Posted on August 7, 2020 By guest blogger Mark Beal, an advisor with Baer Wealth Management. The author is not an attorney and is not affiliated with Taylor English Duma LLP. This posting does not constitute an endorsement by Taylor English of the author or of any related entity.

There are some things that don’t matter, and there are some things you can’t control. Your focus should be on neither! With a limited amount of energy to expend each day, why waste it?

If you want to come out ahead, you’ve got to set shorter-term goals. It’s fine to envision what you want your life to look like 5 or 10 years from now; but where do you want to be financially at year-end? Or 12 months from now? More importantly, what are the specific steps you’re going to take to get there? And how will you track your progress? On your phone or on the whiteboard, write it down.

It doesn’t matter that COVID-19 is a polarizing issue that people have differing opinions on. You won’t change those beliefs or create harmony amongst everyone. You can’t control that some people have been ready to get their children back in school while others are extremely fearful of returning. Families are evaluating different things based on their own personal criteria and what is best for them at this time. That could change quickly and without a moment’s notice! 

Your efforts and your energy should be beaming straight for the intersection of things that matter and things than you can control. This includes how you lead by example, treat your staff and families, and prepare for the future. All eyes are on you, whether you’re ready or not.  

Though you’re juggling many balls in the air right now, one vital task for you is to evaluate every decision under the microscope lens of cash flow vs equity. They’re both important, maybe now more than ever, and they will help improve your financial position both personally and professionally if done correctly. 

Whatever it is that you’re doing now, is it to garner a short-term increase in revenue? 

Is it to build the value of your school?

Is it to bolster your reputation within your community?

Is it just another expenditure, or will it help you build long-term equity?

  • Paying more each week for more robust sanitary measures or upgrading air quality systems, or protecting your children and give parents more peace of mind.
  • Hiring a marketing firm to revamp your website and branding, or increasing exposure, showcasing your school in the best light, and letting families know that you’re open for business.
  • Evaluating your liquidity to ensure you have an appropriate emergency fund and can cover any setbacks for your family and your school, or wisely preparing for “next time,” though we’re not sure when or what it will look like.

These are just some examples of ways you can improve your financial health in the near-term and long-term, though I’m sure you’ve thought of many more. But you’ve got to willfully grab the bull by the horns, where one of those horns is what matters and the other is what you can control.

Go ahead –  grab a sheet of paper, make three columns, and start writing it down. What are you working towards?

Mark Beal, CFP® is an advisor with Baer Wealth Management. Most of his work is with business owners – specifically owners of childcare centers –  who are unsure of how to maximize their personal wealth from the operations of their business. Mark helps clients make sound financial decisions, mitigate taxes, implement proper asset protection and asset transfer strategies, and magnify their gifts to others based on charitable intent. He is located in Atlanta, GA and serves clients nationwide. Visit www.BaerWealth.com to learn more and read a free white-paper on the top financial challenges for childcare owners.

The information in this post is for informational purposes only and does not constitute financial advice. You should consult with your advisor(s) before making any decisions.

The author is not an attorney and is not affiliated with Taylor English Duma LLP. This posting does not constitute an endorsement by Taylor English of the author or of any related entity.