10 Signs Your Relationship with Money is Hurting Your Business


I attended a “sold out” women’s networking event on Tuesday. The room was packed full of energetic women business owners all eager to learn more about attracting clients and growing their business.  During the presentation portion of the meeting, the speaker enthusiastically revealed the “secrets” to creating a successful business:

  1. Focusing your marketing efforts,
  2. Taking action,
  3. Having a positive mindset.

You’re probably thinking, “there’s nothing new here, I’ve heard this before.”  You’re absolutely right. There is nothing new here. There’s no magic bullet to be found.

These are the same things I tell my clients every day. These three simple things are absolutely critical to your success as a business owner, yet mastering these areas doesn’t always come easy for women entrepreneurs.

On the surface, growing a profitable business sounds easy, but it’s actually quite complicated.  It is so complicated because we make it that way.

Over the years, I have found that many women entrepreneurs carry a lot of money “baggage” that keeps them from having the businesses that they love and earning the income they desire (and deserve).  In essence, they have a dysfunctional relationship with money.

Unfortunately, no matter how much you market, get into action, and try to think positively, if you have a poor relationship with money, it will negatively impact your business.

Here are 10 signs that your relationship with money is hurting your business:

  1. You hate hearing the question, “So, how much do you charge?” If you get butterflies every time you state your fees, your clients can sense your uneasiness and are more likely to feel uncomfortable with the price.
  2. You are bartering and trading services with others.  If you’re just starting out it’s perfectly fine to take on a couple of clients to get some experience and gather testimonials, but make sure you have clearly outlined the terms of service so that you and your client know what to expect.  No matter how much value you get from bartering and trading, cash must flow into your business if you are going to be successful.
  3. You are undercharging for your services.  If you’re working hard and not getting the income results you desire, you’re probably undercharging.  If you routinely discount your services, you are likely undercharging.  How you price your offer lets the world know how much you value your own services.  If you don’t value them, why would anyone else?
  4. You bring in revenue but have very little profit.  Some folks make money but blow through it like air.  No matter how much money you bring in, if your business isn’t profitable, it will not survive.
  5. You avoid looking at your numbers.  It’s fairly common for entrepreneurs to be totally unaware about how much money they are bringing in and how much is going out of their business.  This is the equivalent of ignoring your money, which definitely isn’t healthy for you or your business.
  6. You equate time with money.  People who think “time is money” tend to charge by the hour.  While time and money are undeniably linked together, they are not the same and do not have the same value.  If you’re holding onto the belief that time equals money, it will stunt your business growth and leave you burnt out.
  7. You avoid offering your services.  Do you avoid telling people about your services and inviting them to do business with you?  Do you fail to include a call to action in your marketing pieces? Many women entrepreneurs avoid asking for business because they feel uncomfortable asking for money.  For some reason they associate asking for money with being pushy or sleazy.  In truth, money is necessary for you to be able to serve the people you are meant to serve.  This is true even if you own the most “golden-hearted” non-profit in the world.
  8. 8.    You avoid investing in yourself or your business.  It’s incongruent to avoid investing in yourself and still expect your clients to invest in themselves through you.  It’s extremely difficult to hold the space for your clients to grow if you are not willing to do the same.
  9. You tell yourself “I’m not in it for the money.”  All of my clients are mission-centered entrepreneurs.  They really want to make a difference and help others.  The most successful business owners understand that you can help so many more people if you actually make good money in your business.
  10. You have negative feelings when thinking about or discussing money.  This is a huge clue that you have money blocks that are impacting your business.  If you have a negative relationship with money, you can’t expect to enjoy more of it.  Think about it, if you have negative feelings toward your next door neighbor, how likely will it be that the two of you will spend a lot of joyful quality time together.  It won’t happen unless you change your mindset.

If you can identify with even one of these statements, your relationship with money is impacting your business.

This is, by no means, an exhaustive list.  I could keep going all day about the different ways that your money relationship impacts your business.  I didn’t even touch on debt and guilt.

In order for women entrepreneurs to truly be successful in business they have to heal their relationship with money so that they can breakthrough their own self-imposed glass ceiling, increase their income, and serve the clients they are meant to serve.

I would love to hear your thoughts on this subject. Please feel free to share your comments below.

© 2012 Tiffany deSilva

Want to reprint this article? Be my guest. Just remember to include the complete following message:

“Want to learn more about how you can build a highly-profitable business without the stress and overwhelm? Discover the secrets to create an elegantly sleek, and sustainable business, consistently attract all the clients you desire, and live a passion-filled, brilliantly-rich life! Visit http://www.SeamlessSuccess.com for F’REE tips, tools, and strategies that empower you to make great money while doing what you love! While you’re there, be sure to grab your copy of the F’REE ebook, ‘Gain the Time and Financial Freedom You Desire: How to Avoid the 7 Costliest Mistakes Women Entrepreneurs Make.’”

5 Response to “10 Signs Your Relationship with Money is Hurting Your Business ”

Linda Pucci
May 10, 2012
11:39 am

Comment :

I loved the analogy of “if you have negative feelings about your neighbor, how likely is it you’ll spend time together”–wonderful reminders, Tiffany, of how our feelings about money can keep it at bay!

Sue Painter
May 10, 2012
12:54 pm

Comment :

I’ve said these exact same things to the biz owners I work with time and time again. A great book that is helpful is “Secrets of Six Figure Women” by Barbara Stanny. Your article is right on the money, Tiffany – no pun intended!

Mary Ellen Miller
May 11, 2012
10:31 am

Comment :

Thanks for the advice. I particularly relate to #6. I would love to hear more about how to break out of the chains of time being money!

Bill Painter
May 12, 2012
2:29 pm

Comment :

I agree that you shoudn’t equate time with money. It’s an easy trap that to fall into, and your customers also try to do that with you. You need to stick with the value of your services and not “how long it takes”

Jennifer Bourn
May 15, 2012
2:57 pm

Comment :

The more friendly you can get with your figures, the better your business will be! What you focus on grows, so if you focus on your figures, rates, conversions, etc. they should grow :)

RSS feed for comments on this post. TrackBack URL

Leave a comment

Comment Rules: I'd love to have your comments. I welcome criticism, ideas, and thoughts. Please do not be rude (will be deleted). Please do not put your URL in the comment text. Please use your PERSONAL name or initials and not your business name, as the latter comes off like spam. Thanks for sharing your comments!




*

If you’d like a picture to show up by your name, get a Gravatar.