A lot of times when I talk to small business owners about the biggest challenges that they are facing, they will list a whole bunch of surface-level challenges, and straight away I can identify that there are money beliefs that are sitting below those surface-level problems.
In today’s episode, I want to share with you 5 surprising ways that money problems are showing up in your business.
In this Episode:
1.29: Operating from a place of abundance
2.39: Hiding from your numbers
4.44: How setting your goals small is affecting your money mindset
6.49: Lacking confidence when it comes to talking about money
9.46: Identifying that you need to work on your money mindset
A lot of times, when I talk to small business owners about the biggest challenges that they are facing, they will list a whole bunch of surface-level challenges. And straight away, I can identify that there are money stories or money beliefs that are sitting below those surface-level problems.
In today’s episode, I want to share with you five surprising ways that money problems are showing up in your business, because perhaps you don’t even know that you have money problems. I’ll also be sharing in this episode a little bit about how I can help you to navigate through money problems, if you are finding them popping up for yourself. Let’s dive into today’s episode.
Hello and welcome to the Clare Wood Podcast, where myself and incredible guests share about money mindset, financial successes, and how to manage your money in a fun and practical way to create wealth and abundance in both your business and your life. I’m your host, Clare Wood. I’m a business coach and a money mentor. I strongly believe that money has the power to positively change the world. I can’t wait to help you transform your mindset around money, create a love of numbers, and build the business of your dreams, so you can live a life of financial freedom, giving, and global impact.
Operating from a place of abundance
Have you ever found yourself looking at one of your competitors online and feeling a real pang of jealousy? Maybe you think, “How come they are getting all the clients?” Or you’re watching a launch that they are doing or the price at which they are selling their products and services, and you feel a real sense of envy. Well, the reason this is coming up for you is from a place of lack. If you are truly operating in a place of abundance and overflow and a belief that there are plenty of clients for everyone, then you wouldn’t be feeling that sense of comparisonitis or jealousy about your competitors, because you’d be operating from a place of abundance and overflow and truly believe that there are plenty of clients for everyone. So if this is something that pops up to you from time to time, then perhaps it could be because you have a money block or a money story around the number of clients that are out there. Something to think about.
Hiding from your numbers
Another way that money problems show themselves in businesses all the time is through denial. I see this a lot. It’s where business owners hide from their numbers, and I have to admit: I have been guilty of this at times in my past, too. This is where you’re worried that things aren’t quite where you want them to be. Perhaps cash flow’s a bit tight, or maybe just haven’t taken the time to sit down and truly create a financial plan for your business. And so what you do is the ostrich approach. You put your head in the sand and hope that these money woes or money problems will sort themselves out without you taking any action differently. The act of hiding from your numbers, while it can temporarily make you feel better, is not actually going to alleviate the challenge of not being familiar with your money and with your numbers, long-term. So this can be a true indicator that you are having money problems in your business.
Another way I see money challenges playing out for small business owners is through thinking small. I know one of the first things I do when I work with a new client is ask them: “What are your dreams? What is it that you are wanting to create?” And a lot of times, people dream quite small. If you know they’re in the early stages of business, they say, “I’d love to make $100,000 a year.” Or if they’re making $100,00 a year, they say, “I’d love to make $300,000 a year.” The reason that people don’t dream bigger is because they don’t believe it’s possible for them. They think even verbalizing or putting themselves out there with a big, audacious goal, makes them appear greedy or ungrateful for what it is that they already have.
How setting your goals small is affecting your money mindset
But the truth is, is if you are setting your goals small, there’s probably a reason why you’re doing it, and it’s coming from a place of fear, a place that you believe that those big dreams that deep, deep, deep down you truly have, aren’t possible for you. So this can be a way that money mindset is playing out in your business, if you aren’t able to allow yourself to dream really big when it comes to your goals in your business and in your life. Or perhaps you do have big goals. Perhaps you’ve got massive dreams about how much money you want to earn, how much impact you want to make on the planet, how many people’s lives you want to change, and how many people you want to help. And you’ve got these big goals, but you don’t have an actual plan of how you’re going to get there. So you have this pie-in-the-sky dream, but no actual tangible plan of how you are going to get from where you are to where you want to be.
This, essentially, is a form of self-sabotage. It’s saying, “I want all these things, but I don’t really know how to get there, so I just won’t make a plan. And then that way, if it doesn’t come to fruition, well, I always knew it was going to play out that way anyway.” Self-sabotage is something that we do on a subconscious level, to hold ourselves back from the big things that we truly desire. It’s not something we do intentionally, of course, but I would just love to challenge you to explore. If you have set yourself some big, sexy goals, do you have a really clear plan of how you are going to get there? And if you don’t, that’s totally okay, but I just want you to check in what the reason is behind that. Is it that you are subconsciously holding yourself back from what it is that you truly desire?
Lacking confidence when it comes to talking about money
Another way that I see money mindset challenges play out for small business owners is in the space of a lack of confidence when it comes to talking about money. This might show itself in a number of ways. Perhaps you get embarrassed sharing your financial results with someone you’re about to work with in a professional capacity. So you might be hiring a new web designer or a new mentor or someone coming into the business, and you feel really uncomfortable telling them how much money it is that you’re making in your business. Perhaps you feel embarrassed that you think it should be more, or perhaps you are embarrassed by how successful your business is. And it’s something that you don’t really want to shout from the rooftops, because in your mind, there’s a bunch of things that might come up, if other people were to know how truly successful you are.
An example of this: You might think, “If everyone knows how much money I’m making, maybe people will expect me to shout dinner all the time when we’re out.” Or you might think, “People think that I’m too good for them and I don’t want to be their friend any more,” even if that’s totally not true. Or perhaps you find it really uncomfortable having money conversations with potential clients. So when someone asks for a quote, rather than telling them, right there and then on the spot, an approximate of how much it will cost, you shy away from the difficult conversation and send them an email instead, because you don’t want to feel the awkwardness of their reaction to the price that you share. Or perhaps you’re going through price increases, and you find it incredibly uncomfortable going to have those conversations with clients.
The reason that you can have discomfort around pricing is due to self-confidence and self-worth. These are the things that are sitting behind these challenging conversations. And again, can be an indication that you’ve got some work to do on your money mindset. Sometimes our money problems show themselves in really apparent ways, and other times, they show themselves in more surprising ways, like these ways that I’ve suggested today.
So just to recap, if you are finding yourself getting jealous of your competitors; if you are in denial and hiding from the numbers in your business; if you are thinking small and not allowing yourself to dream big in your business; if you have big goals but don’t have a clear plan of how to get there; or if you are lacking confidence when it comes to talking money, these are strong indicators that you have some work to do on your money mindset. And that’s totally okay.
Identifying that you need to work on your money mindset
The first step in changing your money mindset is identifying that you need to do some work on your money mindset. If any of these are resonating with you, I would love to invite you along to my free Moneymaker: The Master Class, that is happening tomorrow night. That is Wednesday night, the 25th of August, 2021, at 7:30 PM, Australian Eastern Standard Time. You can jump into the Master Class via the link in the show notes for today’s episode.
In this Master Class, I will also be announcing that the doors are open for my course: Million-Dollar Money Management. If you are really ready to dive in and do this deep money work, both in terms of your mindset, but also in terms of the practical ways that you manage money in your business, this course might be the right fit for you. You can find out more about my course: Million-Dollar Money Management, by clicking on the link in the show notes for today’s episode. Or you can come along to the free training to learn a little bit more about what it can look like to do some of this deep money work and the impact and change that it can have on your business and your life.
In the next two episodes of the podcast, I will be bringing on two of the graduates from Million-Dollar Money Management, to share the changes that they have seen in themselves and their business as a result of coming through the program. So make sure you check out those episodes, as well. And doors for the course are only open for a very limited time, so if you do want to jump in, please make sure you check it out sooner, rather than later.
Thank you so much for tuning into this week’s episode of the podcast, and I look forward to chatting to you again very soon.
Thanks so much for listening. If you loved this episode, please share it with your audience, and don’t forget to tag me on Instagram at clare_wood_coach. And also, make sure you hit subscribe, so you never miss an episode.
Have an abundant week, and I look forward to talking to you again next week.