Money is important in business field. Cash itself is considered a king in startup. Money management has been one of the most important factors in business. The way you spend and earn money can help a lot in how you run a business. However, managing your money for business is different for personal use. It is more complex because there are many things to consider. And one of the most crucial factors of money management in business is money mindset.
What is money mindset?
Money mindset itself is unique individual set of core beliefs about money and how money works in the world, according to Smart Money Mamas. It is what shapes what you believe you can and cannot do with money as well as how much you believe you are allowed, entitled, and able to earn. It doesn’t limit to your believe how you spend money but also how to utilize it for different purpose such as debt, give away, investment, and more. Your money mindset can lead you to success and confidence or failure.
In short, money mindset is how you handle money in your business and your life in general. Is is necessary to reframe your money mindset? The answer is yes if your current money mindset is misleading you. With right money mindset, it is easier for you to feel secured financially. Also, it will open the gates for more opportunities to success in the future.
In your money mindset, reframe spending as investing. When you think of it as spending, your mind will automatically think that you are losing your money. However, spending money doesn’t always about losing if you think that it is going to return a yield of more money. That’s why it has to be reframed as investing instead.
For example, you spend money for payroll due or buy new equipment to improve your service. If you think of of as spending money, your mind will think that you are losing and you might not be able to return it. However, when you think of investing, you know that what you spend is not baseless. You do it for the greater good in which improving your service for your customers. As the result, your customer base grows and you have increased revenue.
It is also best to reframe making money as solving problem.try to focus less on the money, the nominal and it’s worth. You can focus more on how you can help more people better. Instead of thinking how to generate a profit, change your focus on how to generate more solutions that will help others better. If you focus more on making money and profit, you will only limit your beliefs of what’s truly worth. Meanwhile, focusing on solving problems and helping problems will naturally lend itself to helping you generate more money.
Reframing money mindset is not as easy as it sounds especially when your beliefs has rooted. However, it is great to try and see how it impacts you.