One thing that can often hold us back as business owners is our money mindset. So today, let’s talk about some simple money mindset shifts to create more success in business.
The way we approach our finances is so important, as it has a direct impact on our stress levels, productivity, budgeting, happiness, and success for ourselves as well as our clients.
In today’s blog post I want to outline a few of the money mindset shifts that will transform your practice and help you take control of your finances, develop a healthier approach to money and make your business more profitable in the long run.
Know your worth
One of the hardest things as a business owner is understanding the value of our services. Rather than think about your services in an hourly rate, I encourage you to think about the TRANSFORMATION you help your clients achieve… and set your fee structure based on this.
Most often, I see coaches and therapists undervaluing their services, which in turn, has a negative impact on their clients. Why? Well, when your fee structure is not in alignment with the value your clients want to get out of your work together, there is a disconnect. And disconnects break trust. Breaking trust breaks down relationship…etc. So, when your fee structure is not in alignment with what your clients believe they should be spending on your services (the transformation), your clients will be less engaged in the process, less committed, and value your time together less.
It’s easy to feel guilty about raising your rates, especially when you really love what you do and your goal is to help your clients. However, you’ve got to remember that your goal is also to run a business…which means you need to make money. Without money, your business would cease to exist, and besides, you’ve got to make a certain amount of income to make ends meet and pay for things like your mortgage, healthcare, taxes, supplies, and the rest.
Make sure you’re valuing yourself and the services you provide. Shifting your money mindset, having more faith in yourself and knowing your worth is key to transforming your practice and growing your income. If you’re great at what you do, your rate should reflect that, so don’t sell yourself short and know your worth.
Know where your money is going
As business owners we work hard to make our money, so it only makes sense for us to know exactly where those hard earned dollars are going. Right?
The last thing you want to do is turn a blind eye to your bank account – you should know your incomings and outgoings inside out. Use a notebook, an app on your phone, a spreadsheet, or any other mechanism that will help you to keep track of your money. This will help with planning, forecasting, and goal setting and you’ll feel much more in control of your finances. My preferred options are online accounting software. It’s amazing how empowering it is to know at any given time where your finances are at.
Understand that you can’t do it all
Another one of my money mindset shifts that will transform your practice is understanding that you can’t do it all. Shifting your money mindset is also about being strategic and being smart about where your money is being spent.
If you hate accounting or it’s simply not your strong suit, why are you wasting your hours trying to figure it out? Time is our most valuable resource, after all, so why not outsource it to someone who will do a better job, in half the time? Use your time wisely, and focus your energy on the tasks that only you can do.
Can you think of any money mindset shifts that will transform your practice? I’d love to hear your thoughts.