Almost every entrepreneur I meet or work with has a fear of at least one of the following, so please know that you are not alone.
- Talking about money
- Making business spending decisions
- Being judged for their financial goals
- Borrowing money
- Planning their cash flow
- Not understanding their numbers
Money isn’t something to be afraid of. Money is simply a result of your business activities and decisions. By fearing these activities and decisions, you will hinder your future business decisions.
When you hinder your business decisions, you hinder your growth, your profits, and your ability to create the life you desire.
So How Do You Stop The Money Fear?
- Adopt a CEO Mindset – Decide that you will treat your business like a business. You are the empowered CEO of your business, who makes strategic decisions to grow your business, to manage risk and to pay close attention to your cash flow.
- Start Talking About Money – Have courageous financial conversations. As long as money remains a taboo topic in your world, you will always carry some fear of it. So open the conversation with your colleagues, your family and even yourself.
- Take Back Control – Don’t let your CPA or Bookkeeper tell you how the money is to be managed in your business, or what information they will provide. You don’t need to understand a thing about accounting. You do however need to understand the activities in your business and how they impact your cash. You need to communicate that information to them, and require reports and information in a format that will help you make decisions on those activities. And if they tell you they can’t do it the way you need it, then you need to find someone who will.
- Pay Attention to Your Numbers – I know this is probably making you groan. However as much as I don’t love numbers either, I adore the power they have to allow me to create the life and business I want for myself. They have the same power for you too. Take some each week to review your financial position. By being in touch and connected to what is transpiring financially in your business, you are able to make decisions and course correct on little things before they become big things.
- Track Your Income – All the money you receive in your world should be tracked to the penny every single day. By you. This is a separate function from your accounting system. This is a technique used to help you connect your mind, & heart to your money.
You Don’t Have to Go It Alone
While there are certainly a lot of nuts and bolts involved in getting the financial aspect of your business under control, what underlies it is very emotional, very personal and goes very deep. We all have money blind-spots, and fears. For many who have borrowed money in their business they often carry a lot of unnecessary and crippling self-judgment and shame, that can really hinder their ability to grow their business.
If you are struggling with being “Money Scared” then I encourage you to get the help you need. As I mentioned above these “decisions” you face daily with money really aren’t about money, they are business decisions that involve money.
Mastering your fear is the first step in allowing yourself to create the highly profitable & luxurious business and life you desire.
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With 25 years' experience leading 6-figure to 9-figure companies, she strategically partners with entrepreneurs to help them focus on sustainable & scalable business growth, so they can create a highly profitable and luxurious business and life.
Passionate about helping women earn what they are worth and build their wealth, so that they can realize all of their dreams and desires. She brings together her vast business knowledge with the deep inner work needed to help entrepreneurs identify blocks, step out of fear and overwhelm, raise their wealth consciousness, and move forward towards their goals with measurable, tangible results.
She is a featured Expert and regular contributing author for Today’s Innovative Woman Magazine, and is profiled in Canada’s 2014/2015 Distinctive Women Magazine