Tag: business growth

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Gym

Joint Accounts: When Two Become One (Financially Speaking!) 

Let’s talk about something that can make or break relationships – joint bank accounts. As a Financial Coach, I’ve seen countless couples navigate this milestone, and believe me, it’s not just about pooling your money together. It’s about trust, communication, and sometimes, those tricky conversations no one really wants to have. 

Let’s Talk About Money (Even If It’s Uncomfortable) 

Money is a touchy subject in any relationship. I’ve seen couples argue about everything from small purchases to major financial decisions. The reality is that conflicts around money can be a significant contributor to relationship breakdowns, even leading to divorce. 

The key questions every couple needs to discuss are: 

The key questions every couple needs to discuss are deeply personal: Who makes the financial decisions? How often do you talk about money? Are major purchases a joint decision? What counts as a “major” purchase anyway? These aren’t one-time conversations – they need regular revisiting as your circumstances change. 

Why Consider a Joint Account? 

Did you know that 71% of joint account holders are over 45? This isn’t surprising – by then, most couples have figured out their financial rhythm. But whether you’re 25 or 55, joint accounts can transfer your relationship in wonderful ways.  

I’ve seen this transformation firsthand with many couples I’ve coached. Take Sarah and James, who came to me struggling with trust issues around money. After six months of using a joint account for their shared expenses, they found themselves naturally having more open conversations about their future. What started as simple discussions about food budgets evolved into exciting plans for their dream home. 

Building Together 

When you’re both watching your savings grow together, something magical happens. I remember working with a young couple who were saving for their wedding. Every time they checked their joint savings account and saw it getting closer to their goal, their faces would light up. It wasn’t just about the money – it was about building their future together, one deposit at a time. 

The practical benefits extend far beyond just easier bill payments. Think about those Sunday morning conversations over coffee (ok maybe evening conversations once the kids are in bed), planning your next holiday or home renovation project. With a joint account, these dreams feel more tangible and achievable. You’re not just talking about “your money” and “my money” – it’s “our future” you’re building. 

Real Relationship Benefits 

I’ve witnessed countless examples of how joint accounts strengthen relationships. One couple I worked with, Mark and Lisa, used to argue constantly about spending. After setting up a joint account with clear agreements, they started having monthly “money dates”. A chance to dream together and celebrate their financial wins, no matter how small. 

Another couple found that their joint account helped them navigate a difficult period when one partner lost their job. Because they had already established open communication about money, they could face the challenge as a team rather than having one person bear the burden alone. 

The Elephant in the Room: What Could Go Wrong? 

Let’s be honest – money can be a relationship minefield. I’ve seen couples struggle when: 

  1. One partner starts squirrelling away money without telling the other 
  1. Someone racks up credit card debt that affects both parties 
  1. Different spending habits cause constant tension 
  1. One person feels they need to justify every purchase and therefore stops spending or spends in secret.  

This explains why 22% of Brits say they’d never consider a joint account. And you know what? That’s absolutely fine! 

Before You Jump In 

Here’s what I tell my clients to consider: 

  1. Have That Money Chat First 
  1. How do you both feel about saving vs spending? 
  1. What are your financial goals? 
  1. Who’s good at what? (Maybe one of you is brilliant at budgeting while the other never misses a bill payment) 
  1. Set Clear Ground Rules 
  1. Think of it like a financial prenup (less romantic, but trust me, it helps!): 
  1. What’s the account for? (Bills, savings, both?) 
  1. How much does each person contribute? 
  1. What counts as a “big purchase” that needs discussion? 
  1. Keep some financial independence (separate accounts for personal spending can be healthy and is something I recommend) 

Making It Work: The Practical Bits 

The Setup 

Start with a clear purpose (Is this for bills? Saving for a house? Holiday fund?) 

Decide on contributions (50/50 isn’t always fair – consider proportional to income). Or the full income goes into the account and amounts are taken into separate individual accounts for that personal spending. 

Automate regular payments (Less hassle, fewer arguments) 

Is there one account for spending and one for saving? 

The Maintenance 

Regular money chats are crucial. In my experience, couples who check in monthly about their finances tend to have fewer surprises and arguments. 

When Things Get Complicated 

Life isn’t always straightforward, so consider: 

  1. What happens if one person loses their job? 
  1. How do you handle inheritance money? Or bonuses? 
  1. What’s the plan if you split up? (This is an important point, even if it doesn’t seem very romantic right now).  

Finding Your Financial Rhythm: What Works for Us 

Let me share something personal. My partner and I have separate bank accounts as well as joint ones. Why? Because we believe in maintaining financial independence alongside our shared commitments. He loves trains (I don’t!), and with his personal account, he can choose to spend his money on trains without any questioning from me. This approach gives us both freedom while ensuring our joint responsibilities are met. 

One of our most effective practices is having regular “money dates.” These aren’t the romantic kind! They’re dedicated times where we discuss things like our holiday budget for next year or what home improvements we want to prioritise. This means decisions are joint rather than one person dictating what will happen. We don’t have these conversations while doing the washing up, cooking dinner or putting my son to bed, as we are then distracted, money and life goals are important, so give it the time it deserves. We also use the time to decide what we want to achieve each year: time with family, a weekend away just us, getting the decking sorted etc.  

Making Money Dates Work 

  1. Schedule them regularly (monthly works for many couples) 
  1. Choose a relaxed time when you’re both free from distractions 
  1. Bring your goals and concerns to the table 
  1. Make it positive – perhaps combine it with a nice meal or coffee 
  1. Focus on future planning, not just current spending. It is a good chance to ensure you are aligned in your future goals.  
  1. Be open to compromise and different perspectives 

Creating a Balance That Works 

The key to successful joint finances isn’t just about the practical arrangements – it’s about finding a system that reflects your relationship values. Consider: 

  1. Shared Goals vs Individual Freedom 
  1. Joint accounts for shared responsibilities (bills, mortgage, savings goals) 
  1. Personal accounts for individual spending and interests 
  1. Agreed contribution levels that feel fair to both parties 
  1. Communication Guidelines 
  1. Regular check-ins about the state of your finances 
  1. Open discussions about major purchases 
  1. Respect for each other’s financial priorities 
  1. Clear processes for making joint decisions 

A Personal Note on Financial Abuse 

This is serious stuff that we need to talk about. Financial abuse can start subtly – small comments on what you are purchasing, restricting access to money, checking receipts for every penny spent, saying “let me help by taking over that bill or account” or forcing financial decisions. You may start to feel like you shouldn’t be spending, you cannot be bothered with the questions it raises, so it is easier to buy nothing. Financial abuse isn’t just a money issue, it’s a form of control that can leave you trapped.  

If you’re worried about this, organisations like Women’s Aid and Surviving Economic Abuse offer support and guidance. 

The Bottom Line 

A joint account isn’t just a banking arrangement – it’s a powerful tool for building trust, communication, and shared dreams in your relationship. Whether you’re saving for your first home, planning a family, or simply wanting to strengthen your financial partnership, the key is finding an approach that reflects your unique relationship values. 

Remember that it’s not about the account itself, but the habits and conversations it encourages. As I always tell my clients, money should help your relationship flourish, not hold it back. And sometimes, that means keeping some things separate while joining forces on others – just like my partner’s train collection! 

Remember: 

Keep some financial independence 

Have regular money chats 

Set clear boundaries 

Trust your gut – if something feels off, talk about it 

Seek help if you need it (financial advisors aren’t just for the wealthy!) 

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Finance Function Gym

Top Money Resolutions for 2025: A guide to financial wellbeing 

As we enter a new year, many people set resolutions to improve parts of their lives, such as fitness, health, mindset and finances, and this can be so overwhelming that they fall at the first hurdle. Taking on too much and making changes that are too big can impact your ability to succeed. My top tip, would be to break down the goal and take small steps to get started. 

If you have a goal to get out of debt, firstly ensure you know where you are starting and understand the amount of debt, repayments, when it will be cleared, create a simple table (on paper or a spreadsheet). Gathering the information is the first step, in fact the first step may even be opening the letters and then gathering the information. Then you can decide what to do next; consolidate debt, speak to the companies, overpay the biggest one, or the one with the highest interest rate.  

My top tips to help you achieve your financial goals in 2025 are: 

  1. Understand what you want to achieve in 2025 as this will determine your next steps. Do you want to clear debt, build savings, buy a house, invest, go on holiday, pay the bills?  
  1. Create a realistic budget. Track your income and expenses to identify any areas where you may be overspending or spending on things that do not align with your 2025 goals.  
  1. Build an emergency fund, this is a safety net that can protect you if the unexpected happens, aim for 6 months living expenses. If you are starting from £0, just start with whatever you can afford now, even if it’s £10. You may find you have some savings from above that can contribute here.  
  1. Automate your finances, this can save you time and energy. If the money towards savings, your emergency fund or debt, automatically leaves your bank on pay day, you are less likely to miss it. It doesn’t require you to take action and remember, the money moves to the correct place automatically.  
  1. Create pots for different areas of your life: food/bills, savings, holiday fund, Christmas 2025 fund, emergency fund. You can either have different bank accounts for this, or a lot of banks now have “spaces” or areas where you can transfer the money to, so it is separate. This is a good way to manage money on a monthly and annual basis.  
  1. Have a “fun” pot, this is money you can just spend and enjoy. If you are too restrictive with your finances, it is likely that you with eventually overspend or spend in a way that doesn’t align with your 2025 and beyond goals. 
  1. Improve your financial knowledge, there are many websites and books out there now. Starting with a government recommended one would be the best place to start, as not all information online is accurate.  

By implementing these money resolutions, you can take steps towards improving your financial wellbeing and your personal wellbeing. Remember, start where you are and take small steps, don’t be deflated by other people’s progress. And finally, celebrate your successes along the way.  

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Finance Function Gym

What are the different financial mindsets?

person sat on money

A financial mindset is more than just spending habits. It’s the underlying beliefs, values, and emotions that shape our financial decisions. As we navigate life’s ups and downs, these mindsets play a significant role. Take, for instance, me, I used to meticulously budget every month, I fell under the “Planning” Money Habitude. Every pound was accounted for, ensuring I felt in control (and maybe a little relieved!). 

Dependent on which methodology you follow, there are a number of different archetypes, money story types or habitudes. I like to follow the Money Habitudes types (https://online.moneyhabitudes.com/), which categorises financial mindsets into six distinct groups. 

Planning: These individuals are thoughtful about saving and spending, often with a budget in place. While the plan itself might not be perfect, they prioritise sticking to it for a sense of control. 

Security: Often linked to planning, the Security habit prioritises financial safety. People with this mindset may save more than necessary, seeking a strong financial buffer. This can manifest as hoarding tendencies (something I can personally relate to – money used to be my security blanket!). 

Spontaneous: These individuals act impulsively, often making financial decisions based on emotions. While exciting, this can lead to impulsive spending and subsequent guilt. They are quick to jump on opportunities which planners may not.  

Carefree: This group may lack the skills or desire to manage money, often delegating financial responsibility to others. 

Giving: These generous individuals prioritise helping others, sometimes at a risk to themselves, potentially neglecting their own financial needs. 

Status: Driven by a desire to fit in and keep up with appearances, this mindset can lead to unnecessary spending to maintain a certain lifestyle. This is where the “keeping up with the Jones” saying comes from. They may spend on things they cannot really afford.  

It is important to remember that all archetypes and habitudes have pros and cons and that one is not better than the other, a balance is what we are aiming for. Many people exhibit a blend of Money Habitudes. By understanding your dominant financial mindset, you can make more informed financial decisions and achieve your long-term goals. 

Are financial mindsets formed early in life? – and can you change yours? 

Financial mindsets are shaped early in life, our childhood experiences play a significant role in forming our beliefs and attitudes towards money and are formed by the age of 7. We are influenced by: 

  • Parents/ guardians:  The way our parents handled money – their spending habits, attitude to saving, and discussions about finances impact how we feel about money. Did you grow up in a household where money was a source of stress or was it secretive? Or was it discussed openly and positively? These experiences heavily influence our own money stories. It is important to remember that there is no blame here, as parents can only lead how they know from their own stories, habits and influences.  
  • Early Experiences: Did you have early successes or failures in managing money (like a paper round. I worked on a market stall)? These experiences can shape how we feel about money; how confident we feel managing money and the decisions we now make.  

Can You Change Your Financial Mindset? 

You can change your financial mindset, while our beliefs are deeply rooted, our financial mindsets are not set in stone. Here are some steps to get started: 

  • Self-Reflection/awareness: Start by identifying your current money stories. What are your beliefs about money? How do you feel about spending and saving? What is your earliest memory of money and how does that make you feel? 
  • Challenge Limiting Beliefs: Are you holding onto negative beliefs about money that are no longer serving you? For example, “I’m not good with money” or “Money is the root of all evil.” Challenge these beliefs, they did once benefit you but is that still the case? 
  • Try something new: Step outside your comfort zone. What new financial habits could you try, such as spending a bit more on yourself, setting up a regular savings amount or creating friction in the buying process (could you wait 24 hours before purchasing).  
  • Seek Guidance: Consider working with a financial coach to understand the stories you hold and develop more balanced money habits.  

Remember, changing your financial mindset takes time and effort, it isn’t often one and done. Be patient with yourself, celebrate small victories, and don’t be afraid to seek support along the way. 

How to navigate if your partner has a different money mindset 

When we have different money stories in a relationship, it can be challenging as we will often have different ways we save, spend and invest. Here are some strategies you can try: 

  1. Open and Honest Communication: 
  • Regular Money Dates: It is important to have dedicated time to discuss finances openly and honestly, otherwise we can make comments and start arguments when we are not in the right frame of mind. Set a regular time, that you can sit down together, with a cup of tea and talk through any money conversations that need to be had.  
  • Active Listening: Ensure you listen to your partner’s opinion, even if it differs from yours. Try your hardest not to comment immediately and let them talk. Often as people talk freely, a more open discussion can be had.  
  • “I” Statements: Avoid confrontational comments such as, “You always spend too much,” try “I feel anxious when we overspend on things we I don’t feel we need.”    
  1. Understand Each Other’s Mindsets: 
  • Identify Your Money Habitudes: Determine your dominant money habits (e.g., Saver, Spender, Planner) and encourage your partner to do the same.  
  • Acknowledge Past Experiences: Recognise that past experiences and upbringing shape your financial mindsets. Everyone has different experiences and it’s important to remember that generationally, your parents would have lived in different times with World Wars and rationing and this will impact your money stories.  
  1. Find Common Ground: 
  • Shared Financial Goals: Set joint financial goals, such as how much you need/want for retirement. What lifestyle do you want during retirement, do you want to spend more now or save? Do you want to travel or renovate your house? 
  • Compromise and Negotiation: Be willing to compromise and find solutions that work for both of you, as with all areas of a relationship and money is no different. 
  1. Consider Separate Accounts: 
  • Joint Account for Shared Expenses: Create a joint account to cover shared expenses like rent, bills, and food shopping.  
  • Individual Accounts for Personal Spending: You could have separate accounts for personal spending to accommodate different spending styles. You could also have a joint “fun pot” for opportunities. I have both, we have a shared “fun pot” and we have separate accounts that we can spend on whatever we like. My partner likes trains, I don’t understand it, but that is ok, it’s his money.  
  1. Seek Professional Help: 
  • Financial coaching A financial coach can provide objective guidance and help you develop a financial plan that works for both of you.    

Remember, navigating financial differences takes time and effort. Be patient, understanding, and committed to finding solutions that work for both of you. 

Can financial therapy help – and what would it involve? 

Financial therapy can be incredibly helpful for individuals and couples who want to improve their relationship with money.  

What Does Financial Therapy Involve? 

Financial therapy/coaching goes beyond traditional financial advice (such as financial advisor or accountant advice). It involves looking into the underlying emotions, beliefs, and behaviours that influence your financial decisions and habits. Here are some common aspects of financial therapy:    

  1. Identifying Limiting Beliefs: Financial coaches help you uncover your beliefs and stories about money that may be preventing you from living the life you want. These beliefs can stem from childhood experiences,societal influences, or past financial setbacks.    
  1. Developing Healthy Money Habits: The financial coach can support you to develop and implement healthy financial habits, such as budgeting, saving, and investing. It’s important to note that while financial coaches can provide valuable support, some may not have formal financial certifications. and therefore, you may need to seek another person to support with budgeting, saving, investing and pension advice.  

Now, I am not saying it is easy to change your habits, learn about money and become confident in financial decisions. But everything else worth having, that you have already achieved in life, proves that you can do uncomfortable things.   

Imagine a life where you can confidently decide if you want to purchase that item, go on that holiday, put your prices up, invest in that course, retire when you want to, buy private health care, support that family member, or buy from that local shop.   

Being good with money not only gives you financial freedom but life freedom. To live a life that you choose and that aligns with your values.   

If you’re considering financial therapy/coaching, it’s important to find a qualified coach who is certified in financial coaching.  

Remember, financial therapy/coaching is an ongoing process. It requires commitment and effort, but it can have a profound impact on your financial well-being and overall happiness 

Can you influence the money mindset of others in your life – children/grandchildren – and how would you go about this?

You can influence the money mindset of children and grandchildren, just as you were influenced by your parents/grandparents, teachers and others.  

  • Lead by Example: Children learn by observing, so consider your habits and the words you use around money.  
  • Open Discussions: Engage in age-appropriate conversations about money. Discuss topics like saving, spending, earning, and charity donations. 
  • Involve Them in Financial Decisions: Allow children to participate in family budgeting decisions and having their own money which they can make decisions around.  
  • Read Books and Play Games: Playing games such as monopoly or similar games, can teach children about money and how it works without it becoming too complicated.  

By incorporating these strategies into your interactions with children and grandchildren, you can help them develop healthy financial habits and a positive relationship with money. 

Where to seek further help if you want to change your money mindset 

If you’re in the UK and looking to change your money mindset, here are some resources to explore: 

  • Books such as by Jen Sincero or Denise Duffield Thomas 
  • Podcast by Jen Sincero, Denise Duffield Thomas or me.  
  • Work with a qualified Financial Coach.  
  • Counselling Directory: This website allows you to search for therapists in your area who specialise in money-related issues. You can filter your search by location, type of therapy, and other criteria.  
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Gym

3 Money Myths That Are Stunting Your Business Growth

Are your beliefs about money holding your business back? In this article, I’m diving into three common money myths that might be preventing you from reaching your full potential as a business owner.

Money Myth #1: Debt Is Always Bad

“I don’t want to be in debt. I’m never going to be in debt. Debt is just awful. Debt is always bad.”

Does this sound familiar?

Growing up, I saw people in debt and I saw the stress and worry and problems that debt could create, so I have always avoided debt. And I know that so many people do this and think that debt is always bad, but the truth is avoiding debt could be stunting your business growth.

Some debt is maybe necessary:

I have a mortgage on my house

I took out a student loan to go to university

Businesses sometimes need debt within the business to grow the business

And as long as that debt is giving them a good return on investment, then it’s not a bad thing, is it? Finance has actually been relatively cheap in the last few years, making investing in the business and growing it a more viable option.

I’ve worked with a lot of gyms and some of the outlay could be absolutely massive, but if there’s a good plan in place for how they’re going to utilise that debt and how they’re going to do pre-sales maybe and build the business up and the right marketing and the right plan to get a good return on that investment, then debt is not always bad.

The mindset shift: Instead of asking “Is debt bad?”, ask yourself:

  • What am I using this debt for?
  • Can I comfortably repay it?
  • How long until I see returns?
  • What percentage return can I expect?
  • Does the potential return significantly outweigh the interest costs?

Money Myth #2: Rich People Are Greedy (Or Wanting More Is Bad)

Another money myth that might be keeping you stuck is that rich people are greedy, or wanting more is bad, or money is evil.

These things are not going to encourage you to:

  • Increase your prices
  • Ask for the sale
  • Chase up debt when you’re not being paid
  • Follow up potential leads

It’s not going to encourage you to look at ways that you can generate more money in your business or cut costs. “I cut that membership because you really like that person, but actually the membership’s not giving you benefit.”

It’s going to stop you from looking for ways to have more money because if you believe rich people are greedy, you’re not going to make yourself a rich person, are you?

And ultimately money doesn’t change you. If you’re a nice person already, you’re going to be a nice person with more money. And don’t we want more money in nice people’s hands? More money means you can do more of what you want to do. More money means that I can support the homeless charities that I like to support. More money doesn’t mean I’m going to suddenly stop supporting them.

I kind of felt that I couldn’t ask for more money when I was employed because somehow I was going to prevent someone else having money. How is that even possible? I worked for a FTSE 100 company. Me getting a pay rise wasn’t going to stop someone else getting a pay rise, yet I had this feeling of, “Am I being greedy at asking for more? I’m earning a good salary, more than the average, so why do I need more? What’s wrong with me?”

And of course, therefore I didn’t ask for more money. And all that meant is as I got promoted through the business, I ended up being underpaid. And who does that benefit? That doesn’t really benefit anyone. It wasn’t going to have a massive impact on the bottom line of a FTSE 100 company that I didn’t ask for a couple of grand pay rise.

Money Myth #3: Financial Success Is All About Strategy

The third money myth that is stunting you from growing in your business is that financial success is all about strategy.

From what I’ve spoken about today, you can see it isn’t all about strategy. If it was all about strategy, we’d all be millionaires because there’s so much advice out there on YouTube and Google. There’s blogs, there’s posts on Facebook and LinkedIn. I post it all too.

So if it was all about financial strategy, everyone would be following the rules and be rich right now. So it’s not about the financial strategy. There is that element, and that’s why I bring financial strategy and money mindset together to help you take action in growing your business.

So if it’s not all about strategy, what is it about? And I’ve just pretty much told you – it’s also about mindset and your mindset and beliefs and stories around money, pricing, sales, and also thinking actually you’re not very good at maths.

Like you don’t have to be a mathematician to be able to understand the basic concepts of finance. And if you work with an accountant who doesn’t make you feel stupid, you can ask those questions. You don’t have to be a mathematician to understand the basic concepts of finance. You really, really don’t. And I don’t. I do, and I wish that they would show this more in schools so that people could see that actually just because they can’t do Pythagoras and differentiation, they can use money and manage money.

So with your mindset with money, it’s understanding and kind of looking into what thoughts and questions and feelings are coming up when you think about money. So if I told you to increase your price by 20%, how does it make you feel? What’s coming up for you? What are the sayings? What are the feelings? And then understanding where those thoughts and feelings are coming from.

So if I tell you to increase your price by 20% and you think, “No, all my customers will walk. I’m not doing it,” they don’t walk out. Is that true? Is it? Or actually, can you afford to lose some of those clients? And some will continue to pay the higher price, and actually you’ll be making more money on all clients. And any new clients that come in will be paying the higher price. So, “Is it true?” is a good question.

Breaking Free From Money Myths

These are the three money myths that are keeping you stuck from growing in your business:

  • Debt is always bad – which we know it’s not. So it’s understanding, I guess, from a strategy point of view, what you’re using that debt for? Can you afford to repay that debt? How long will you start till you start receiving a return on that debt? And what sort of return are we expecting? So what’s the plan for it? And what return are you going to get on it? So if you’ve got to pay 7% interest, are you going to make a 10% return? What is it? Also, it’s the mindset. Where does that belief that debt is bad come from? What benefits did it serve you? So for me, it was trying to keep me safe. It was trying to stop me from feeling that stress and worry. And what consequences? Well, it could stop me from investing in my business.
  • Rich people are greedy. Wanting more is bad. So is it true? Are all rich people greedy? Because I know there’s a charity out in Majorca at the moment, and they’ve said that there’s some really big brands donating clothes out to those charities, but they just don’t want it spoken about. So there’s people out there with money donating to good causes, but they’re not necessarily shouting about it. So are rich people greedy? And if you do know some greedy rich people, did you know them before they were rich? Were they greedy then? And do you know some like mean and greedy poorer people? I’m sure you do. So is it true?
  • Financial success is all about strategy. Is it true? Financial strategy is one part of the equation, but understanding where your beliefs come from, understanding your stories, where they come from and the impact that they were having on you and they’re now having on you is really important. And do you want to take those beliefs with you into the future? If not, can you change them? And becoming aware of those stories is the best thing you can do.

Ready to Transform Your Money Mindset?

So these are the three money myths keeping you stuck and how to start changing them so you can grow in your business and create the life that you started your business for.

If you recognised yourself in any of these money myths, you’re not alone. These beliefs are incredibly common among entrepreneurs and business owners.

Take the first step toward financial freedom by discovering your own money blocks with my free “Get Financially Fit” quiz. In just a few minutes, you’ll gain insights into your money mindset and receive personalised recommendations for improving your financial fitness.

Take the Get Financially Fit Quiz Now >>

Remember, becoming aware of your money stories is the most powerful thing you can do to break free from limiting beliefs and create the business – and life – you started your business for.

What money myths have been holding YOU back? Share in the comments below!

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Business tips Finance Function

Successfully grow you business

Successfully grow your business

Looking to scale your business? Many leaders rightly focus on improving their systems and teams, but you must also scale yourself to meet the new demands on your time and attention. 

There are three fundamentals to successfully growing your business: having a clear organisation structure, having comprehensive systems, and developing great leadership. 

Many leaders focus on their systems and teams when looking to scale, which is important, but they must also focus on growing themselves. 

This article focuses on growing great leadership skills:

Most reasons why businesses fail, directly and indirectly, point to leadership failure. 

From poor planning to poor hiring, poor delegation, poor communication to poor process, poor capacity to poor execution – most things can be fixed with great leadership. 

Scaling the business will make new demands on a leader’s time and attention and it’s critical that these are both focused on the right things: 

1. Planning. 
Setting a clear vision and relevant business goals, regularly reviewing progress, and resetting goals to drive performance improvement. 

2. Inspiring. 
Motivating others to achieve more than before; showing them their potential to make an impact. 

3. Empowering. 
Enabling your team to find their own solutions by guiding them with your support, trust and encouragement. 

4. Culture. 
Demonstrating allegiance to the team and standing for the business’s core values. 

5. Innovating. 
Continuous improvement in people, product, and process. 

6. Personal growth. 
Developing and supporting your future leaders with mentoring and guidance. 

Great leadership is about influencing others in the direction of a common goal. 

While there can only be one leader of a business, there are several departments that need individual leaders. People can lead multiple departments initially but, as the business grows, should look to empower others and delegate the leadership of some departments.

In the book “The Emyth revisited” by Michael E.Gerber he talks about creating an organisational chart and giving each job a job title and a job description. Your name may be at the top of these at the beginning but as you scale these are the roles you will need to recruit for. It is important that you understand your strengths and grow as a person, so you can delegate effectively. 

On a scale from 1 to 10, how well do you rate your performance on the above six categories? Where can you scale your leadership? Need help? Get in touch. 

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/

3. Download our free Coronavirus support guide: https://debbiebaileymoney.co.uk//coronavirussupport/

4. Connect with me on social media:

https://www.linkedin.com/in/southbourneaccountancy/

https://www.facebook.com/debbie.hancockSA

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Business tips Finance Function Gym

How can gym management software help your business grow?

How can gym management software help your business grow? 

 

Whether you own a fitness facility or are considering opening one, choosing the right gym management software is key. Gym management software is not only for gyms but also, fitness studios, clubs, PT’s, dance studios, yoga studios, personal trainers etc.  

 

It offers an all-in-one software solution to run your business efficiently. As a fitness entrepreneur you often end up wearing many hats – marketer, accountant, sales person, administrator and everything else in-between. As your business grows you will find these hats harder to juggle, so why not let the software do some of the heavy lifting. 

 

Typically, you would expect the software to have features such as membership management, class bookings, payment processing and provide useful reports and insights. Some fitness businesses will start with a spreadsheet but this will quickly grow messy and can result in a poor member experience. If this sounds familiar then now may be the time to consider the benefits a gym management software solution offers, it can save you time, reduce your stress levels and improves customer satisfaction and importantly retention! We all know that customer acquisition and retention are the bread and butter of growing a successful fitness business.  

 

When deciding on what features the software needs to offer, it is important for you to assess your business needs, ask yourself: 

  1. What is my 5-year plan for the business – is it to grow?  
  2. Do I require my system to integrate with other software solutions such as video sharing, accounting systems, payroll systems, payment systems, email marketing systems?  
  3. What could improve my customer experience? Do they want an app, ease of payment, ease of booking? 
  4. Do I need it to manage staffing levels? 
  5. Do I need it to assist with client retention and acquisition? 
  6. How much time does it need to save me? 
 

Make sure that whatever solution you go for it solves YOUR businesses problems and propels your business forward. Don’t be dazzled by the features that will not help your business, focus on your needs and if the software offers that.  

 

Potential features of gym management software: 

 

Get cash into your bank: 

 Integrated payment processing: 

By having flexible payment methods such as direct debits, credit cards, cash…cheques…. you will reduce the friction points for when a member wishes to pay, this will result in more sales.  

Integrations into payment systems GoCardless and Stripe will reduce the need for you to spend time chasing payments each month. This saved time can be spent building the business.  

 

Chase up payment: 

You may find it embarrassing to call up members to chase payments or even to send the email, so why not have this automated. The software will email or text the member and you could even include a link to the app so they can pay via their phone.  

 

Automated payment reminders will also reduce the need to chase up late payments, the software will notify members when payment is due, if they are not on direct debit. 

 

If a member is behind on payments some software will give them the option to use the app to make one-off payments.  

 

It is all about getting the money into your bank account, after cash-is-king and without it you will not have a viable business.  

 

Spend more money: 

Members may be able to store card details against their account which means that your members don’t have to bring their card when they come to your facility! 

 

Marketing 

 

Marketing emails: 

The software will aid you in managing prospects, current members and members who have left. If you have a newsletter or a special promotion you can categorise contacts into groups and target them with specific emails.  

 

Social media integration: 

The software may include a social media integration such as a facebook pixel so you can understand where leads came from and how you can re-target similar people 

 

Retention 

 

Which members may leave: 

Data collected by the software will enable you to automate your retention policy, by understanding which members are not making the most of their membership you can contact them and help them understand the benefits so they do not leave.  

 

Celebrate milestones: 

Data in the system will allow you to automate reminders for things such as birthdays, membership “birthday” etc so you can send them an automated birthday email/text/or app message or even get a reminder to send out a birthday card in the post!  

 

Renewal: 

If a member’s membership is due to come to an end, you can send them an automated email to remind them to renew and reduce the risk of them leaving.  

 

Customer 

 

Ease: 

Reduce the friction for the member at all points of the customer journey, software and apps can ensure that members can join online 24/7, book classes easily, check how busy the gym is, make online payments and ultimately make the process seamless. If you enhance the member experience, retention is likely to improve and referrals may increase.  

 

An app will also allow you to keep in contact with members on the go. We are a nation of phone and app lovers so take your customer journey to where the customer is.  

 

Digital integration 

Make digital classes look more professional with integration to apps such as Zoom. The member will log in via the app which enhances your brand and increases that seamless customer journey. 

 

Brand 

From your website to the app, your brand is at the forefront of the customer experience so you will want to ensure that whatever software you select it can showcase your brand. 

 

Legal 

 

GDPR: 

This important regulation is about the safe keeping of personal data, you need to make sure that your clients’ data is processed lawfully and consent must be freely given, specific, informed, and unambiguous.  Your gym software should allow you to store and easily access by member, digital sign-up, waiver forms, PARQ’s and T&C’s. By having this all in one place if a member was to request access to all the data you hold on them (this includes emails) you will have a single source of truth and be able to handle the request quickly and efficiently. This will ensure the member is happy and GDPR regulators are happy. 

 

The member should be able to easily unsubscribe to your marketing emails, again by having this in one location and not having to maintain two records you can ensure you are not outside the law.  

 

Stock 

One way to increase profit within your fitness business could be to sell other items such as drinks, exercise clothing, snacks etc but it is important to understand the level of stocks. This assists your accountant and ensures that stock levels are never too low or becoming obsolete. Some software providers will have an automatic re-order feature which you can set to different levels on each item type.  

 

Staff management  

Some software providers will allow you to put rotas on the system, so you can manage staffing levels, keep staff informed of any changes and then link through to payroll systems for accurate payment to staff.  

 

Information to grow business 

The software should provide a user-friendly dashboard which makes it easy for staff to use and provides valuable insights at a glance. Such insights could include, employee costs, membership retention numbers, sales numbers, attendance rates etc. These important numbers will give you key information for growing your business and where you should focus your attention, making changes before it’s too late.  

 

By linking into your accounting system, you will have a reduce admin burden and your accountant will be able to provide value information such as which services are most profitable, forecast tax and advise how much money you can take out of the business. These financial numbers can then be used to ensure the smooth running of your business 

 

COVID-19 safe 

 

Access to the facility: 

Your software should aid you with the current plans to re-open indoor fitness facilities. Of high importance is making sure members feel safe to return to your facilities and one way of doing this is having a non-touch entry system such as a QR code or barcode card.  

 

Number of people safely using the facility: 

Your software should be able to track how many people are in the facility at any point in time, this is so you can ensure people are able to social distance. Some software providers will also allow members to understand how busy the gym is right now and on certain times or days. This will allow members to plan their visits without worrying about their safety.   

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In Summary  

 

Some things to consider when comparing software: 

  1. Costs – Are there set-up fees? Support fees? Additional transaction fees? 
  2. Ease – Is the system easy to learn? Will it be easy for members to use? 
  3. Brand – Does it show case your brand? 
  4. Security – Is the system secure for members details plus payments. 
  5. Features – Does it have all the features you need? 
  6. Growth – Can it grow with your business ambitions? 
Do not be dazzled by shiny features that you do not need and simply increase the cost of the subscription, focus on your business needs and find the best solution to fit those needs. You will need to have an understanding of your business’ future plans, what you want to focus on and therefore what features will really help you move forward.  

 

Without assessing your business needs, it’s more likely that you’ll make the mistake of picking software for the wrong reasons (shiny object syndrome).  

 

If you would like more help on understanding your business needs please get in touch.  

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/  

2. Download our free guide on “stopping your fitness business running out of cash”  https://debbiebaileymoney.co.uk//fitness-ebook/  

3. Download our free Coronavirus support guide: https://debbiebaileymoney.co.uk//coronavirussupport/  

4. Connect with me on social media:  

https://www.linkedin.com/in/southbourneaccountancy/  

 

https://www.facebook.com/debbie.hancockSA 

 

Categories
Business tips Finance Function

Why businesses fail without good bookkeeping

Why businesses fail without good bookkeeping

Don’t drive your business blindly – ensure your business is viable.  

Bookkeeping is the recording and classifying all the financial transactions in your business. It’s keeping track of what your business spends and what your business receives 

Excellent bookkeeping is essential to any business and contributes to one of the top reason’s businesses fail. Yes, Cash is King but without good bookkeeping how can you possibly know how much cash is going in or out of your business? A cash forecast is a complete waste of time if the data you are putting into it is nonsense. 

Stop blinding driving your business and take action now, ensure you have good financial records. Not only is this key to having a good business, it is also a legal requirement to maintain accurate records!  

Still not convinced then keep reading: 

Tax – will be a nightmare 

It is a requirement of HMRC that you file a tax return each year, yet every year business owners across the UK are scrambling to get their paperwork together. Is this you?  

If you do not keep accurate records it is likely that you will miss key business expenses and therefore pay MORE tax. Good records enables good tax planning. 

The tax payment happens every year, so wouldn’t it be nice to know before the deadline how much you need to pay? Excellent bookkeeping will bring you one very important step close to this. You can even start to forecast what the payment might be and start to put aside an amount every month.  

Imagine having all your financial information ready for tax time and instead of looking in your email inbox, various cloud accounts and folders in your office, it could be all in one central place (yes, I mean accounting software with invoices and bills stored in the software).  

Peace of mind – Don’t let your health be impacted 

Not knowing if your business is profitable, if you can afford to withdraw dividends and if all your hard work is paying off can play heavily on a business owner. They can feel like they have the weight of the world on their shoulders. Do you ever wonder if it is all worth it? 

As a business owner you have so many things to organise, surely worry about bookkeeping is not top of your list? 

Having your financial records organised will allow you to sleep peacefully at night, you will not have to feel anxious when it comes to year end. This will allow you to have the head space to work ON the business and focus on whats important to you.  

So take back control – get on top of your bookkeeping.  

Cash in your bank – don’t hit a cash crisis.  

Organised financial records will enable you to understand the cash flowing in and out of your business. You will be able to see exactly what you spend on (is it worth it?) and where you earn money. With a clear picture of how you spend you can really begin to take control and grow your business. 

Do you pay your suppliers on time? Could you have a better working relationship with those suppliers, maybe secure a discount if you paid earlier. If you pay your suppliers on time they may be more willing to help you with quick turnarounds on stock.  

Have you been paying for services even after you have stopped using them? Maybe you have been doing this for month. Yes I have seen this, the business is completely unaware of the fact that they have been paying out thousands unnecessarily.  

Do you receive payment from customers on time? By having accurate up-to-date records you will know who owes you money and how much. This will put you back in control and ensure the cash is sat in your bank and not theirs! You will understand who are the serial late payers. What can you do to get them to pay on time? 

Cash is king and good bookkeeping ensures you can successfully track it. 

Do not wait until the business is unable to pay for something critical, take action now!  

Budget 

A budget is a financial road map for your business, it helps you to plan for future expenses and understand when you can afford to invest in some of those larger purchases. When your accounts are correct it makes it easier to review your income and expenses. This in turn will make it easier to create a useful budget.  

Organisation – reduce anxiety  

Bookkeeping is the organisation of financial information which is very important if HMRC decide to select your business for an audit. It is much less stressful if you can simply show HMRC your cloud accounting software, with all your records nicely organised. This will give them confidence in the numbers you have filed.  

It is not only HMRC who will be keen to see tidy accounts, if you are looking for investment or a loan, these stakeholders will also expect you to be able to present financial accounts, forecasts and budgets. All of which you need accurate data to be able to produce.  

Business Analysis – make good decisions 

Do you know which product or service is your highest performing or do you simply guess? 

Excellent bookkeeping will enable you to analyse the business. You will be able to see which product/service is bringing in the most revenue, which is contributing to the overhead costs (such as rent) and which product/service is costing you money.  

In order to make the best decisions possible, you need to have access to all available information. Bookkeeping provides this information. 

With better information you can make better decisions.  

Profit and Growth – in business to make a profit 

Is your business profitable or not? The income statement is a key document for understanding if you are making a profit. Bookkeeping is important as it feeds the income statement. Without good bookkeeping it will be impossible to know how well (or not) you are doing.  

By having accurate monthly accounts you will be able to track your income and expenses overtime. This will enable you to identify trends. Which month was your most profitable? Why was it more profitable? What did you do that month that was different to previous months?  

By understanding the trends you can start to compound the positive actions and reduce the negative actions. 

Investors – don’t let them run for the hills  

 

If you are looking for investment then it is key to be able to quantify the value of your business, financial statements will do that. Investors will want confidence in their investment and the balance sheet, income statement and cash flow statement all present the value of your business.  

The key to accurate and reliable financial statements is excellent bookkeeping.  

If you were a potential investor, would you have more confidence in the business that had an organised system for financial records or the business that took a month give provide the information due to poor bookkeeping?  

Fraud – don’t let fraudsters raid your bank 

Keep accurate records will help to combat fraud, if someone hacked your business bank account, would you know? It is your responsibility to check transactions and report fraudulent activity.  

Legal requirement! 

It is a legal requirement as a director to ensure that accurate financial records are kept for the business. Failure to comply can result in a fine and disqualification as a director. You must be able to provide information on all money that was received and spent, debts the company owes, stock the company owns etc.  

Do you believe me now? 

As you can see, bookkeeping is the foundation to many other important aspects of your business. Make sure your foundations are right and you will have a better chance of having a study business. 

If you need to implement a bookkeeping process, consider hiring a professional to help. Bookkeeping can be complicated, even classifying a single transaction can be unclear and this could be a costly mistake.  

Consider trying the bookkeeping services Southbourne Accountancy offers. No longer would you have to worry yourself about your company’s books. Leave it to the experts! Contact us today and ask yourself: How will I use bookkeeping to benefit my business? 

Contact us

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/

2. Download our free guide on “stopping your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/

3. Download our free Coronavirus support guide: https://debbiebaileymoney.co.uk//coronavirussupport/

4. Connect with me on social media:

https://www.linkedin.com/in/southbourneaccountancy/

https://www.facebook.com/debbie.hancockSA