Financial Mental Blockers in Career and Business: Tips and Tricks
INTRO
Running a small business, dreaming of your own business, or navigating your career can be exhilarating and empowering, but it can also be overwhelming. One of the biggest challenges entrepreneurs face is managing their finances. It's not just about balancing the books and keeping track of expenses; it's also about identifying and navigating the financial mindset barriers that can hinder financial success.
Let’s explore some of the most common mental blockers that many people face and provide practical tips on how to overcome them.
Overcoming Fear of Failure
Limiting Beliefs About Money
Struggles with Budgeting
Difficulty with Pricing and Sales
Challenges with Accounting and Bookkeeping
Then we will cover some ways we can take control and manage and improve our money mindset!
As we explore these, we will have moments and prompts when we encourage you to self reflect and document in your journal. There will also be opportunities as we do this to share and discuss!
TOPICS AND WORKSHOPS
Mental blocker #1:
Overcoming Fear of Failure
As a small business owner, it is common to experience mental blockers that hinder your growth. One of the most prevalent obstacles is the fear of failure.
The fear of failure can prevent you from taking risks that could be beneficial to your career or business. However, it is crucial to understand that failure is not the end of the road. It presents an opportunity to learn and grow.
Using Failure as a Stepping Stone to Success. When you experience failure, it is essential to analyze what went wrong and make necessary adjustments to avoid similar mistakes in the future. You can use your failures as a stepping stone towards success. Failure provides valuable lessons that you can use to improve your business. It also helps you develop resilience and persistence, which are key traits in entrepreneurship.
Celebrate Small Wins. One effective way to overcome the fear of failure is to set realistic goals for your business and celebrate every small win. Celebrating even the smallest successes will help you stay motivated and maintain a positive attitude towards your business. It will also help you focus on the progress you have made rather than the obstacles you have yet to overcome.
Take Calculated Risks and Learn from Mistakes. As a small business owner, taking calculated risks is vital to your growth and success. However, it is equally important to learn from your mistakes. Learning from other entrepreneurs who have faced similar challenges and succeeded can be valuable. Attend seminars, read books, and seek advice from financial experts to help you overcome your fear of failure.
Mental blocker #2:
Limiting Beliefs About Money
Another mental blocker that many people face is limiting beliefs about money. These beliefs can prevent you from charging what you are worth, investing in your business, or taking advantage of financial opportunities. To overcome this mental blocker, you need to identify your limiting beliefs and replace them with positive beliefs about money.
For example, if you believe that you cannot charge higher prices for your products or services, ask yourself why you have this belief. Is it because you do not believe in the value of your products or services, or do you fear losing customers?
GROUP ACTIVATION: Take a couple minutes to write in your journals.
Can you identify any limiting beliefs you might have around your finances or money? Please share with the group if you’d like to!
Once you identify the root cause of your limiting belief, challenge it with positive affirmations. For example, you can affirm that your products or services are worth the price you are charging, and your customers will be willing to pay for quality.
Moreover, surround yourself with people who have a positive attitude towards money and business. Attend networking events, join business groups, and seek advice from financial experts who can help you overcome your limiting beliefs about money.
Finally, invest in your financial education by reading books, attending seminars or taking courses in finance and accounting. A solid understanding of finance will help you make informed decisions about your business finances and overcome your limiting beliefs about money.
Mental Blocker #3:
Struggles with Budgeting
Budgeting is a crucial aspect of managing your small business finances. However, many small business owners struggle with creating and sticking to a budget.
To overcome this mental blocker, here are some essential budgeting tips.
Track Your Expenses and Income - understanding the ins and outs of money in your business empowers you to make the right decisions and feel confident
Create a Realistic and Achievable Budget - start small and approachable at first then consistently level up!
Involve Your Team - if you have a team, assistant, or even your “team” of friends and supporters, they might have valuable insight or a different perspective into the ins and outs of the business money that you don’t
Regularly Review and Adjust Your Budget. Remember that budgeting is an ongoing process, and you need to be flexible and adaptable to changes in your business environment.
Seek Advice from Financial Experts. Financial experts can also offer valuable insights into areas where you can improve your budgeting skills and overcome your struggles with budgeting. They can help you to develop a financial plan that aligns with your business goals and objectives.
By following these budgeting tips, you can effectively manage your small business finances and achieve your financial goals.
Mental blocker #4:
Difficulty with Pricing and Sales - as well as VALUING YOURSELF & WHAT YOU OFFER
Pricing and sales are critical to the success of small businesses. However, numerous small business owners face challenges in pricing their products or services and making sales.
This can also be tied into how we perceive and value ourselves. Sometimes we can still struggle with pricing our services or offerings assertively because we are dealing with personal complexities such as imposter syndrome, an unbalanced need to please, self esteem, etc.
GROUP ACTIVATION: Take a couple minutes to write in your journals.
Are there any ways that you might be undervaluing yourself in your career, in your business, in your professional life? Can you identify why that might be? Please share with the group if you’d like to!
It can be an overwhelming and confusing process, but there are strategies that can help overcome this mental blocker, and one is to root yourself in a solid understanding of your market to provide a foundation upon which to do the personal work.
Research Your Market and Competitors. Understanding your customers' preferences and what they are willing to pay for your products or services can help you set the right price. Knowing how your pricing compares to your competitors can also give you an advantage in the market.
Consider the Value of Your Products or Services. It's crucial to charge enough to make a profit, but also ensure that your pricing aligns with the value your customers receive from your offerings.
Build Relationships with Your Customers. By offering personalized solutions that meet their needs, you can increase customer loyalty and retention. Understanding your customers and their needs can also help you improve your products or services.
Invest in Marketing and Sales Strategies. Investing in marketing and sales strategies that align with your business needs and goals can help you achieve success in pricing and sales.
Seek Advice from Financial Experts. Financial experts can provide valuable insights into areas where you can improve your pricing and sales skills. They can offer expert guidance on pricing strategies, sales techniques, and identifying opportunities for growth and expansion.
Mental blocker #6:
Challenges with Accounting and Bookkeeping
As a small business owner, managing your finances effectively is crucial to your success. Accounting and bookkeeping are essential aspects of managing your small business finances. However, many small business owners struggle with keeping their financial records organized and up to date.
Accounting Software - there’s an app for everything!
Investing in Your Accounting and Bookkeeping Skills - Can you find a learning resource to improve your capabilities in this area?
Hiring an Accountant or Bookkeeper - if this is an area that you really struggle in, is there someone who can do it for you? Sometimes outsourcing is the answer!
GROUP ACTIVATION: Take a couple minutes to write in your journals. Is accounting and bookkeeping something you struggle with? What do you find the most difficult about it?
Do any of these solutions seem approachable to you? Please share with the group if you’d like to!
SOLUTIONS & CLOSING
Ways to master your money mindset!
Creating a Financial Plan for Growth
A financial plan is crucial for any small business to achieve growth and success. However, many small business owners find it challenging to create a financial plan that is both realistic and achievable.
Investing in Financial Education and Support
For small business owners, managing finances can be a challenging task. Financial mental blockers can lead to missed opportunities, poor decision-making, and even failure.
Staying Accountable and Motivated
Finally, staying accountable and motivated is essential for overcoming financial mental blockers and achieving success in your small business.
Investing in Personal Development
Sometimes our mental blockers around money and finances are also personal blockers about our value, self esteem, imposter syndrome, and more. Investing in personal development such as a life or mindset coach, taking a course or workshop, or even finding resources such as books or online forums around this topic can help unlock more confidence around money and finances - and therefore your career and / or business.
Final Thoughts
As a small business owner, overcoming financial mental blockers is essential for the growth and success of your business. By changing your mindset, investing in your financial education and support, and staying accountable and motivated, you can overcome your financial mental blockers and achieve success in your small business.
All these notes and resources + more details will be included in a new blog section of the IGC website!
