We here at the Scale Collective want to help business owners improve their relationship with money, so we have put together these three basic tips.
When put into practice, you’ll see how you will be able to take control of your finances. Remember that with The Scale Collective you will have partners who will watch over your financial growth, which will help you become a better entrepreneur and have a better quality of life.
Evaluate how you think about money
The first step towards improving your relationship with money is to become self-aware about how you think about money, and how you go about expressing those thoughts and feelings.
This is all about mindset and what you are telling yourself. The basis of all decisions and reactions, and the attitudes that you hold within depend on your past experiences with money.
If you have had negative experiences with money in your past , your subconscious mind will seek to validate those thoughts Conversely, If you have a healthy relationship with money, your mind will seek validation for those positive thoughts.
So, if you think that money is bad, that it is difficult to earn, that money is complicated to manage, then you are indirectly conditioning yourself to have a bad relationship with money.
That is why you should evaluate your past relationship with money and how those memories make you feel. This is the first step to improving your relationship with money.
Your thoughts and feelings surrounding money also depend on the education that you have received, which could have been direct or indirect.
For example, if your family directly or indirectly taught you that money only brings problems, your subconscious mind could lead you to make decisions that «keep you away from problems”, thus avoiding thinking about money. Keep in mind that you may not necessarily agree with what you feel, but your subconscious mind has been pre-conditioned.
Identify the beliefs that exist within your family and immediate environment about money, and begin to evaluate how much these beliefs influence your decisions.
This will be the first step to move forward and establish a more positive, productive relationship with money that will lead you to meet your financial goals. And this first step will naturally lead you to the second.
Seek financial education
We covered the importance of financial education in a previous article. As a business owner, increasing your financial literacy is absolutely critical to your success.
In fact, we feel that education is a key process that you need to take in order to revolutionize your mentality about money. A solid understanding about money and how it really works could open your mind to different perspectives. What you learn could very well lead you to change your behavior, decisions and attitudes towards money.
Learning how to effectively manage your money will help you create abundance, and you will begin allowing you to enjoy prosperity that such a mindset can bring.
Being equipped with practical tools for managing your money will help you across your life, as much of what you learn can be applied to both your personal life and your business.
You will be able to clearly see how the direct relationship between your financial decisions impact your long-term goals. Once armed with financial knowledge, many business owners find a new perspective on what they believe assets and liabilities really mean.
There are so many learning resources available out there. A wide selection of books and audiobooks, tutorials, and blog articles are available for anyone interested. But the reality is that most business owners don’t have a sense of direction when it comes to improving their financial education.
While business owners have tons of resources available at their fingertips, they usually don’t have the support and guidance of a professional mentor who serves as a sounding board and can provide useful feedback, additional resources, and serve as an accountability partner during this important learning journey.
This is exactly what we do at the Scale Collective. We are a team of financial professionals helping business owners become the financial stewards of their lives and businesses.
Set achievable goals and take action
One of the great things about receiving a solid financial education is that it allows you to connect the dots. You see how your decisions around money impact your outside world and as a result, you can begin to set goals as part of a broader strategy for your life and business.
You are now ready to learn the art of goal-setting. When implemented correctly, goals are specific, measurable, attainable, relevant to the large purpose, and time-bound. The challenging thing about chasing goals is that they can be fleeting if the business owner is not concentrating on the larger vision.
We recommend that you determine the broader strategy for your life and business as the first step and work your way backwards. Knowing where you are going will help to make the required steps to get there more tangible. These steps become your goals. Writing down your goals, journaling your progress, and using the right metrics can help keep you on track and measure your progress.
Although these steps are simple, many business owners find that going at this alone can be overwhelming. If you feel that you need help getting started, reach out to us at The Scale Collective, where we can help you flesh out your vision, formulate a strategy and corresponding goals, and help you track, measure, and support your progress.