One important area that we can't ignore, when growing a sustainable business, is how to attract, retain and manage money! Unfortunately, in any size of organisation and any industry, we all have our blind spots when it comes to finances.
This is evidenced by well-known companies such as Comet and HMV sliding into administration by not taking more decisive action to deal with poor sales, large overheads and escalating costs.
In this article read on for tips on money mindfulness, as a way to increase your prosperity and profitability...
Although money is, essentially, just a medium of exchange, along the way it gets imbued with a whole range of emotions such as guilt, shame, greed, joy and pleasure.
Each of these feelings can have a strong negative or positive impact on your financial results.
Because whatever you might be experiencing, good or bad, will have a direct impact on the actions you decide to take, whether this is to spend less, invest or even to do nothing at all.
That's why it's critical to develop mindfulness around your finances, so that you can make objective decisions about how you attract and retain money in your business.
Tip # 1 Pay attention.
The more you give something your attention and focus the more it grows - whether it's your health, your relationships or your finances.
Even though, at first, it might be uncomfortable to increase your focus on this area of your life, by doing so you are shining a light on what is working and what needs to change.
Then you'll be in a better place to take positive control of your financial future.
A good place to start is by...
Tip # 2 Tracking.
For many people this might seem at first to be a tedious process but it's essential to raise your money consciousness (all successful businesses do this).
I recommend every time you make or receive a payment you record it (ideally you would extend this to your personal finances as well).
If you have a bookkeeper who does this for you then allocate time on a monthly or weekly basis to review your transactions.
Over time it'll help you build up an overview of, for example, which products and services have generated the most revenue, how much you have spent on marketing etc.
Moving forward you'll be in a stronger position to allocate resources where you will get the best return on your investments.
Which leads on to...
Tip # 3 Every quarter set time aside to have a mini financial review.
This means taking a long hard look at your pricing and fees, the sales you've made (what's selling well and what needs attention) and your expenses (are you seeing a return on any subscriptions or membership fees).
At least annually look at ways in which you can reduce any overheads such as insurance, energy and utility bills.
When I did this recently I nearly halved all my bills!It took time to research and speak to suppliers but it has been SO worth the effort.
A final tip which, I believe, will transform your financial future, is to make a commitment to develop a strong and positive relationship with money.
You might as well as it's going to be there for the rest of your life! Instead of blaming and shaming, start appreciating and thanking money for its on-going presence in your life.
As you do so your mindset will shift away from a constricted scarcity consciousness, which shrinks innovation and creativity, towards that of infinite possibilities.
This is evidenced by well-known companies such as Comet and HMV sliding into administration by not taking more decisive action to deal with poor sales, large overheads and escalating costs.
In this article read on for tips on money mindfulness, as a way to increase your prosperity and profitability...
Although money is, essentially, just a medium of exchange, along the way it gets imbued with a whole range of emotions such as guilt, shame, greed, joy and pleasure.
Each of these feelings can have a strong negative or positive impact on your financial results.
Because whatever you might be experiencing, good or bad, will have a direct impact on the actions you decide to take, whether this is to spend less, invest or even to do nothing at all.
That's why it's critical to develop mindfulness around your finances, so that you can make objective decisions about how you attract and retain money in your business.
Tip # 1 Pay attention.
The more you give something your attention and focus the more it grows - whether it's your health, your relationships or your finances.
Even though, at first, it might be uncomfortable to increase your focus on this area of your life, by doing so you are shining a light on what is working and what needs to change.
Then you'll be in a better place to take positive control of your financial future.
A good place to start is by...
Tip # 2 Tracking.
For many people this might seem at first to be a tedious process but it's essential to raise your money consciousness (all successful businesses do this).
I recommend every time you make or receive a payment you record it (ideally you would extend this to your personal finances as well).
If you have a bookkeeper who does this for you then allocate time on a monthly or weekly basis to review your transactions.
Over time it'll help you build up an overview of, for example, which products and services have generated the most revenue, how much you have spent on marketing etc.
Moving forward you'll be in a stronger position to allocate resources where you will get the best return on your investments.
Which leads on to...
Tip # 3 Every quarter set time aside to have a mini financial review.
This means taking a long hard look at your pricing and fees, the sales you've made (what's selling well and what needs attention) and your expenses (are you seeing a return on any subscriptions or membership fees).
At least annually look at ways in which you can reduce any overheads such as insurance, energy and utility bills.
When I did this recently I nearly halved all my bills!It took time to research and speak to suppliers but it has been SO worth the effort.
A final tip which, I believe, will transform your financial future, is to make a commitment to develop a strong and positive relationship with money.
You might as well as it's going to be there for the rest of your life! Instead of blaming and shaming, start appreciating and thanking money for its on-going presence in your life.
As you do so your mindset will shift away from a constricted scarcity consciousness, which shrinks innovation and creativity, towards that of infinite possibilities.
Source...