. Monitor your progress regularly, tweak your plans when needed, and ensure you and your team have the skills and support to keep moving forward. With these strategies in place, you’ll be ready to turn your plans into reality and crush your business objectives.

Ready to confront your numbers and hammer out a plan? Text 'NAILED IT' to 306-713-8321 and we'll build out your next steps together.

Until next week, stay focused, stay fearless, and stay financially fierce!

Taunya.

ABOUT TAUNYA WOODS RICHARDSON

Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.