If you don’t look at it, it won’t change
Some things will never change.
Certainly seems to be true when it comes to talking about, or not talking about … money. Centuries have passed since the first use of money, and yet money remains a taboo subject.
A subject for many to be avoided at all costs.
Conversations involving money are uncomfortable because of their intimate nature.
How you feel about, act with, and experience money reflects what you believe about yourself and what you think is possible.
Sharing those intimate details about yourself and money can be unnerving. Especially for those that own/run a business when their personal and family’s livelihood is dependent upon its success.
But if you can’t talk about “you and money”, how effective is your financial decision-making process? And what kind of impact will that have on the success of your business and your overall well-being?
Two of the most common money issues –
And least talked about – that I see in business owners and solo-preneurs are chronic underearning and avoidance/aversion, both of which are indications of an unhealthy relationship with money.
Chronic underearning is the consequence of a lack/scarcity mindset and beliefs that are self-limiting in nature.
One’s underlying thoughts may sound like … I’m not good enough; I don’t/can’t provide enough value; I don’t have what it takes; My product/service isn’t quite ready; It doesn’t seem right to charge – it goes against my principles.
A lack/scarcity mindset coupled with self-limiting beliefs can often result in:
- The struggle to set values-based fees or increase fees.
- The owner’s assumption that their client or prospect is unable to afford or won’t see the value in their product or service.
- The owner forcing a sale or discounting the fee out of desperation.
- The owner feeling stuck or stagnant and not reaching or exceeding revenue goals.
- The owner exceeding their goals, BUT still feels underwhelmed, unsatisfied, unfulfilled.
When we are not at peace with money, we are likely to avoid it or have an aversion to it, even though we know it’s necessary for our survival.
One’s hidden beliefs may be … people with money are bad, or money is bad and the root of all evil. Some may place all financial responsibility on someone else or take the “ostrich approach” because they’re afraid of what they’ll find.
Having a conflicted or fearful relationship with money may look like/sound like:
- An owner that says, “I hate sales” or “I hate selling”.
- An owner that loves their craft/product/service but wants nothing to do with managing the business which includes financial decision-making.
- An owner or practitioner that is afraid of being seen as inauthentic or compromising their principles.
- An owner that wants to retire but can’t bring themselves to do so. Their identity is so wrapped up in their business that they cannot envision a life of fulfillment beyond their business. And some cannot trust that they “have enough” to retire despite the financial proof provided by their financial professional.
If nearly every decision you make is influenced by money, wouldn’t you agree that having a healthy relationship with money is a key factor to your success as a business owner?
And wouldn’t you agree that this is true whether you are just starting out or getting ready to sell or transfer your business?
If these common money issues are not looked at and talked about, then no one can expect to change their financial circumstances for the better, much less their quality of life.
And without a healthy relationship with money, how you show up in the face of a major life transition, like the sale or transfer of a business, may cause you to undermine your best intentions and efforts.
As a business owner, how high of a price are you willing to pay by not looking at and addressing the health of your relationship with money?
No matter where you are in your business … it’s never too late to learn how to pay attention to and notice your own hidden money dynamics. Your business and quality of life can only get better when you have a clear understanding of what is driving your financial decision-making process.
It’s the difference between making decisions when you are stressed, worried, and pressured versus making decisions from a place of peace, because peace is our greatest resource for effective decision-making.
If you are curious about what is currently driving your financial decision-making and how it’s affecting your business, start the conversation by taking the Money Types Quiz.
I promise it won’t hurt and it won’t be scary …
Hear more about money issues from my guest appearance on Connie Whitesell’s business growth podcast:
-Christine, B.Msc. – Wealth Coach, Certified Money Coach (CMC®)
The CMC® designation combines sound coaching principles with practical financial coaching to assist individuals better understand their relationship with money and finances. Money Coaching complements financial professionals as an additional “field of expertise” to offer their existing client base. Certificate Candidates are required to complete Modules One, Two and Three; complete the “Core Process” and a Client Assessment on a minimum of two “practice clients”; complete all exercises in the Certified Money Coach workbook; submit their work and conduct a final review with and to the satisfaction of the Money Coaching Institute. Upon satisfactory completion of items above, candidates will be awarded the Certified Money Coach (CMC)® designation (along with the rights to use the service marks) and will be issued a Certificate of Completion.