You cannot run a business without knowing where you stand financially. It takes awareness of your finances to navigate difficult economic times. It takes money for your business to maintain itself and to grow. It takes money for your business to reach new levels of success, prominence, philanthropy, and expansion.
Money is often difficult to discuss. It represents an emotional minefield for most people. It is a symbol for success and failure. It is sometimes used as a weapon. Money can get you what you want or get in the way of getting what you want. It is the currency that is tied closely to meeting your basic needs for food, shelter, and clothing, and it is often associated with obtaining higher-level needs, such as comfort and peace.
To complicate matters, people perceive money differently. Unfortunately, personal and professional relationships are often destroyed because of differing perceptions about money. The origin of your money perspective can be found in your childhood - what you learned from your parents, your church, your school, your friends, and society. The economic climate of your childhood had an influence on your money mindset too.
For many people, money carries a stigma – a negative or unpleasant association that influences what they believe about money.
How you view money – your money mindset – directly influences how you perceive money in your business and how you manage your financial affairs. For example, if you carry a money stigma, you may under-value or over-value your products or services. This could lead to a struggle with how you price your offerings.
Do you want to change your money mindset? If so, it requires awareness and action. Here is one process to follow to improve your money mindset:
- Become aware of your current money mindset. You’ve already started this process by answering the questions above.
- Embrace positive money beliefs.
- Set a goal based on what you desire.
- Make an action plan.
- Stay committed to the plan.
