Not Good with Numbers? Time to face your FEAR!

How many have you said, “I’m not good with numbers?” It’s a common expression and an easy cop out when you’re faced with spreadsheets full of numbers and formulas. But it’s a phrase, and an attitude, that you’re going to have to change if you want to grow your photography business to the next level.

The truth – one that many people wish they could ignore – is that money is the fuel that pumps through every part of your business. It fuels your marketing efforts and products. It keeps the lights on. And, hopefully, it pays your salary so you can have the quality of life that you are proud of.

If you stop and think about it, there’s literally no aspect of your photography business that money doesn’t touch in some way. Take customer service. That’s just some phone calls and emails, right? It’s not about the money. It’s about delivering a photographic experience that the client is happy with. But what does that customer experience create for YOU? Have you asked yourself why it’s important to you, and more significantly, what the financial implications of what’s happening are? Is it creating a client for life? How much is that worth to you? Getting good with money is about digging down to see the very real impacts and implications of how money moves through every aspect of your business.

This paradigm shift can be especially hard to make if you’re someone who doesn’t necessarily focus on the money side of your business. Maybe what drives you is creating nice photographs that people in your community can enjoy for years or being known as a “great photographer” in the PPA community. Whatever those drivers are, money is a real part of it. If it’s not one of your objectives, then you have a hobby, not a business.

Here are some important things to think about as you begin to think like a CEO of a six-figure photography studio:

• People who are money–savvy end up running successful studios. There’s no guarantee that your studio will prosper if you learn how to read financial statements. But without taking time to learn this skill, you’re fighting an uphill battle. If you need assistance in figuring out what “numbers” you should be tracking monthly, I would be glad to work with you. (See details at the end of this article.)

• When you stop worrying about money, it frees you up.  When you hide behind the mask of not being “a numbers person,” it often causes you more anxiety. Not being on top of your financial situation is what perpetuates the cycle of your fear about it. You worry about whether you have enough cash to cover your bills next month. You don’t know if you have enough set aside to pay your taxes this year. Imagine taking all of the energy you spend worrying and putting it into your marketing efforts instead. How much better off would your studio be?

• You’ll make better long-term decisions and have more stability in your business.  When you have a solid understanding of your financial situation and it’s impact on all aspects of your business, you’ll automatically start making better decisions. Without this perspective, you’ll find yourself too often making a best guess based on what you know or feel at the moment. You may purchase a piece of equipment only to realize that you are not creating the revenue to pay for it in a timely manner. Doing this regularly will have a serious financial – and emotional-impact on you and your business as a whole. I know many photographers who want to retire but have accumulated too much debt in their business to do so. They will tell you that having a solid financial plan is a requirement for success.

Here is some good news: no matter how long you’ve kept all these issues in the background, you still have the CHOICE to change it. It comes down to whether you want to be just a photographer or take on the mindset of an owner of a six-figure photography studio. Given the right tools and careful explanations, you can change your relationship to your money – and the results will follow. Why not begin the journey now?

If this article struck a nerve with you and you would like to work on improving your financial picture in 2015, sign up for a complimentary coaching session with me and we can discuss how to get your business on the right track! Head over to my website: http://www.o2ecoaching.com and sign up for a session today!

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