Poor money management has been the cause of more business failures than any other single issue. And it’s no wonder. We aren’t born knowing how to manage money. Most of us aren’t taught how to handle it either. We figure it out along the way, through much trial and error.
Those same mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well if we’re not careful.
Catching Shiny Object Syndrome
Some things are just hard to resist—especially when your friends and colleagues are all jumping on board! New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.
If you find yourself catching shiny object syndrome frequently, try this two-step plan instead:
For “too good to refuse” offers, ask yourself 2 questions:
o “Is this aligned with my Spirit and values?”
o “Am I honestly willing to do what it takes to achieve a positive ROI from what I learn?”
If the answer to either of these questions is “no”, don’t invest.
For exciting new business ideas, create a “someday” list. Jot down your idea and a basic outline, then get back to the task at hand. Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet.
Falling for the Sunk Costs Fallacy
If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price and now it’s much more expensive!”
Then you’ve fallen for the sunk costs fallacy.
We all fall victim to this common mistake from time to time. Simply put, the sunk costs fallacy is what makes you justify investing more money or time in something—even though you’re not seeing results—because you’ve already spent so much.
It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.
Take a few minutes and examine your current business expenses.
What are you paying for month after month that you’re not using?
Either make a plan to put them to work for you or cancel them. Stop falling for the sunk costs fallacy.
Too Much Penny Pinching
You thought this was all going to be about overspending, didn’t you?
Here’s the kicker: Spending too little is just as bad for business.
When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors.
Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut that will be nearly impossible to climb out of.
Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.
Rather than pinching pennies, learn to spend money strategically.
Invest in what you need, when you need it.
Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans.
Just like quality clothes, cars and furniture, quality services and software last longer and work better.
And unlike that car, good quality business tools and programs will pay for themselves.
Reinforcing Money Mindset Blocks
If it seems no matter what you do, you continue to struggle in your business, the reason you aren’t enjoying the income you deserve has little to do with talent and skill (you’ve got plenty of both)…
It has everything to do with your mindset.
That’s right, it really is all in your head.
Your long-held beliefs about money serve only to keep you stuck right where you are.
Is this you?
You can’t really visualize a 6- or 7-figure income, so you never achieve it.
You think you’re bad at managing money, so you are.
You believe your market won’t support a higher price point, so you subconsciously continue to appeal to a market that can’t afford you.
Sound familiar?
If so, I’d like to invite you to join me Saturday, February 11th for my free live training:
Discover The Money Blocks That Are Holding You Back!
I’ll give you solid action steps you can use to finally do away with those self-limiting beliefs and damaging money habits that continue to hold you back.
>> Register here. <> Join me right here. <<
It’s time to break free of your money blocks so that you can build a business and life you deserve!
Eva Gregory is a Law of Attraction expert, speaker author and mentor to spiritual entrepreneurs – coaches, healers and holistic practitioners. Her passion is helping spiritual entrepreneurs go from chaos to clarity, and from clarity to cash flow by learning how to tap into their own inner guidance and merge it with proven practical business strategies to create enlightened businesses of purpose, passion and prosperity. She is author of “The Feel Good Guide to Prosperity” and “Life Lessons For Mastering the Law of Attraction” co-authored with Jack Canfield. Get your FREE REPORT, “Massive Success For Spiritual Entrepreneurs” here. Learn more about how Eva can help you at www.EvaGregory.com
