How Can You Beat a Poor Money Mindset in Business?
As a marketing expert, I always start working with a new business owner by asking them what income they want to make from their business. It’s an easy enough question, but I’m always amazed at the answers. Some people don’t understand the difference between turnover and profit or between business profit and what they might take home as the business owner. Others have big goals but are struggling with a broken business model that isn’t profitable.
This is where creating a marketing strategy comes into play. I want to help small businesses that are struggling with a poor money mindset, which is holding them back from achieving their goals. That’s why I believe it’s important to unpack generational narratives around wealth and the negativity that surrounds making money and profits.
For many, this can be a difficult and time-consuming process. There can be deep-held beliefs about making money being greedy and selfish that need to be addressed. But if you want a different life than what your parents or grandparents had, it’s essential to do things differently and think differently. It’s time to tackle this issue head-on.
Another factor that can hold women in business back from achieving their financial goals is the juggle of being a parent, maintaining a home, and running a business. Society often expects women to be domestic goddesses and take care of everything themselves. However, this is a recipe for failure.
Coombe explains that we often come into family dynamics with little knowledge about how finances are run. The same mentality can be carried over into a business where finances are left to an accountant, and we don’t want to ask questions and learn.
So, what’s the solution to a poor money mindset in business? One of the first steps is to learn to be proactive and understand your own family finances and then your business finances. This is incredibly empowering and can help you to identify areas where you may need to invest to help your business grow.
Coombe’s approach to business budgets is different from traditional ones. She factors in additional expenses that may help business owners be more productive and efficient, such as a budget for cleaning or childcare. For single parents, it may even include the cost of a nanny to help with food prep.
In conclusion, to beat a poor money mindset in business, it’s essential to start asking the right questions and address generational beliefs about wealth and the negativity surrounding making money and profits. Learning to be proactive and understanding your finances can also help you identify areas where you may need to invest to help your business grow.
Related Facts:
– Women in business often struggle with a poor money mindset due to societal expectations and generational beliefs.
– It’s essential to tackle these beliefs head-on to achieve financial success in your business.
– Understanding your own family finances can be empowering and help you identify areas where you may need to invest in your business.
– Creating a budget that factors in additional expenses can help you be more productive and efficient in your business.
Key Takeaway:
To beat a poor money mindset in business, start by addressing generational beliefs about wealth and the negativity surrounding making money and profits. Learn to be proactive and understand your finances, and create a budget that factors in additional expenses that may help your business grow.
Header tags:
– H1: How Can You Beat a Poor Money Mindset in Business?
– H2: Addressing Generational Beliefs about Wealth
– H2: Learning to Be Proactive with Your Finances
– H2: Factoring in Additional Expenses to Help Your Business Grow
Sources:
– Identify Marketing. (n.d.). Rachel Klaver Marketing Expert. Retrieved from https://identifymarketing.co.nz/rachel-klaver/
– MAP IT Marketing (2021, July 22). Why You Need a Positive Money Mindset for Your Business with Natalie Coombe. [Audio podcast episode]. In Spotify. Retrieved from https://open.spotify.com/episode/3q7KlpujbOMuJ7VUWimCZv?si=CmYJHoykQ2W3m_e1VjHH1g&dl_branch=1
