Three Steps To Uprooting Your Money Beliefs And Improving Your Cash Flow – Ep 11
How are your beliefs about money affecting your business?
Four out of five businesses fail by their fifth year, if you can believe it! The reasons for this are many and nuanced, but in over a decade of running my business and coaching hundreds of business owners, one big, probably obvious root cause rears up over and over again: money.
Managing your cash flow is a huge part of making any business work. From my own experiences and those of my clients, I’ve learned that our overarching beliefs about money will always—always—show up in how we manage the money in our businesses.
To stop these problems in their tracks, then, we need to deal with those beliefs. Otherwise, no matter how many times we make a financial comeback, we’re always going to fall back into the habits that put us in that stressful, terrifying position over and over.
I’m here to help put your mind at ease, though. Here are three steps to help you work through all this!
Step 1: Become aware of your beliefs
In order to start making changes, you need to be aware of what’s going on.
In addition to identifying unnecessary expenses in your business—maybe even more importantly—the first step is nailing down what deep-seated beliefs about money are behind these issues.
Only when you explore your money mindset will you start seeing ways you can course correct from the ideas driving damaging actions.
Step 2: Find awesome financial support
Step one might sound like an enormous undertaking, and it can be! Any time you’re diving in and picking apart your past and the influences of society to figure out why you’re doing something, it’s a hell of a job.
That’s why getting a good support system under you is the vital bridge between figuring it out and taking action. Invest in your success. Get yourself an excellent tax consultant, a great bookkeeper, an accounting team that knows what’s up.
I can easily plug my business, Alchemy Accounting and Bookkeeping, for this support, but there are tons of professionals out there who will make you feel a bit more comfortable about all this uncomfortable stuff!
Step 3: Execution
Once you’ve identified the beliefs about money that are driving some of your business’s (and probably your personal) cash flow problems and erected a strong and supportive financial network around you, step three falls neatly into place.
That’s not to say it will be easy to make the changes you need to make, but with your newfound clarity and cohort, it will be achievable, manageable, and so, so worth it!
In this podcast episode, we dig into some personal stuff, including the circumstances that led to my own beliefs around money—I’m living proof that you can work through them to build a successful business and the richest life. Make sure you tune in!