One skill that is crucial to build a successful business is your ability to make decisions quickly, using sound business judgement and coming from an air of authority. Here we will explore how confident decision making will positively impact your business when it comes to money, so that you can grow and scale not only feeling great, but also see your efforts reflected back in a juicy bank balance.
It’s critical that you get this right as finances are the oxygen that underpin the rest of your business activities. Whilst you launched your business with the noble pursuit to impact the world in a positive way, the money coming in and going out is the energy that will keep the fire burning for the long term.
Because, let’s face it, without money coming in from a reliable source you cannot pay the bills or keep the lights on and without these fundamentals looked after you won’t be able to keep on helping others.
For this reason alone it is vital that you feel confident making decisions that relate to how money is coming into the business and make sound judgements on where it is going out.
A healthy money mindset includes knowing where to invest your money for the best returns, feel certain that your pricing offers a fair exchange of value so you feel good about what you charge and approaching the topic of money from an emotionally centred standpoint.
Decisions need to be made in a number of key areas, such as outlining your budget, setting realistic income targets and finding clarity around what payment plans you are happy to offer.
What’s The Impact?
Failure to get the money part right is like toppling the house of cards by pulling that one card out from its foundation. Everything above it in your business falls down too.
Without stable money coming into the business your nerves are likely to be on edge, which makes it feel impossible to make clear decisions in the rest of your business.
When you lack clarity on what action to take with your business finances, you will experience racing thoughts, impulsive decision making and frantic behaviour, when what your business is really crying out for is a calm, confident leader who is able to quickly assimilate all the information available and select the best outcome from the range of data.
How good it could feel
Making financial decisions from a grounded standpoint will allow you to connect with your potential clients in a healthier way; they will pick up on this shift in energy and be more likely to buy from you. Rather than focussing on the income that you’ll gain from each client, you will be centred on the positive outcome you can provide for them and it is this shift in focus that will permit people to want to engage with your brand.
When you get this right, you will have built your business on solid foundations and you can feel secure that it won’t all come tumbling down at the slightest gust of wind.
And what about the money going out?
Not only do you need to feel confident about money coming in, but you also need to be sensible about the money going out.
Building a business takes up valuable resources, which includes both time and money. I say this with love, but if you think you do not need to invest money in your business then I would suggest you rethink your gameplan.
Whether you are getting qualified, keeping yourself insured or paying out bank fees, you’re going to need to part with some money in order to receive more.
And if you are serious about your brand, you should want to spend money in areas that make your business possible and bring you a return.
Firstly, you are well aware of that phrase, “Jack of all trades, master of none.” This is especially relevant when building your brand. If you want to scale quickly and with your sanity intact, prepare to hire professionals who have skillsets in other areas.
I love working with business owners to help uncover their subconscious blocks and integrate what is in the way of them reaching their dreams. This is what I am good at. What I am not so good at is graphic design, web development, accounting and a whole heap of other stuff that is essential to build and maintain a successful business. So I do not do that stuff, I hire people in who can do it better and faster, while still maintaining a smile on their face (and this also ensures I maintain a smile on mine)!
And you should look to do this too.
Understanding that there will be a pivotal point where, in order to grow and scale, you will need to call on outside help, and then engineer your prices and income strategy towards this, is essential to experience the time and money freedom that you are setting up this business up to achieve.
The focus should be on making sound business decisions on where to spend your money to free up your time so that you can focus on the vital income generating tasks that will pay you back in infinite returns.
Secondly, are you guilty of throwing your money around left, right and centre, hoping that the next get rich quick scheme will finally bestow you with the pot of gold?
When you keep on making knee jerk financial decisions you end up with very little cash in the bank and potentially very little to show for it in tangible assets.
And there is no judgement here on my part, I have been known to do this too. But there comes a point where you realise that there are no get rich quick schemes, they all take up resources and they all take time to implement.
When you can get on board with this, then you can start making calculated business decisions on where you will invest your money that are centred on your strategy to see it come back to you amplified.
So, how do you get there?
What might not be so obvious is that poor decision making around money often stem from beliefs that you hold deep within your subconscious. These are stories and beliefs that you hold about money. Whatever narrative is playing out will greatly influence how you approach spending, saving, investing and earning money.
It is, therefore, a smart move to uncover and eradicate these unhelpful beliefs about money early on in your business-building adventure.
This could be a helpful exercise if you relate to any of the following:
- Do you constantly change your mind on your pricing, flip flopping between wanting to charge what you are worth but always reverting back to the cheapest price possible?
- Do you find you spend more time daydreaming about your newfound wealth rather than actually taking the steps to create it?
- Are you stressed out making spending decisions, regardless of whether the amount is for £100 or £10,000?
These are all symptoms that there are unconscious fears getting in the way of you creating financial abundance.
Once you remove these fears you will feel safe about making financial decisions for your business and raise your prices to what you are actually worth. You will be able to hold conversations about money without feeling ashamed or guilty and your business will benefit from the clearer decision making that will surely follow from this.
You may even find that this newfound confidence around money filters out to positively impact other areas of your life, by making better investments, saving more and being able to make big purchases without feeling overwhelmed or activated with fear.
What did you connect with in this article? What actions will you take to change your money mindset?
Let me know in the comments below.