Money Mindset: Why Business Owners Need To Pay Attention
Money Mindset: Why Business Owners Need to Pay Attention
Feb 19
Written By Melissa Houston
As a business owner you need to wear many hats, and there are many things you need to stay on top of. There are sales, marketing, financial management, to name a few. But what can often be overlooked and essential to running a successful business is ensuring that your money mindset is positive and you have a healthy relationship with money.
Money is one of the most emotionally charged topics there is out there. Everyone carries a money story, and you can develop a money story as early as your youth.
Think about your money story and how you relate to money. Do you often stress that there is never enough money? Do you fear looking at your bank account or credit card bills? Did you grow up in a house where money was a stressor, and maybe your parents fought a lot? Was there never enough money?
How you relate with money is directly related to how wealthy you will become. The path to riches is not in how much money you make; it’s in how you manage your money.
Money management is key to building wealth.
The secret of the wealthy is that they know you need to get your money working for you. Knowing how to invest your money, preserve your wealth, and live off those investments' returns is the secret to sustainable wealth.
Money mindset issues can hold you back from being the best business owner.
Money mindset can affect the ways you:
1. Manage your business finances
When you have money blocks or money mindset issues, they can hold you back in business. Whether they keep you from achieving your most significant financial goals, if they question if you are worthy of making much money, keep you in debt, or keep you stressed out about money, they will hold you back.
When you are a business owner, you need to stay healthy and train like an athlete, so it is imperative to keep your relationship with money healthy.
Do you want to have your business operating for years to come? Ensure that your relationship with money is a healthy one and aids you in creating the best and most profitable business that you can.
2. Price your offers
It would be best if you charged what your services are valued at. When business owners have money mindset issues interfering in their business, they lowball their offers in hopes that people will want to work with them because they are the cheapest compared to their competitors. But when you do that, you send a message to your clients that you don't value your services, and you attract the bargain hunter of clients. This type of business model is exhausting because you work so much harder trying to achieve profit, and in the end, you only end up damaging yourself.
Have confidence in your abilities and price your offers at fair market or above, never lower. Conviction messages that you are a premium service, and the customer will receive premium results.
3. Manage your sales and marketing
Ensure that you are creating a business that will have continuous cash flow, as cash flow is the company's lifeline. You need a well-operated sales and marketing plan to ensure that clients are continually coming in. The worst position to be in is living in scarcity, not knowing where the next client is coming from or how you will pay your next bill.
Business owners with a scarcity money mindset will subconsciously create that scarcity in their business, and that's why it is vital to ensure that you are not operating from a scarcity money mindset.
4. Invest in your business
So often, business owners do not want to pay extra for services or tools that will better their business for fear that there will never be enough money. However, you do need to invest in your business to maintain the level of service you offer, increase efficiency, and grow your business. If you are operating from a place of scarcity and constantly worry that there will never be enough money, you are subconsciously self-sabotaging.
The bottom line is that how you show up in your business is tied to the revenue you generate and how you optimize the profit in your company. If you have money mindset blocks that hold you back, consciously, or subconsciously, you need to clear those money mindset challenges.
Clearing money mindset issues to ensure you are operating with a positive money mindset and a healthy relationship with money will help ensure that your business will be successful and profitable.