I share this with you not to brag – but rather because, for me, this has been a pretty significant breakthrough that I think brings lessons I can apply to other areas of my life. For as long as I can really remember, certainly since high school, I have struggled with food and maintaining a healthy diet. For years I have known that I wasn’t eating particularly well – but dealing with it in any sort of lasting and meaningful way – has always seemed more than a little bit overwhelming. At least twice a year, I’ve discovered a new book at Barnes & Nobles, with the latest low carb or high protein or food combining “solution,” and have convinced myself that finally THIS is the diet I am going to follow. THIS one will be the answer to those extra pounds. THIS time I’m going to stick with it. I get started with a vengeance, making lists, hitting the grocery store, sorting through new recipes. And time after time, usually in less than a month, one day “off the diet” turns into 3 days, which turns into a full week…you get the picture.

So what changed? I think there was a powerful shift for me in defining what it means to be disciplined when it comes my diet.  First of all – you notice I said 90% vegan…In the past I have really hurt my chances of success by approaching eating with an “all or nothing” attitude. I tried to eat a certain way ALL of the time. For most of us this leads to feelings up deprivation that we simply cannot maintain long term. Now, if I really want a cheeseburger, I have a cheeseburger. If I go out to a restaurant or a party with friends, I don’t try to convince myself not to have whatever delicious things are being served. If I want them – I have them.

Another important aspect of my success with this diet has been my commitment to actual education. Not the latest fad…but actually finding and reading the research that has been done on the ways our bodies respond to the food we feed ourselves. I’m certainly not suggesting that there is necessarily one right way to eat. However, the key is that I have a clear understanding of why I am making the choices I am making. The more I read, the more committed I am to this change in lifestyle and the results I’m seeing right now, support the belief that I will continue to see amazing long term benefits.

What if we take these two “tips” and apply them to how we approach discipline in our businesses?

Specifically, I think that for many of us there are strong parallels between the ways in which we handle our diets and the ways we handle our money. Like being healthy, consistent money management and financial organization is not something that is going to happen automatically. It does take discipline to ensure that your financials are in order. You can’t organize those receipts or sit down in front of Quickbooks once or twice – and expect to have any last results. Still, acquiring this discipline is without question worth the effort as the rewards will certainly last a lifetime. Strong financial management and organization is the only way  you can expect to have the necessary information with which to make informed business decisions regarding your company.  As entrepreneurs we can also only  reach our financial goals and objectives if we regularly take the time to evaluate our progress, set new targets, and define the tasks required to hit those targets.

But I encourage you to look at whether you have been approaching financial management with the same “all or nothing” attitude that I mentioned earlier in this post. Are you perhaps guilty of having an image in your mind of what it means to really be on top of your financial situation – and then actually doing little or nothing because you recognize you are falling so far short of perfection? Do you dive into financial projects with a vengeance – spending hours  creating charts and sorting receipts – only to exhaust yourself and get so burned out you don’t even look at your bank statements for 3 months? How much better would it be if you tried to take more bite sized, but consistent actions when it comes to handling the business finances?

Also – have you neglected the financial education that is critical for your success? Small business owners often mistakenly believe we can have a loose understanding of money because once we have “lots of it” we won’t need to worry about all that accounting stuff. The problem of course is that it’s extremely unlikely we will ever have “lots of it” because we don’t understand the money rules and activities that will actually bring financial prosperity.

Discipline itself is a characteristic that every entrepreneur should work toward. What business partner, investor, customer or employee for that matter would not want to work with or for someone who has mastered this important quality?  Not only will you feel better about yourself, but your business will be so much more likely to succeed if you are able to develop the discipline necessary to maintain the daily, weekly, and monthly activities that keep your business growing and moving forward. But be kind to yourself. Find the ways you can steadily improve – moving towards the ideal – but not beating yourself up for the ways you fall short.

At Abundance Bound we teach entrepreneurs how to consistently take these small but powerful steps forward. Visit http://www.AbundanceBoundSystem for more information.

It was wonderful watching him try so hard and as I stood there, I realized that even 35 years later in life, I too struggle to wait – and to let things happen in their own time. As I speak with entrepreneurs, I find that a common ailment amongst us, is patience. We want our efforts to pay off now! We want to see our labor unfold into immediate success. Small business owners often must work months and even years at a time before achieving the goals we’ve set for ourselves. And while it’s not quite as simple as sitting on our hands, we too must find a way to stay the course, even when things take longer than we would like.

A related lesson for entrepreneurs – one that  we also work to teach our children – is Persistence. It’s not just a question of waiting for the things we want. We must also persist in whatever work it takes to achieve our goals. And of course the work isn’t always fun and inspiring. Sometimes it’s tedious and challenging and just plain hard. And yet, if we give up when it gets rough, in all odds we won’t be long in business. Ultimately, persistence pays off. And if I can just be terribly annoying and use a favorite bedtime story as an analogy: Are you going to be the little engine who could, OR the entrepreneur who can’t?

Especially when it comes to financial education, persistence and patience are qualities an entrepreneur simply cannot do without. While effectively dealing with money is rarely something that comes naturally, it is like learning to ride a bike or anything else that’s new. If you stick with it, you will ultimately master money management and the tools you put in place to stay on top of your business financials will become like second nature.

Success rarely happens overnight. And yet, of those business owners willing and able to stay the course, most look back with gratitude for the patience and persistence that brought them across the finish line. At Abundance Bound we believe that these two virtues come significantly easier to those entrepreneurs who surround themselves with support systems.  To learn more about the ways we can support you in the patient but persistent growth of your business, visit http://www.AbundanceBoundSystem.com.

Do you run your business like this?  If the answer is no, then you don’t actually have a business. You’re merely engaging in a hobby, and it may be an expensive one.  You might be saying, “But I’m not an accountant.”  True.  However, as challenging as it may seem initially, you can absolutely learn to keep proper track of your business finances. It is critical to your success as a small business owner.

The absolute most important thing to do is to separate all your personal income and expenses from your business income and expenses.  You would never see the CEO of a big company go out and buy printing supplies from his or her personal account and you shouldn’t do this either.  This means you need to have a separate bank account for your business.  If you don’t, then all your income and expenses are mixed together and it’s far harder to keep track of everything. (It is easiest for network marketers and other home based entrepreneurs to fall into this trap.)

Once you’ve established separate accounts, place any personal earnings (if you still have a “day job,” any financial gifts, alimony, etc.) in your personal account and put your business earnings in your business bank account.  Likewise, pay for all of your personal expenses (rent, groceries, clothes, vacations, etc.) out of your personal account and all of your business expenses (supplies, equipment, salaries, etc.) from your business account.

This is simple, but not necessarily easy.  It may require a shift from how you’re accustomed to doing things now.  Newer entrepreneurs may be saying, “STOP!  I haven’t yet created success with my small business. I don’t make enough money from my business to pay for all of my business expenses.”  If this is the case, simply make loans as necessary from your personal account to your business account and be sure to keep records of those loans.  When your business becomes profitable, it can pay you back.

You should also have a separate business credit card.  Charge personal items to your personal credit card (and hopefully pay off the balance every month) and charge business expenses to the card that you’ve designated as your business credit card.  This way, if you’re carrying a balance on your business credit card, then the interest will be tax deductible.  This isn’t possible if there’s even one personal expense on the card.

Now, what about those expenses that cross the line – a portion is personal and the rest business?  An example might be your automobile expenses or some of your household expenses if you work from home.  For these items, I suggest paying for them from your personal account BUT keep very clear records.  Have a small book or log in your car to record business mileage.  Keep all your household bills (mortgage/rent, phone, utilities, etc.) filed away so that you can use them at tax time to determine what percentage you are able to write off as a business expense.

There are three reasons why it’s important to follow these suggestions:

1. If you don’t treat your business as a business, you’ll never make a business income.

2. If you don’t keep appropriate records and you’re audited, the IRS may classify your business as a hobby.  This could mean loss of tax deductions and potential penalties.

3. You’ll be easily able to track  your progress towards success in your small business, determining when you’ve become profitable.  This allows you to make any necessary adjustments and corrections along the way.

Have faith in yourself.  You can do this.  Visit http://www.AbundanceBoundSystem.com for all the step by step guidance you need to ensure you are laying the proper foundation that will support your success and allow your small business to thrive.

However, it is true that the first step to creating significant positive changes in your business finances, is honestly examining and shifting some of your deep seated, negative attitudes towards money.  Your financial conditioning is something that you must begin to self-manage, be aware of and correct the rest of your life. This isn’t something that you can check the box and say – I’m done, I’ve arrived. Your psychology will always impact your decision making process along your wealth building journey.

I encourage you to take the time to actually write down some of the beliefs you have about money.  Honestly examine the list and ask yourself which beliefs continue to sabotage you.  Now, make a second list of what you would like your thinking about money to be.  Start carrying those lists with you.  Stop yourself when you find your mind on a thought from the first list and make a conscious decision to shift that thought to one of your new, empowering beliefs.

We believe that with the right tools, all entrepreneurs can be successful. Our mission as a company is to give you the clear action steps you need to build success as a small business owner.  Visit us at http://www.abundanceboundsystem.com for some ideas that will get you started. Accept the responsibility for changing your negative attitudes about money. By doing so, you’ll gradually reduce the mental blocks that are keeping you from consistently and powerfully doing the work to create the financial stability and profitability you so richly deserve.