What are money values? And why are they important to understand as a business owner? In today’s episode, I have all the answers to those questions so you can explode your profit.
In this Episode:
01.24: What are money values?
04.35: How to uncover what your money values are
07.05: Being intentional about your investments
What are money values and why as a business owner is it very important that you understand what your money values are if you want to make more profit in your business? In today’s episode, I have all of those answers for you, so please make sure you stick around.
Hello and welcome to the Clare Wood Podcast. This is your weekly dose of all things money to help you intentionally create a profitable business and a life you love. I have the difficult conversations about money so you can make more money with ins each week. I share how you can use mindset and the practical foundations of finance to elevate your earnings without sacrificing the things that are important to you because you can and should be making more money.
Today’s episode off the podcast is brought to you by my brand new challenge Spend versus Save, how to Explode your profit in 2023. I’ll be sharing more about the challenge later in the episode that if you wanna go and check out the details, make sure you click on that link in at the show notes for today’s episode.
What are money values?
Your money values are what is important to you when it comes to your money and your finances. Everyone has different money values, and your money values can even change over time.
Let me share an example of money values, specifically my money values and something that has changed for me over the years. Now, many moons ago I used to be an avid backpacker and at the time I did not care at all about accommodation. Most of the time when I was traveling I would stay in an eight or 12 bed dormitory and it didn’t really bother me. I used to be quite a heavy sleeper and for me I preferred to stay somewhere cheap because it meant that I got to keep on traveling for longer. At that time, I also used to love going out to bars and nightclubs and so while I would skimp on accommodation, I used to love going out and so I would spend a lot of my travel budget on nights out on going to clubs and bars.
Fast forward to these days when I’m married with two children and still recovering from a neck injury, my values are very different. When I travel, I much prefer to stay in nicer accommodation with comfortable mattress and pillow and it’s really important to me that I stay somewhere that’s safe cuz you know I’m traveling with my children. I obviously, I’m not gonna go and stay in a big dorm full of backpackers these days. I’ve noticed that I really enjoy create your comfort more, and especially with the kids, we often have to get them to bed early. Sometimes they even have a nap if we’ve had a a big day, so we’re spending more time in the hotel room than I would’ve many moons are. Go on the flip side of that. These days going to bars and nightclubs really isn’t that important to me anymore, and if my hubby and I feel like having a drink while we’re traveling, we are perfectly happy to pick up a bottle of wine, bring it back to the hotel room, and while the kids sleep, hubby and I just have a drink in the room and that’s somewhere that we save money while we’re traveling these days.
I’ve shared a lot more about our travel values in a recent episode of the podcast, which I’ll link to in the show notes for today’s episode. But the reason I’m sharing this is I wanna start prompting your thinking around what your money values are and what is important to you. Now, that was a non-business example and it’s really important that you’re conscious too about what is important to you as a business owner. What are the areas you like to splurge or indulge in as a business owner, and what are some things that really aren’t that important to you? So if your curiosity has been peaked around money, values, and you are starting to see the value in really understanding what’s important to you, how do you actually go about uncovering what your money values are?
How to uncover what your money values are
The first thing is that you need to make a conscious decision to say, this is something I really wanna spend some time diving into and then carve out the time, invest the time into the process.
So many people skipped through life without being intentional, without actually taking the time to stop and step back and think, why am I doing all of this? Why did I even get started? In business, most business owners aren’t conscious about their business spending. They see their monthly reports. Well, actually most business owners don’t even run their financials monthly. But basically what I see happening a lot is that the business starts growing and your expenses start growing too, and you feel helpless that you are earning more, but it’s disappearing out as fast as it’s coming in.
So if you need help with your money, values and really getting conscious about what your priorities are and how you can use this to actually invest your money really wisely in your business so that it’s not disappearing away as fast as it’s going in, you’re saying, cool. I’m intentionally investing in the things that are important to me and I’m cutting back in the areas that aren’t.
If you need help with this, I’ve got you. This is my spend versus save challenge. This is a paid challenge, but it’s only $29, which is a very small investment given that the process we are going through could save you hundreds or even thousands of dollars. Literally, people who have come through challenges with me before have saved themselves thousands of dollars from the work that we do inside. You may have heard me talk about my book, which is coming out very soon, and this concept of getting intentional with how you are doing things in business in life is exactly what my book is all about. It’s about being intentional with growing your business. So what can happen in the space of money is that you may end up just sticking band-aids over problems.
Being intentional about your investments
Something that I see is that sometimes people get to the point where they are so extremely busy approaching burnout and then frantically hiring a new team member and not even really knowing who you are hiring, just going, I need help and I’ve gotta get help fast. And when we do things in an unintentional or a rushed way or from a place of lack or fear or scarcity, we aren’t necessarily making the most intelligent decisions.
So that’s what this process is about. It’s about stepping back and deciding what’s important to you, what your goals are, and then how you can use your financial investments to support this growth so that you are no longer just winging it. When I talk about growing profit and I talk about cutting back, it’s not just about slashing and burning. In fact, anyone who has followed me for a while will know that I am actually really passionate about investing in your business if you are serious about long-term growth. However, this does not just mean buying every course, investing in every coach and hiring lots of staff. It’s about getting clear on what you want and why, and then cutting back in the areas that aren’t aligned and investing into the areas that are in the spend versus save challenge. I will help you to get the clarity about where to invest in your business and where to cut back to maximise your profit and in turn the dollars in your business bank account.
This three day challenge is live with me, which means that you can ask me all of your questions as we go through and get to know each other a bit better, a little bit about what is inside the challenge. On day one, you will learn the three money mistakes that most business owners make so that you can avoid them. You will identify the fears you have around money and see how this plays into limiting your business growth. On day two, you’ll discover the profit busters versus the profit boosters to focus your business investments wisely. We will also be mapping out your personal money values so that you know where to spend versus where to save.
And on day three, you will identify your profit investment decisions for 2023 to chase bottom line growth, and you will also create your plan to explode your business profit with intention. As I shared earlier, it’s only $29 for three days, and people that have done challenges with me before will know that I really bring the goods and make sure that I do answer all of the questions that you have as we go through the training. I really hope to see you inside and you can join via the link in the show notes. So to sum up today’s episode, your money values are the things that are important to you when it comes to money, and I really urge you to take the time and discover what your money values are. When you unlock what is important to you, you can make much more conscious decisions about your business investment so that you are growing your business profit in a way that feels really aligned and exciting Without all of your hard earned cash disappearing as fast as it comes in, please make sure you come along and join me on the spend versus save challenge if you want help to unlock your money values to explode your profit in 2023.
Thank you so much for tuning in to today’s episode of the podcast, and I can’t wait to chat to you again next week. I hope you are feeling inspired and excited about what is possible for you when it comes to money.
It takes a lot of time and energy to create a podcast, so I’d be very grateful if you could take the time to hit subscribe, write me a review and share any of your favorite episodes with your audience on social media. The more people that we can reach, the more people we can empower to earn more in their business because you can and should be earning more money.