Hi Robina!
I am a business owner and struggle with worrying about making good financial decisions. I read one of your articles about money beliefs. I am curious about what I can do to make sure my personal money beliefs align with my business money beliefs.
Thank you!
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Hello Friend,
The fact you are asking the question means you are likely giving significant thought to your business and money. Which means you are ahead of the game in having awareness about your money. Taking steps to align your personal and professional money beliefs can feel challenging, but it isn’t impossible and can be easier than you think. In business, there are many books and articles on setting goals, but the less traveled path is defining what alignment between your personal and professional life would like and feel like.
The reality is who you are personally blends into your business, so there is likely more in common between the two than you realize. Below are some steps you can follow to create and/or maintain alignment.
The first important step is to identify your own money beliefs. This would include your beliefs, behaviors, and relationship with money. This is something that can take time, so don’t get discouraged if it takes more than one sitting. Have you identified your long-term goals, values, and things that tend to trip you up?
As a business owner, have you identified your business goals? I have seen one of two things happen to people. 1) They set business goals and no personal goals, or 2)They set personal goals and not business goals. Okay, there is a third one; they don’t set goals at all. The action of setting goals (or not) could be a behavior linked to a belief in money. If you find resistance in one or more areas, then it might be worth getting someone to support you in forward progress. Setting business goals isn’t just about the money. Part of those beliefs should be what impact you want to make in the world and not just the financial rewards.
Build a plan for your business (based upon the goals you set for yourself above) and review for alignment. This goes beyond the budgets, cash flow schedules, and financial projections. When you look at the list, do you have alignment across all spectrums of your life? Not just financially but energetically and in a sustainable way? What does that mean? Does building your business in the way you have designed allow you time to exist in the world, have free time, and leave you feeling excited vs. drained? If the plan leaves you out of balance, then go back and evaluate the areas that leave you depleted.
If there is one decision I have made in my businesses that has ensured their success, it was joining forces with people to support me in my dream. This includes coaches, mentors, accountability partners, business strategists, and entrepreneurial communities. Ellivate Alliance, founded by Sarah Elliott, was one of the first communities I joined, and it connected me to amazing talent, invaluable resources, and life-long friendships. Bringing in partners and informing them of your plan will help ensure you stay on track and aligned with your values.
But what about when things go sideways? The partners you have in your life can serve as a lifeline. Included in the Soul~Self~Wealth Guidebook is the chapter, When Things Get Messy, which includes an exercise to create an emergency plan for when things aren’t going well. Sharing this information will be just as important as having them support you with your goals.
Making Difficult Choices
Identifying your personal money values and those of your business creates a roadmap for your business and guides the decisions you make, but that isn’t the hardest part of the process. Just like any commitment, it requires making difficult choices. Like giving up dessert to improve your health, you have to make financial decisions that will get you where you want to go, not farther apart. Before any major purchases or long-term commitments, it may be worthwhile to consult with your partners and your plan.
Like the wheels on your car require realignment your goals are no different. On a quarterly and annual basis, it is a good idea to revisit your plans and financial goals to determine if they still align. The reason this is important is because one can only guess the outcome of choices made in a business but the actual results can vary. Go back and assess if what you are doing is keeping you fulfilled and true to your values. If not, you can make adjustments (big or small)
Okay, my friend, I hope you found this helpful to start something new in your business that could transform its trajectory and your happiness. Never hesitate to be true to yourself and your values. Your employees, customers, vendors, and partners will be able to feel it and undoubtedly with continue to support you because of it. If you want more information regarding money beliefs, behaviors, and the impact on relationships, reach out, and I would be happy to share more.
With Gratitude,
Robina
Robina is a Certified Money Coach and retired CPA. She works as a guide for people to discover the freedom to dream again by transforming their relationship with money. If you want to know more about Robina, you can visit her at www.robinabennion.com.
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