We find an increasing number of Entrepreneurs going through financial struggles, because of poor planning and knowledge and let’s discuss the way out
Wake up, mid-life entrepreneurs! If you are like most of them who have started their entrepreneurial journeys in their mid-life and depend heavily on their savings to fund their business, then you ought to have a strong command over your financial regime. Are your savings dwindling and revenues not matching your expenses? Are you are losing money at a higher rate? Are your stress levels increasing as you pay each bill? Do you hate the taxman for taking away whatever little is left with you?
We see so many enthusiastic entrepreneurs falling into this trap and returning back to their safe jobs which at least paid them salaries at the end of the month. They end up blaming the market, the customer and external factors without realizing that the real change needs to occur within. Only if they had taken a hard look at their money and controlled their urge to splurge, things would have been different.
A few strategies which will help mid-life entrepreneurs to move away from financial crisis towards financial abundance.
Firstly, the amount of money that you get is directly proportional to the creativity you show at work. So if you are getting less money for your efforts then start thinking creatively. Be more unique while crafting your offerings; give some offers to your clients. Look at their challenges and see how you can provide services.
Let the juice of creativity flow!
Never Reject Monetary Help
It has been observed that people tend to reject monetary help with no conscience. Yes, you heard it right. We do that because we do not accept and acknowledge that what we earn is a reward for our hard work and knowledge. For example, someone compliments you on your work but your mind immediately starts to ponder over questions like:
Does he have any vested interest in me? Did I really do something good? Why did he compliment me? Questions like this keep hovering over our minds until we find a reason to justify that compliment. Secondly, we immediately reciprocate a compliment with another one. We do not like obligations. Why do we do so? Because we feel we are not worthy of the compliment. We cannot justify the compliment with valid reasoning and hence we reject it. We unconsciously put it away. Same thing we do with money as well. We push it away. Someone is ready to pay for our services, but we don’t feel worthy of it.
At times we end up giving money more than needed. Why do we give more? It’s because we want to be liked. Sometimes it is compensation for lack of time but mostly it is our innate need of being liked by our colleagues. We feel by spending money on what is required; we would be loved and respected.
However, it does not work that way. By giving more, we are letting the universe know that money is not important to us. The result is the universe responding to us by creating many more opportunities to spend recklessly.
Be Grateful towards Money
Every time you receive money, make sure you touch and feel the same. In the past, when the currency was exchanged through notes and coins, it was such a delight to receive money. With online transactions, we are robbing ourselves of this joy.
What if we could receive money with heartfelt gratitude? Respect money, bills, and receipts.
Understand Balance Sheets
Financial knowledge has the utmost importance when it comes to managing money. You have to be aware of the flow of money. Buy a book on financial independence, play business games like Cash flow 101, make friends with financial planners, read financial papers and increase your financial literacy.
Stop Spending Recklessly
Money is equated with water. As always said by the traditional people in India, akin to water flowing through leaking taps money goes away faster than you thought. Take a hard look at your spending. Look at what is needed. Take measures to stop unnecessary expenses.
We find an increasing number of them going through financial struggles, because of poor planning and knowledge. Let’s be more aware of our future financial needs and take concrete steps towards becoming a rich mid-life entrepreneur.