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Money isn’t just a transactional tool in business – it is the very lifeblood that fuels growth, innovation, and success. Without money you don’t have a business – you have a hobby! So, when it is such an important subject, why do so many people find talking about money so difficult? At DICE we don’t shy away from the money conversation, in fact it is usually one of the first subjects we will dive into with a business owner. One of the recurring things we find is that as a leader in any business, cultivating a positive attitude toward money is the key to making more of it.
There’s lots of talk about money mindset these days but what do we mean exactly? For us it is about your approach and attitude. Are you coming from a scarcity or wealth mindset? This is usually deep-rooted stuff from our childhoods and upbringing – if someone didn’t have a lot of money growing up it can lead to an origin story of lack and that there is never enough. This may manifest in your business as being a penny-pincher or constantly worrying that you will lose a contract or client.
A scarcity mindset can lead to fear-driven decisions and a reluctance to invest in your business. Transforming this mindset into one of abundance can open doors to creative problem-solving and the courage to seize opportunities. Instead of fearing expenses, you’ll see them as investments that can yield returns. This doesn’t mean spending ALL the money (that is a whole other money mindset block!) but it does mean seeking out opportunities to make leaps into different areas, to embrace calculated risks and invest in tools, systems, and processes that will take your business into new areas.
Cultivating a positive mindset around money helps you to weather the inevitable ups and downs of business as your beliefs ultimately shape your reality. A positive money mindset can attract success by fostering a sense of confidence, determination, and a willingness to overcome obstacles. Clients, partners, and investors are often drawn to businesses projecting such positivity.
Understanding your personal and business worth is also a key factor in having a positive money mindset. That isn’t just about pricing your products or services appropriately it is about recognising the value you bring to your industry and community. A strong money mindset empowers you to ask for what you deserve, which in turn bolsters your business and personal financial health. Ultimately this results in you being able to help more people – be that through your business by mentoring less experienced members of the team or through philanthropic ventures such as charitable causes. When you aren’t worried about how to pay the bills and keep the lights on you have far more space and energy as a leader to be able to give back to others.
So how do you cultivate a healthy money mindset? Start by acknowledging your current beliefs about money. Are they limiting or empowering? From there, actively work on reframing any negative beliefs. Educate yourself about financial literacy, seek mentorship from other business leaders who have already mastered it, and surround yourself with individuals who share a positive outlook on money.
Finally, there are lots of smaller things you can do to incorporate daily practices that reinforce your money mindset – from gratitude journaling to visualisation of financial success. Remember, managing your money mindset isn’t a one and done thing – it is an ongoing journey that will help you and your business to grow and succeed.
If you’re a business leader and would value chatting through any aspect of your organisational ambitions with someone who has walked in your shoes, we’d love to chat to you. Drop us a line at: email@example.com to arrange.