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Money management – does your personal finance management mirror your business finances?

Written by Staff Writer

July 6, 2020

Entrepreneurship is challenging because it forces an individual to face the truth about their core beliefs, abilities, and potential. It stretches them to grow, as the ultimate success of the business is directly tied to the evolution of the business owner.

By Cheryl Benadie

You’ve chosen the path of most resistance for the risk of the highest reward. You’ve decided to venture out and start your own business.

Entrepreneurship is challenging because it forces an individual to face the truth about their core beliefs, abilities and potential. It stretches them to grow, as the ultimate success of the business is directly tied to the evolution of the business owner.

What many entrepreneurs don’t realise is that their personal finance habits will show up in their business. There isn’t a magic switch that turns your off your mindset about money when you are actively at work on your business.

Personal finance management mirrors your business finances

Be prepared to face potential financial blindspots that might jeopardise your business. A case study that we use in our training is an example of a female entrepreneur who relegated the managing of her finances, both personal and business, to her husband.

It was a viable business and had potential but the avoidant approach of the business owner hampered the business from reaching sustainability. Eventually they got an accountant to help out, but it was too late. She was passionate about her business but eventually was forced to close.

Increase your level of self-awareness

Adopting a holistic approach to your relationship with money will help you break free from potentially limiting mindsets. Do you really believe that you are worthy of success? Do you have a scarcity or abundance mindset? What do you believe about rich people? If you harbour a core belief that rich people are greedy and selfish and that poor people are hardworking and noble, then you will subconsciously sabotage your efforts at exceeding your current financial level. You will not be able to charge what you’re worth if you don’t believe in your value.

Determine your primary driver

Entrepreneurs are motivated by change, crave a challenge, they thrive in crisis. They subvert the status quo in order to meet gaps in the market that they’ve identified. While there are many models of financial success, the one that gets the most airplay is the “billionaire” archetype.

What is your vision for your business? Are you subconsciously comparing your first 1 000 days to the lifetime achievement of your role models?

As you craft your financial goals for your business, check in with a business coach or peer around setting targets that are the right fit for you. What does success look like for you? Will it mean creating a business that you will be able to sell one day so that you can pursue other passions that might involve art, family or travel? Or will you build a business around your lifestyle, that enables you to choose the clients that you work for – and also how much time you decide to dedicate to your business?

Adopt a continuous learning approach to building financial wisdom

 Choose to become a lifelong student of how money works – because then you can make it work for your business.

Cheryl Benadie, Managing Director, Whole Person Academy

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