Prevent the most common money mistakes by breaking through avoidance
Take action now. That’s the number one thing you can do to prevent, mitigate, or fix the most common money mistakes.
A lot of entrepreneurs are particularly challenged by one or more aspects of managing their business’s money. The challenge can be caused by a lack of knowledge or skill, a disability or neurodiversity, or it can be an issue in the mindset. In many cases, avoidance plays a role.
Whether your money systems are neglected or you don’t have systems at all, I want to help you break through avoidance and get going.
I’ve worked with many entrepreneurs, and it’s very common to get behind on this stuff now and then. We may even feel we’re always behind! Feeling like there’s not enough time is one of the top issues I hear from business owners.
When I’m trying to start doing something I think I “should have” done earlier, I can get caught up in self-blame, and that makes it even harder to do anything.
It helps to focus on where I am in my annual/quarterly business cycle and what’s coming up. Are taxes due in a couple of months? Or can I expect a busy season that will make it hard to stay organized? Or a slow season when money always gets tight? Now is the perfect time to prepare!
Identify why it’s been hard
It’s also helpful to make sure I really know the reason why things have been left undone. Once the cause is identified, I’m better able to find the right solution.
For example, we may put off paying the bills because of a difficulty with time management or getting/staying organized. We can try to learn better skills in this area, and/or seek out tools and resources geared to disabled and neurodiverse individuals — but if we’re not even trying to deal with our time management challenges, that could indicate something deeper’s going on that needs help from a mindset coach or other professional.
I’ve worked with many women who were taught as children that women can’t be good at math or finances. Dyscalculia is a real thing for the people who have it, but let’s get clear about this: no one is destined to have a learning disability simply because of gender, class, race, or ethnicity. But maybe our expectations of ourselves are shaped by the stereotypes we were raised with, and that plays into why we avoid learning about managing our money. Or maybe it’s not a stereotype about ourselves, but some other limiting belief that contributes to avoidance.
On the other hand, some entrepreneurs put off dealing with money because their business is so busy they just can’t get to the books. This is a great problem to have! Maybe it’s time to think about hiring a virtual assistant or bookkeeper.
Sticking to the solopreneur business model when you have a flood of work coming in can be another sign of a limiting mindset that will prevent us from serving our clients. For example, if we quietly believe in the back of our heads that all bosses are exploitative jerks, we might hesitate to hire. But how much more good could you do serving your clients if you had an assistant to take care of your routine bills?
Locate limiting beliefs
Not sure what limiting beliefs you have? Try this:
Sit down somewhere comfortable with a notebook and pen. Inhale while counting to four, hold your breath while counting to seven, exhale while counting to eight — repeat this a few times until you feel relaxed.
Now write down the answer to these questions:
- What feelings or beliefs are keeping me from doing _____? (Examples: getting informed about how money stuff works, developing the skill to manage my books and read my financial reports)
- What would it feel like if these limiting beliefs were untrue?
- What can I do to change or release these beliefs?
- What empowering beliefs could replace the old ones?
Another way to identify limiting beliefs is to ask a trusted friend or advisor if they’ve noticed a pattern in the things you do or say that might be holding you back.
Getting feedback, emotional support, and accountability support from friends and colleagues keeps me on track.
When I want to change something, I want it all to transform instantly! But getting better at a new skill, practice, or knowledge area can take time, especially when I’m already busy and have to pace my learning.
In addition to learning a bit at a time, I also learn by searching out different sources of information and different tools.
What’s the best tool? The one you’ll use! We at Bliss Your Money love to help people get set up with QuickBooks Online and Gusto Payroll all the time, but if these aren’t right for you, maybe you’ll find a better fit with You Need a Budget or Mint or Square. Start where you are. We’re in your corner!
Bliss Your Money’s services include bookkeeping, bill-pay process setup, payroll setup, profitability consulting, money mindset coaching, teaching, and more! We focus on helping woman- and queer-owned businesses get and stay profitable through metrics and love. Struggling to get on top of your money stuff? Do it with Bliss!