Business mindset coaching is all the rage these days. You don’t have to look very far to find coaches offering to help you use the law of attraction, or manifesting, or even working on your different chakras to improve your business financial situation. There’s an assumption underlying most of this coaching that if you improve your business mindset, all the other pieces of your business will magically fall into place. While this idea is attractive, unfortunately it is also wrong.
Of course, I’m not denying the importance of mindset work; I believe a positive mindset is crucial to having a successful, profitable, sustainable business. And whenever I work with business owners, we usually spend at least some of our time on mindset work. This is because most business owners have at least a few hang-ups around issues like scarcity mindset, apprehension about investing in their business, procrastinating about changes they need to make, etc. And when these mindset issues are present, we need to address them so we can make all the changes that the business needs.
So, having a healthy, empowered mindset is important, but it’s not the end of the story. Because, while working on your mindset can help you deal with things like fear and procrastination, it’s not going to tell you what decisions make most financial sense for your business. Manifesting isn’t going to tell you whether it makes financial sense to open a new location, or to expand your service offerings. And you won’t discover the range of salaries you could afford to pay a new employee by focusing on your money chakra.
The way you’ll know how to make your business financially healthy is simple—you need to actively engage with the financial pieces of your business. For example, this means you need to understand the relative profitability of your different streams of revenue. It means you need to become familiar with how to read your financial statements, so can truly understand your cash flow patterns. It means you need to understand the return on investment you’re getting from each of your staff members. And, it means you need to educate yourself about tax deductions and your business tax strategy. As you become more familiar with these different financial pieces of your business, you’ll be able to start developing financially-grounded strategies to make your business profitable, financially healthy, and sustainable for the long term.
And sure, once you start the process of engaging with the financial pieces of your business, you might experience different emotional responses, such as resistance, apprehension, fear, or procrastination. This is the perfect time to work on your mindset. Now that you’ve done the work and developed your plan for moving forward, you can use mindset work to help you stay focused, positive, and empowered as you take your next steps. When you actively engage with the financial pieces of your business, and you keep improving your business mindset, you’ll be unstoppable.
Over to You…
Are you ready to start engaging with the financial pieces of your business? And, do you want to develop an empowered business mindset—while you’re working to make your business financially healthy? If so, I’d love to help you through Business Coaching or Fractional CFO services!