Fear and Loathing- Dumping your Head Trash around Profit

fear_300pxMoney and particularly people’s attitude towards it is one of the most divisive subjects in the modern world. Nearly every day the media will carry stories about it, we will discuss it with friends and family, we will worry about it, enjoy it, spend it and save it, there is no other abstract principle in our lives that consumes so much of our time and attention.

But what is so unusual about it is, that even though everyone uses pretty much the same money, (money is a token that represents an amount of currency, it is a promise) there are so many divergent and often heavily entrenched attitudes towards its use.

Think about how many sayings you know that mention money; here’s a few off the top of my head:

  • Money is the root of all evil.
  • Not a penny more, not a penny less.
  • Cheap at half the price.
  • Money talks.
  • Money can’t buy you love.
  • A fool and his money…
  • A penny saved is a penny earned.
  • Money isn’t everything.
  • Time is money.

The list is almost endless.

The point is our attitude towards money is often set by the environment around us, rather than our own internal compass. In my case my parents both had largely differing attitudes towards it, but it was the save not spend attitude that endured, so hardening my attitude toward money.

Most of us don’t realise where our attitudes toward money come from, and often those attitudes, or beliefs, have a negative impact on our ability to make money, or in a business owner’s case, profit.

Uncovering your head trash or unhelpful beliefs about money.

 

The beliefs you carry about with you around money can manifest themselves in a range of unhelpful ways, here are some common ones I hear business owners repeat;

  • Feeling guilt about making money
  • Being scared to charge over a certain level
  • Not feeling worth the money being charged
  • Feeling that money is evil
  • Equating money with self-worth
  • Believing the amount of money you earn reflects your status
  • People will think I am greedy or arrogant if I charge larger fees
  • Desperate for money mind-set

If you recognise yourself in any of the above you should congratulate yourself as self-awareness is the first step to ridding yourself of the head trash and unhelpful beliefs towards money. Having a dysfunctional relationship towards money as a business owner is like peddling furiously on your bike while keeping your hands pressed on the brakes. It just makes everything harder.

The next step is to recognise what you want instead and how to adopt a healthier attitude towards money and thankfully we’ll cover that in our next blog, dumping your head trash about money.

Until next time.

To your profitable success,

Kelly

If you want to work on the profitability of your business now, you are welcome to click through to our completely free Profit Health Check Tool that will allow you to take the first few steps to a more profitable business today.

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Kelly is a qualified accountant with over 12 years’ experience interacting and working with 100s of small business owners. He has a real awareness of some of the struggles that many face when it comes managing the finance side of their business which he has alluded to in his best-selling book Profit Rocket. He is passionate about helping small business owners to make more profit in less time with less stress.