Are you an Excel spreadsheet wizard or does the idea of putting together a cash flow forecast terrify you? What thoughts run through your head when you think about managing your business’s finances?
A common theme in both the blog posts I write and episodes of The Simplifiers Podcast is that in a lot of cases, making changes in life and in business starts with understanding and changing your mindset.
And it’s the same when it comes to making money.
The way we think about money and about handling our finances will have a direct impact on the actions we take. Or in some cases, the actions we avoid.
Here’s an example of common story many people tell themselves:
“I’m no good at the financial side of my business.”
But the truth is that in most cases, you just need to fill in the gaps in your knowledge.
If you continue to tell yourself the story that you’re no good, you’ll use it to avoid getting a grip of your finances and making them work for you. Keep reading to find out how.
Another common story people tell themselves:
“I’ll wait until I have more money before I invest in my business”
The truth? You need to invest in yourself and your business for it to grow. That might mean paying for a coach, a marketing expert, renting a professional co-working space or whatever else that will take your business to the next level.
For your business to make more money, you need to make changes. If you continue to do the same things you’ve always done, chances are you’ll be waiting for longer than necessary.
There are all kinds of stories:
- No one will pay the prices I want to charge
- To get wealthy you have to hustle and work crazy hours every day
- It’s selfish to want a lot of money
- I’ll always be struggling and never be financially comfortable
- More money = more problems (that one’s inspired by Notorious B.I.G for any hip hop fans reading)
If you don’t believe you’re worthy of more money, the chances are you’ll engage in self sabotaging behaviour and stop yourself from making smart business moves.
If you believe you need to wait to invest in your business or that making more money means working (too) hard and figuring it out by yourself, you’re going to deprive yourself of opportunities and make life difficult for yourself.
But where do these beliefs and stories come from?
They’re formed thanks to a combination of the stories and lessons we learned in childhood, and the experiences we’ve had in life.
So, it might be beliefs that have been passed on from your parents. Or, perhaps your first business failed and that’s influenced the way you approach your finances now.
If those beliefs are positive and are helping you then great! But if they’re self limiting thoughts, you need to make changes before you can make progress in your business.
A good place to start is to think about how you view money. How did your parents view it? What were your experiences growing up? Do you see any patterns in your career regarding money? You might want to journal this.
Then get honest.
How many of these beliefs are about fear and avoiding discomfort?
If you say you’re no good at handling business finances, is it because:
- In the past, you’ve lost a significant amount of money while running a business?
- You don’t yet have skills and you’re afraid you won’t understand how if you try to learn?
- You don’t know where to start and think it will take a lot of time and effort?
There might be other reasons – you need to figure out your individual story.
Once you’ve got a clearer understanding, you need to work on overcoming these beliefs.
The truth is, to get to the next level, you need to be OK with being a little uncomfortable.
If you stay where you are, you might feel comfortable but you certainly won’t change things for the better.
The good news is…
You can limit that discomfort.
What do you and your business need to overcome your self limiting beliefs and make positive changes in your business?
Here are a few practical ideas:
- Online courses
- Attending workshops
- YouTube videos or podcasts by the experts
- Work with a business coach
- Join online communities with other female entrepreneurs so you can learn from each other
- If your money beliefs go deep, you might find it useful to talk to a therapist.
There is power in the stories we tell ourselves.
You can’t make big changes in your business until you take the time to address your self limiting beliefs and change your money mindset so it serves you.
Resources we recommend:
- Denise Duffield-Thomas’ free Money Blocks Workshop – CLICK HERE
- BOOK: You Are a Badass at Making Money: Master the Mindset of Wealth – by Jen Sincero
- This episode of The Simplifiers Podcast, featuring Phylecia Jones
Have you heard our latest podcast episode?
Find all of our episodes hosted by our CEO – Mary Baird Wilcock, CSEP HERE!
Disclaimer: This blog post includes affiliate links because we wholeheartedly believe in the products, books and courses featured on the podcast. Therefore, we get compensated when you click on the links above and decide to purchase these items, which helps us continue to serve and support you. We share only the very best resources with our listeners and hope you find great value in them, as well.