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Money, Your Business and You

           

February 16, 2020 / fbcadmin

Sue Tsigaros
Iris Group Coaching Pty Ltd
0418 294 535

Your Relationship with money

What does our relationship with money have to do with our success?

Our relationship with money and our business can be complex.

Sometimes having a business seems like attending to the needs of a growing family. It can tug you in many directions, disturb your sleep and insist on having the latest version of everything. The business wants more than you seem to have available. More time, more energy, more resources. More money, to fix the problems and make the stress go away.

At other times it’s your own ‘inner’ child that’s calling for attention, expecting to be soothed with a treat or rewarded for all that extra effort. There you are, after the retail therapy, with a few bags of clothing or other little luxuries that seemed perfectly justifiable and affordable when you were trying them on.

Only now you feel like you need to slide them secretly into the wardrobe unnoticed, to avoid the inevitable questions as to whether you had budget for them. Of course, you didn’t. It was futures-trading, thinking of how well that presentation went today and the good fortune that will be flowing in.

Optimism and buyer’s remorse are vying for top position on the emotional seesaw that is your relationship with money.

And then there’s the shame you feel when it’s time to pay the BAS. Overdraft or payment plan? Heads up: the ATO allows this because it’s a problem for many small businesses.

Often it seems as though nobody else but you really cares about doing the right thing with money, like paying their bills on time. So cash flow becomes very tight and the take home pay goes down for a while or you raid the loan account – again.

Our relationship with money is fundamentally an emotional one, yet we believe we are making logical decisions about it – from an unemotional state.

We are joyful when receiving or anticipating the flow of money coming in. Feel pride when we have earned well. Anxious, angry, ashamed or guilty when the flow is stuck or compromised. It is not unusual for business owners to experience this roller coaster of emotion in relation to money. However most people try to keep it hidden and act neutral, as if everything is fine. This can make things worse, especially when they continue to pay by credit card for things they cannot afford, in order to keep up appearances.

“How you ‘do’ money is how you do everything.”

An oldie with various claims to its origin, this is a very useful quotation to remember. It helps explain why money will always be emotionally charged. We tend to associate the having of it with comfort, security, personal success and self-esteem, however we choose to count it. We also develop habits with money that reflect the habits of our thinking. This is not wrong, it just is. However the extent to which this truth is ignored or avoided is in direct proportion to the extent to which things seem to always go wrong in a similar way. And why we keep revisiting the same mistakes.

I have worked with hundreds of leaders on this very issue, to help untangle it and allow a clearer perspective. Understanding ourselves well, recognising our own patterns and making conscious choices around money, puts us in a much better position financially. This means our advisors really have something to work with, and can help us accelerate our journey towards the wealth that we desire.

We Each Have A Money Personality.

Some people look at their top line sales, some look at the bottom-line. While others are interested in the growth of their assets. Some people are extremely uncomfortable with debt of any kind while others use debt for leverage and invest in growth. Appetite for risk varies according to a range of personality factors and preferences, which can be measured.

Our characteristic style of making decisions can also be measured, along with the type of risk profile we have. Our decisions and behaviour with money are formed from our family money story, as well as the meaning that we have made about our own life experiences, our value in the world and how we claim what we deserve.

Every value-exchange, whether financial or otherwise, reflects our sense of identity and personal integrity. Business consists of a series of agreements around the exchange of value, with money as the common currency of the conversation.

It follows that our own relationship with money and the degree to which this is healthy and empowering – is key to the success of our business and the satisfaction that we derive from it.

 

Advice that every Business Owner Needs and The Inner Game.

As a Business Owner, having a good Bookkeeper, Accountant and Financial Advisor are essential. Their advice will help you remain compliant with the law and well informed about how to invest the money you earn and optimise your tax position.

However, the earning, allocating and all of the day-to-day, as well as strategic, decisions are in your court. The decisions that you make, or don’t make, determine the flow of money towards or away from your business and you.

The key to empowering your relationship with money is to learn to master the inner game. This kind of mastery can free you from old beliefs and habits that no longer serve you, or are not aligned with your vision. This process can help you stretch beyond your comfort zone and show yourself more fully in the world.

It can help you ask for the sale, negotiate a better deal, pay off your debts faster. As well as help you get over your fear of (or addiction to) social media, recover from setbacks and become better at delegation. There are countless ways that your relationship with money – and thus with yourself – can expand towards full integrity and the development of a truly satisfying and fruitful business model. A model that provides you with the freedom and results you went into business for in the first place.

Would you like to know more? Contact Sue Tsigaros (Iris Group Coaching) today, for a complimentary Money Empowerment Strategy Session.

Image By Micheile Henderson (Unsplash)

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One response to “Money, Your Business and You”

  1. Terrific article Sue. I totally agree that your relationship with money pervades every aspect of your life. Too often money is seen as a dirty word instead of an energy that is not to be feared, but harnessed to help you achieve your goals (responsibly and respectfully!). The earlier in life that you can reconcile your relationship with money the better!

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