Well, just apply your professional talents to the situation and become your own personal CFO.  By using your CFO eyes on the situation, it somehow tempers the pain of dealing with your own money.  To get started, here are 5 rules for treating your personal finances like a business:

1. Be Your Own Board of Directors. To make good decisions, you must know what you’re trying to achieve. In business, Board of Directors writes mission statements to keep the company on track with goals.  At home, it’s up to you to define your mission and make sure you’re fulfilling it by writing down your goals.  Not just your financial goals either, but your “life” goals.
2. Know Your Operating Costs. Do you know what you spend every month on average?  Businesses do because they base their budgets on historic spending patterns.  Most people, however, don’t know what it costs to keep their lives running.  You can make out detailed budgets, but find out at the end of the month that you haven’t stuck to it.  So instead of doing a budget that dictates how much to spend, do a “cash flow statement” that records how much you actually spend each month broken into several categories.
3. Know Your Net Worth. Companies measure progress toward goals through balance sheets which list their assets and liabilities. Your net worth is your balance sheet where you list everything that you own. That means your checking and savings accounts, investments, car, house, etc. minus everything you owe.  Track your net worth quarterly to make sure you’re moving toward your personal goals.  Without this step, you might not see the impact of your money decisions until it’s too late.
4. Forecast Money Decisions Results.  When a business makes important decisions, they use a process called “scenario planning”. They look at the possible outcomes of one choice compare to another.  You can use the same process to make smart money decisions.  For any choice, pick two options, and then look at what each answer would do to your cash flow and net worth.  Remember, there are no “good” or “bad” choices – only choices that put you closer or farther from your goals.
5. Track Progress by Annual Reports.  Just as companies assess their progress in their annual reports, you need to review your list of priorities every year.  Have you accomplished any goals?  Have your spending patterns changed? Did you spend less than you earned?  Did you save as much as you planned?

You need to treat your money like you treat your business.  Give it the time it deserves, because in the end the time you spend is really an investment in yourself and your dreams.

The point in the distance that you need to focus on is the need your audience has and the solution you have that will fill it. A business plan will be a blueprint for your success and allow you to grow in the right direction and to meet the ambitious goals that you set for yourself. It requires you to understand your audience – who they are, what they need and what concerns stand in the way of them choosing your solution. Its way too easy for us to focus on details, namely, on the latest traffic building tips or tools, the latest bells and whistles we can add to our site. Details are usually driven by facts, and facts are something we feel we can learn and control. Understanding the people who make up our pool of potential customers is a lot scarier. It requires us to step outside ourselves into the hearts and minds of other people.

Business plan financial projections seem daunting because they are so uncertain. Given the choice between dealing with predictable facts and details, or dealing with unpredictable human nature, most of us will jump at dealing with facts any time. But that just gets us stuck staring at our own feet as our feet inexplicably slip off the track. The only way to stay on track is by looking toward your ultimate goal: you helping people solve some problem in return for them repaying you fairly for the time and effort you put into it.

Small businesses don’t have the capital to devote to entire payroll departments, legal departments, etc. Outsource to independent contractors whenever possible. In the long run it is cheaper and is definitely a smart business decision.

2) Network as much as you can.

Join networking groups comprised of individuals who are entrepreneurs or small business owners. Not only might you find some professionals that will help you develop and grow your business, it is also an excellent way to spread the word about your company. Local networking groups usually limit the membership to one person per industry, so you will not be competing with anyone else for referrals.3) Budget your expenses wisely.

If you can initially work from home, do so. Save the money you would spend renting or leasing an office space and invest in a decent computer system or advertising. Cut your costs wherever you can and take advantage of less well-known but dependable service providers, i.e. Vonage phone systems and e-fax.com.

4) Find a good publicist/virtual assistant.

It’s important to get the word out about your new business. Hiring a Public Relations firm is pricey and not always worth the money. Go online and search for a Virtual Assistant and publicist. Many will offer you a three month retainer at a lower cost than a fancy PR firm and the results can be extremely advantageous. Check out their references first and go with someone who has a proven track record. After the initial three months many VA’s will offer you an hourly or monthly rate.

5) Develop your negotiating skills.

Knowing how to talk to advertisers and getting the best deals you can will pay off big-time, especially when it comes to advertising. Ask your sales representative to tell you about any special rate packages they offer. Quite often, you will not know unless you ask. Tell vendors you are a new business and ask if you can pay for big projects (like a professional website) with monthly payments. If you are dealing with small business professionals, most of them have been in your shoes and will be happy to extend a monthly payment plan to you.

As a small business owner you must be creative yet frugal. Take every opportunity you can to tell people about your business. Word of mouth and referral business is priceless. Carry your business cards at all times and don’t be shy to talk about what you offer. You never know whom you may meet that might just turn into a wonderful opportunity!