Your money habits form the financial foundation from which your businesses operates. They also have plenty to do with how you operate in your day-to-day life. So the question arises: do you have good money habits that are serving you and your business? The great news is, regardless of your current status, you can always adopt and practice new habits. Here are 7 good money habits that every entrepreneur and business owner should follow.

1. Commit to consistency

When it comes to finances, consistency is key. Keeping up with your budget, cash flow and financial planning will give you massive power in your business. Maintaining a running record of these numbers and adjusting them regularly is an essential habit to

integrate into your weekly routine. Try scheduling a one-hour time block in your calendar that repeats every week and treat it as if it is an actual appointment…because it is!

2. Shift your thoughts and beliefs around money

Our beliefs about money have a whole lot to do with our habits with it.. Do you come from a home of penny pinching and scarcity? Or maybe you grew up where money was used and spent frivolously and carelessly. Creating and affirming powerful and responsible beliefs around money as a daily practice will shift your entire relationship with it and ultimately how much you make of it. Whether you hire a financial coach to support you, it is important to invest the time and money in yourself and your business to do this.

3. Manage your cash flow

A very helpful tool in managing cash flow is creating a spreadsheet. You can actually find many ready-to-use templates for this online. This sheet should include three things: accounts receivable (what you are owed), accounts payable (what you owe), and shortfalls (when cash flow turns negative). Determine your breakeven point to give you a benchmark when setting financial goals for your business. If this is something you struggle with, hire a money coach to support you.

4. Maintain a budget

Create an initial weekly or monthly budget by estimating your gross profit. Make sure to include all of your expenses and income sources. From there, schedule a recurring time once a quarter to review and edit your budget based on your actual results. Every business has its own cycle of income and expense. Understanding your financial patterns will allow you to make well-informed decisions, gather valuable insights and identify additional profit opportunities. In addition, budgeting now will set you up for success in the future. Create a pre retirement checklist to ensure you are including retirement expenses in your current budget.

5. Create systems and processes

This is one of the best reasons to hire a business finance coach. The right coach can support you in creating efficient financial systems that work for you and your business goals. A great place to start is revising your bookkeeping system. With the current cloud-based technology available, there are plenty of convenient ways to organize your finances. Software programs are also a great way to declutter and simplify billing, invoices and consolidate debts. It is common for business owners to overlook billing and collecting from clients. Create clear policies for your customers and clients and stay on top of payment schedules. The longer a bill is unpaid, the less likely it is that you will receive the payment. It is up to you to set up an efficient system for this. Review your current insurance policies to ensure they are still financially sound and relevant to your business practices. Again, calling in a professional is definitely the smartest move here.

6. Plan for taxes

Part of being a business owner is paying the government a portion of your earnings. Keeping your business income separate from the government’s will save you trouble when tax time comes. For federal taxes, it is recommended to set aside at least 90 percent of your previous years’ taxes. Tax benefits are available to business owners, but it is up to you to take full advantage. Write-offs and deductions reduce your taxable income, therefore reducing the amount you owe the government. It is highly recommended to seek a professional, like a small business tax accountant, as taxes can be tricky with many hidden pieces. If you are planning to hire a financial coach for this, make sure you choose one who is an Enrolled Agent, certified tax consultant and advisor. You want to make sure that they can represent you in front of the IRS if needed.

7. Stay focused on your mission

One of the biggest mistakes business owners make is spending time and energy on projects that do not align with their mission. Be smart and mindful when spending money and trying to do too many things. Always refer back to your vision and business model when making decisions to ensure they are in alignment.