Stop Letting Money Hold Your Business Back
I'd like to explore your relationship with Money. The image that pops into my head is of the colorful Tibetan prayer cloths fluttering in the breeze. Our attitudes about money are as unique to us as every single wish, hope and dream attached to those beautiful, soulful prayer flags.
And so you need to know that whatever your feelings are about money, you are not alone with them. I coach a lot of my clients through some very tough stuff. I'll make a few generalizations to get us all on the same page, though.
Most likely, you're either going to land in the never enough money category, or the sure would be nice to have more. For a select few, if you're in the place of financial ease and freedom, then you might seriously consider helping others who are still struggling – there is always room for more support in that arena.
So, how does your relationship with money affect your business?
Investing in your Future vs. Shiny New Things
Let's be honest with each other. It's really easy to say yes to a new car, home, or a vacation because we know what it looks like. We can see it, feel it and probably have had some past experience investing in those items. We do not have to work hard to imagine it in our future.
We are also fairly certain what we will get out of these things – a new experience, 10 years of driving pleasure, etc. – so we focus on the features and benefits of these items.
Lets look at purchasing a car. This usually happens when the vehicle starts causing us "just enough" trouble that we can validate the purchase of a new one. We tell ourselves, "I do not want to get stranded on the side of the road."
And dropping $ 500 to $ 3,000 into this "old" car for repairs is a waste of money. Instead, we drop anywhere from $ 5,000 to $ 40,000 on a new car! We are certain this new car will give us less trouble. And this certainty trumps the whole money issue. And if there is any concern that low 2% interest rate is the topper as to why we should just go ahead and do it.
With your business, it's likely that you'll only invest in it when it starts giving you a lot of trouble too. You will not bother to look anywhere until:
- You do not have the clients you want
- You are frustrated with the clients you are appealing
- You are not learning what you should
- You're stuck in a feast & famine cycle
Your Business Is not a Clunky Old Hunk-of-Junk
If your business is not fitting your lifestyle, or supporting you financially in the way that you want it to, it's likely that you'll leave it for something else. Most likely a day-job that you'll regret. You will see your business, the baby you spent years nurturing, as a clunky old car that's more trouble than it's worth. And, that's because unlike your car – you do not value investing in it – upgrading it and yourself (the business owner) as part of your business growth plan.
How easy is it to forget that your shiny new car requires a fat down payment, monthly payment expenses, and increased insurance costs …
But when it comes to your business, putting money back into it for many just feels like going backwards. After all you earned it so it should be yours – and along if you are like many of business owners you're probably thinking that you can save money by doing it yourself vs hiring out help or upgrading systems and equipment. Believe me I'm too familiar with this one!
I've seen this issue arise when business owners are unhappy and they do not know what to do about it. They are unable to see how their own money barriers are causing their pain to fester. Worse yet, they wait too long and then they feel that they really can not do anything because they do not have enough clients to validate investing in the business!
All too often we refer to spending money on things we can see, touch or feel that we've previously spent money on – but in business we need to consider investing in professional services and education that can bring back exponential value.
Are You Ready to Look at Investing a Whole New Way?
So, I want you to look at how investing, whether it be a dip into your savings or a loan by credit card, into your future business. When you invest in your business you are upleveling your comfort and purchasing the help and skills you need for your next phase of growth.
When you let go of some of your preconceived ideas about money, you are opening the door to learn the skills you need to truly excel and that means more money.
For example if you invest in someone helping you with the taxes or bookkeeping, you get that time back and can earn money with that time. (Aka Delegating) If you invest in a new website design that puts features onto your site to accept payment more easily, you will not have to spend hours processing invoices anymore. (Automating) If you invest in learning new ways to grow your business and the kind of mentoring you need to upgrade your own mental software – bingo! (Up leveling)
Your work will become easier because you will be spending your time in your genius zone . You'll also be keeping yourself happy because you love what your choosing to do. (Can not get that in most day jobs)
Likewise, if you invest in learning how to do something in your business (like marketing, or hiring a coach to guide you through your personal obstacles) then you will be better equipped to make decisions and / or perform your own marketing efforts. You will also be a better manager when you choose to hire someone to help you.
You might not see the results the way you do with a shiny new car, but you will certainly feel happier when you stop focusing yourself on saving money by not hiring the help you need to grow your business. And then watching the dollars fly in because you are no longer the limiting factor in your business.
Are you stuck in trying to figure out how to grow you business? Do not know where to begin? Get yourself a business and marketing coach or attend a "do it yourself course" – regardless no action = no results, invest time and some money and you can grow …
PS You've heard it before, but you have to spend money to make money, but that being said you need to know that you are spending your money in the right place.