Why Business Mindset Alone Isn't Enough - Erin Armstrong

Why Business Mindset Alone isn’t Enough

by | Aug 22, 2023 | Accounting & Logistics, Leading Your Business, Money Mindset, Small Business

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. I also know that 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, not owning the leadership element, etc. In fact, when these mindset issues detrimentally surface in our work, I often surprise clients by respectfully calling the issue out so that it can be addressed and we can make all the changes that the business needs.

So, while having a healthy, empowered mindset is important, 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 make your business financially healthy is simple—you actively engage with the financial pieces of your business.  As you run your business, either working to solve existing problems or position it to grow… this means taking into account the relative profitability of your different streams of revenue… It means reading your financial statements and pin-pointing why you have cash flow patterns… It means being clear about the return on investment you’re getting from each of your staff members… It means educating yourself about business tax strategy options… Etc. As you become more familiar and more engaged 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 strong? If so, I help small business owners do exactly this through CFO services–and would love to talk to you about your business needs!

Wishing you fulfillment & financial success,

Erin Armstrong

Erin Armstrong is a Chief Financial Officer, Business Coach, Tax Strategist and licensed Enrolled Agent who’s on a mission to financially empower business owners. Her unique, comprehensive approach integrates all the financial aspects of your business (such as accounting practices, tax strategy, profitability, budgeting, & cash flow) with an emphasis on developing a positive money mindset so you can move forward in a confident, proactive and empowered way. Find out more about Erin here.

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