Think of the Jordan Peele’s Movie “Get Out” and what’s the first thing that comes to mind when you think of the “sunken place”? (Listen to Nu Discuss it On Air on “Process Pro Radio”)
I have no doubt in my mind that BUDGETS and MONEY REPORTS for your business were NOT at the top of that captivity list! Seriously…ask nearly any small business owner and they’ll all tell you they hate budgets and bookkeeping because many don’t have an accounting department of their own.
I know, that’s a hard habit to break, But in this blog post, we’re owning the title “BOSS” and taking control of our finances so we can open the doors to bigger and better things in life.
Recognize Your Denial Mindset
If you have had a toddler in your house, then you know the game of “Peek-A-Boo” when the kids BELIEVE that the world around them ceases to exist because they can’t see it. Well, finances are the same way. Just because you don’t see the numbers does not mean they aren’t there. Denial is the ticket to the “Sunken Place”!
If you cannot articulate your bottom line, or review your financial statements regularly, you will never be able to determine if you are making a profit or if a financial loss exists? Let’s face it that you’re in denial and clueless about the true state of affairs. It’s okay though. Most of us start there, but denial won’t get you to that 6-figure milestone.
Denial will make your business stagnant and possibly repel clients away because of your over emphasis on money. People pay people who look like they enjoy what they do – and handsomely well might I add.
So, together, as you read this segment, we’ll take steps to get you out of the “Sunken Place” and teach you to make friends with your money. This friendship will motivate you to learn to love all the opportunities that your business can afford once you get real with how much you want to make and how close (or far) you are to hitting the mark.
There’s no time like the present to tackle this denial problem so face your money fears head-on and take a look at your business bank statement, paypal ledger, cashAPP payments, right now. Evaluate it, compare it to other quarters and think about the lifestyle you want to lead with your family. Journal about your fears and possible steps for overcoming those money fears.
While we may not love numbers, budgets give you the power to do great things in your business – and in life.
Step ONE: Get Comfortable With Money
Not just pay-the-bills comfortable, but really, intimately comfortable. Many people have deeply held negative emotions surrounding money, and if you’re going to make budgeting doable and routine, you have to get past those limiting beliefs.
Limiting beliefs – such as you don’t have enough experience to run a 6-figure business – drain on your psyche and affect nearly every aspect of your life. Have you heard the quote attributed to Henry Ford, “If you think you can or think you can’t, you’re right”?
Well, it’s true.
If you think you can make 6-figures, then you’ll have an easier time moving forward and taking action to reach that goal. If you think negatively about that goal and believe you don’t have what it takes, your motivation will wane and you’ll talk yourself out of doing tasks that could lead you to that big milestone.
STEP TWO: REMEMBER THAT YOUR PAST DOES NOT REPRESENT YOUR FUTURE.
Go back into your memory bank and think about your monetary situation growing up. Did your parents talk about money? Were they always penny pinching because funds were tight? Did they rack up piles of credit card debt living above their means? No matter what your personal situation, it laid the foundation for how you think about money today.
As with any problem in life, you alone (along with the creator) have the power to change the outcome. If you suffer from limiting money beliefs (and here’s a newsflash – just about everybody does!), YOU can change your mindset but that requires relentless evolution and consistent action. This is not a judgement zone. I get it. Beliefs are neither right nor wrong; they are simply beliefs that have become ingrained in our minds and at any point in time you can make the effort to change those beliefs. However, it’s not enough to just say, “I want to change.” You need to actively seek out ways to change your attitude about money. (We have workshops and classes to help at NuEpps.com)
STEP THREE IMPLEMENT TIPS TO REPROGRAM LIMITING BELIEFS
The simplest way to change these limiting beliefs is to turn these beliefs into positive truths. For instance, if you think earning money is evil because there’s so much poverty in the world today, take that negative thought and tell yourself that you can do more for others when you’re rich than when you’re broke. Instead of picturing yourself as a greedy hustler in piles of money, think of all those things that money could do to help others. In many cases of limiting beliefs, people think of earning money as the end result when it’s really a means to do more in life. The end result is the good you can do in the world with that money.
Here are some other common limiting money beliefs and how you can change them to create a new way of thinking as you transition out of the “sunken place”:
You get the idea. Take that negative talk and turn it into positive talk to combat your denial and reluctancy to examine your financials.
As a Business “Process Pro” (Small Business Coach & Mentor), I’ve mastered a signature technique to help with breaking through negative money blocks and I offer a number of workshops on the subject (view workshops at NuEpps.com). So you’re definitely NOT alone in this arena.
What Happens When You Change Your Mindset?
When you take the fear of money out of the equation you will feel more in control of your business. You may see new opportunities pop up – such as doing a project with a Joint Venture partner – that you might have missed in the past or thought you weren’t qualified for. Your self-esteem and mood will improve which often leads to an increase in motivation so you’ll work more productively. For example, if you want to create a signature product, you’ll feel confident with your ideas and the content will flow very naturally and quickly. All good things come from breaking through those negative money blocks.
In short, breaking through those limiting money beliefs allows you to take ACTION to create the life of your dreams. If you’re sitting watching life pass you by in the “sunken place”, don’t settle.
When you realize that your life is a scene from the movie, “Groundhog Day” where the same thing happens every single day, delve into your negative money blocks and get ready for a positive shift that will bring about great changes. But you have to WANT it and take that action first. Get clear on what you need. Be certain on the way you will get there with a numerical guide. Set a timeline. Get help you need. Be Consistent.
You’ve got this, and I believe in YOU.
Check Out The Latest Podcast Episode
Nu Epps, Author
Nu shares pages from her personal journal as she recounts some of the lessons and experiences she survived as a brand new entrepreneur. Between the stories, she also shares tips, tricks, and techniques to transform your mind, empower your creativity, and improve your business processes to keep you profitable and sane in your business.