2 minute read
Entrepreneur Support
ENTREPRENEUR SUPPORT BY LAUREN BRADY, HELPING ENTREPRENEURS WIN Our columnist asks: Is your money mindset holding your business back?
MOTIVATING YOUR ‘MONEY MINDSET’
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One of the key objectives for any entrepreneur is to create profit within their business – for most, it is the priority they place at the top of the list.
What we then do with this profit is very personal, whether that be to reinvest and grow your business, for personal gain in our lifestyle choices, or maybe the driving factor behind profit is to do good in the world and give back.
Your relationship with money will have a huge impact on how the story of profit and loss will play out. Often overlooked, the way you perceive money will influence how you spend, save, invest, transact, sell, and every other element of your business from start to finish.
What is apparent is that our goals and desires are not always matched to belief systems, and intentions are not matched with behaviours. For example, a turnover goal of £100,000 per annum but your belief system and internal dialogue is full of doubt screaming ‘how is this even possible?’
Then add in a work ethic that in the real world would not command a £25,000 salary, and we know that our money mindset can be the anchor holding us back to a point in business we are desperate to move away from.
What can you do about this? As always, we want you to start with awareness – if you are in a dark room, let’s get the lights on and look at the reality! If nothing changes, then nothing changes. If you want a different outcome, you need to do something you have not already done.
1 Identify the blockages: Where are yours? It's popular and easy to look externally first. Any good plumbers in the trade will tell you if the problem were clear to see on the outside you wouldn’t need them. It’s almost always an inside job. It starts with YOU!
2 Influences: Think of the band Wet, Wet, Wet here – it’s not always that the ‘Love is All Around’ (under 25s, you may want to Google that one, it’s a belter of a ballad!). But money influences are always around us and when we turn the lights on in the dark room, we need to look at who, what, when and where our financial mindset is being influenced by. Start with your parents, partner, investors, friends, and business network. Are you consciously aware of how your mindset is being shaped? And is this helping or hindering your business?
3 Habits and Routines: Do you spend or save? Do you walk confidently into your accountant’s office or hide from them? Do you invest to grow, or do you hoard out of fear and scarcity? Ninety per cent of our daily decisions are made subconsciously, and it is the accumulation of these decisions that power our business outcomes. Check your habits, track them, look at what needs to stay and what needs to go.
Here at HEW we are incredibly passionate about wealth creation – it is our third pillar and you can find a huge amount of help in this area through our resources. We would love to have you on this journey with us and have webinars and workshop spaces available this month.
