There’s an amazing interconnection between self-worth and money. You many not realise it, but one certainly affects the other.
In business, this can be quite dramatic and impactful.
It can lead to you seriously undercharging for what you’re worth, lowering the prices of your products, not paying yourself what you're truly worth, and over-delivering in terms of value with little return.
And, it’s far more common than you realise.
Here are some tell-tale signs that you may need to work on your money mindset and self-worth if you’re experiencing these issue in your business:
#1 You’ve lowered your prices
No-ones buying, right? So, you panic and think that it’s because you’re priced too high. Now, 90% of the time this will lead to you selling less, having less profit and becoming even more despondent.
The truth is, people very rarely buy on price. They select a particular products or service because of its value. If you don’t know the TRUE value of what you’re selling, then it’s little wonder that other people won’t invest in it. Lowering your price is not the answer … raising your self-worth is!
#2 No-one is buying anymore
Okay, there could be a few reasons for this, but one of the most common is linked to a change in the way you’re thinking. Stay with me on this one.
If you’ve been selling your products or services successfully and then suddenly they stop selling or your sales start to slow down, apart from checking any logistical issues, look to see WHEN the sales started to slow down. Did anything out of the ordinary happen in your personal life just before the slow down?
#3 You’ve got the business, but sales have slowed right down
You’ve got a wonderful website. You’re busting a gut on social media. You’ve got thousands of followers on Facebook and Instagram. And, your sales are slowing down and you feel like your successful business is derailing?
It looks like you’ve got a case of self-sabotage. Believe me, there is nothing more painful than this because everyone will come up to you and say “Hey, you’ve got an amazing business, it looks like it’s going really well?” And you answer “Yeah …. thanks.” You know the painful truth, you’re not getting the customers you need.
When this happens, it’s what I call ‘the hidden business’ syndrome. Believe it or not, there is a part of you that’s hiding too, so this is certainly linked to your self-esteem and self worth. An upper limit issue can be the real reason if you've achieved significant growth and then everything has now ground to a halt.
#4 Vanity Finances
Have you ever heard the saying “Turnover is vanity, profit is sanity and cashflow is reality?” It’s one to live by in business.
If you’re fooling yourself and others by focusing on your turnover, then you’re heading for hardship. Getting clear on how much profit and cash is in your business is critical. If you’re not keeping tabs on your business financials, then there is a big money-mindset block playing out here.
Repelling money, spending money too fast, not looking at your bank statements or not keeping a track on your business finances are all symptoms of a money-mindset issue that will impact your success…and your bottom line.
#5 The family and friend’s barometer of wealth
Fear of success is just as painful as fear of failure. If you’ve hit a glass ceiling of income creation, then look to see if you’ve got mindset issues around how much you earn and wealth creation.
This is so common for all entrepreneurs, whether you’re earning £50,000 a year, or £500,000 a year. The devil is in the level on this one.
Get curious about what your beliefs are about making the kind of money you want in your business. What do you think your friends will say? How will your close family react to your new-found wealth and success? These again, are money block issues that will sabotage your success and wealth creation.
If you would like to know how mindset is critical to the success of the top 5% of female entrepreneurs, then come over to my free Facebook group: '6-Figure Female CEOs Scaling For Growth' Group