I’ve always been someone who loves goal setting so when I started my first business
it came naturally to me to set lots of big goals.
And I hit many of them, missed lots of them, and set more each year.
But somewhere along the way it all started to get a little tiresome.
In the industry I was in, we used to set huge goals and that can be exciting…until you find you and your people just can’t seem to hit them no matter how many credit cards you use to fund your mission.
You then wind up feeling deflated, powerless and in that horrible place of struggle.
That’s usually followed by a shrinking process where you back down from making huge, exciting goals and start making small, ‘safe’ ones.
Because you’re scared of failing again.
And sometimes this can serve you well – hear me out.
I know this is contrary to popular guru teachings.
There was a point in my business journey where I really needed to get out of all the debt I’d accumulated from starting out with a weak business plan.
I made a lot of money but because I didn’t understand cash flow and the business model I was operating, it all just kept turning around and flowing back out the door.
If you’ve got yourself into a lot of debt – the first step is to take responsibility for your actions and the next step is to get yourself out of it.
And you can do it just like I did.
I stopped the cash flow leaks and took a long, hard look at what I was doing.
Throwing more money into a business model that isn’t working is not the answer so today’s challenge is to review where you’re at now.
If you’re in debt, take responsibility and be honest with yourself when answering the following question:
Is your debt, good debt or bad debt?
I know all debt can feel bad but the truth is that if you’ve been investing in growing your business and developing skills, that’s not bad debt.
Going on a luxury holiday using your credit card without a plan to pay it off is …
Taking your credit card out for lunch when you don’t have the income and cash to pay off your card each month, is …
Get the picture?
I know this sounds basic but I’m amazed at how many people are in debt from buying consumer goodies.
As a business owner this will affect all the decisions you make around investing in you and your business.
If your credit cards are full of ‘doodads’ (toys) and you’re constantly worried about your mounting debt how can you feel empowered to invest in you and your business development?
So get clear on what’s what and separate out your business investments and your personal spending.
Forgive yourself for the mistakes you have made.
There is no point keep on beating yourself up about what you’ve done and looking for someone to blame. Decide today not to blame others and not to blame yourself.
It’s time to move on and set some new empowering goals.
Make it a point to educate yourself on how to manage your money better.
What skills and coaching do you need to be able to produce the cash flow and results that you desire?
Trying to do it all alone without coaching and support is a recipe for failure. If you’re trying to save money in this area then you’re short changing yourself.
The truth is that if you’re in debt or have failed and lost your confidence, the area to cut back on is your personal spending.
Make a plan to pay off your debt and stop spending on things you don’t need.
And the area to invest in is you and your business because your business has the ability to fuel all of your dreams and bring you the cash flow you desire.
But most of us first have to go through the scary place of facing up to our lack of money fear which is usually a result of childhood memes (mind viruses) and lack of financial education and business development skills.
Don’t let your fear of failure hold you back from doing what you are here to do.
Let me know what you think in the comments below.
Tags: business coach, business coaching, business goal setting, credit cards for business, doodads, entrepreneur cash flow, entrepreneur debt, good debt versus bad debt, manage business cash flow, scared of failing, set big goals