Taking Control of Your Destiny: The Power of Financial Independence

In life, we often encounter situations where financial decisions play a crucial role. Whether it’s navigating personal choices or steering the direction of a business, money holds significant sway over our lives. The ability to control our financial destiny empowers us to make informed decisions and pursue our dreams without being at the mercy of external factors.

Deedra Determan of Tulsa's D2 Branding Social Media Marketing Company and SEO

Personal Empowerment Through Financial Independence

A Personal Journey

Can you think of a time in your life when money played a factor in an important decision you made? Or, maybe you couldn’t make the right decision because you did have the money to do so?

My mom got pregnant with my older brother while she was still in high school. Because my dad’s family was Catholic and lived in a small Kansas town where having a baby out of wedlock was unheard of, the two had to quickly get married.

My mom raised three kids and sacrificed all of her dreams to be a mom. Before she turned 40, however, my dad had an affair and left her. My mom had stayed in the marriage longer than she needed to because she needed financial support. With that support gone, she found herself with no degree or work experience — a single mom of three kids needing to get a job.

Breaking the Cycle

From then on, I saw money dictate her life decisions. I was in 7th grade at the time and vowed I would never rely on anyone for money. Instead, I would be self-sufficient, and if I needed to pack up my kids and move somewhere to have a better life, I would do it.

I recently read a quote that reminded me of that story: “Money, or the lack thereof, will put you at the mercy of someone else.”

When you don’t have your own money, you’re at the mercy of whoever is paying you. If you work for a boss, they dictate how much money you make and how often you work — it’s not up to you, unless you’re commission-based. If you’re a stay-at-home mom, more often than not, your husband will dictate how much money you spend. That idea never sat well with me. Once I started making my own money, I felt like I was way more in control of my destiny and could make the best decisions for me.

The Role of Financial Independence in Business

If you’re a business owner with one or two clients who make up the majority of your revenue, you might find yourself in a tough spot down the road. It’s so exciting to get a new high-paying client, but what happens if that client backs out and all of your resources are dedicated to them? If you’re not diversified with your revenue, that big client will control you, and you’ll be at their mercy.

We have a diversified client base at D2 now, but we didn’t start that way. Having a diverse client base allows us to make smart business decisions, like letting a client go. It’s never fun to ‘fire’ a client, but sometimes it’s necessary, and if you’re too tied to them financially, you won’t have the freedom to do so.

The same principle applies to your team. If one person has all of the expertise in one area, they are harder to replace. You need to have good systems and processes in place so in the event one team member leaves, it’s easy to train a new hire.

A past client of mine had 75% of what they do is in the head of one person who’s worked there forever. Nothing is documented and there are no processes in place, so if he left, the company would be in a world of hurt. The more streamlined processes and systems you have in place, the better off your business will be down the road.

Strategies for Financial Empowerment

Here are 6 principles to help you manage your money in your small business:

1. Separate Business and Personal Finances

Establishing distinct bank accounts and credit cards for your business not only simplifies accounting processes but also ensures clarity and transparency in financial transactions.

2. Maintain a Profit and Loss Statement

Regularly tracking expenses and revenues through profit and loss statements enables informed decision-making, allowing businesses to allocate resources efficiently and identify areas for improvement.

3. Implement Upfront Payments

Encouraging clients to pay upfront for services rendered enhances cash flow and reduces the risk of payment delays or defaults, providing stability and predictability to your business operations.

4. Efficient Inventory Management

For businesses involved in selling products, adopting an inventory management system optimizes stock levels, minimizes storage costs, and prevents excess inventory buildup, thereby maximizing profitability and ensuring customer satisfaction.

5. Analyze and Optimize Expenses

Periodically reviewing expenses allows businesses to identify cost-saving opportunities, negotiate better deals with suppliers, and allocate resources more effectively, ultimately enhancing financial performance and competitiveness.

6. Establish a Cash Reserve

Creating a business savings account to set aside funds for emergencies or future investments provides a financial safety net, enabling businesses to weather unforeseen challenges and pursue strategic initiatives with confidence.

Want to Take Control of Your Destiny?

Money can determine the course of both your personal and professional life.

In your day-to-day life and in your business, financial independence allows you to make sound decisions and find success without being at the mercy of external factors. By following these six strategies to manage money effectively, entrepreneurs can take charge of their financial destiny and live the life they want to live!

Deedra Determan, Founder

Deedra Determan started her career working in television for one of the top media companies in the country and later became a marketing consultant in the television industry.

Determan went on to launch a niche website for moms in her local market with over 100,000 moms visiting the website each month using the power of Facebook. After one year from launching, Determan sold the website to Oklahoma Media Company, Griffin Communications. Determan went on to launch a digital marketing agency, D2 Branding – Tulsa SEO, Marketing, and Website Design that was recently recognized as one of the “Best Entrepreneurial Companies in America” by Entrepreneur Magazine’s Entrepreneur360.

Determan is the host of the Do It My Way Podcast Show, empowering women business owners and CEO’s to do business on their terms with no regrets, hesitation or fear. Determan coaches these women on how to create a personal brand so they can live a life of financial freedom, working when they want to work and making the money they want to make!