As the founder of a business, we all share one common problem.
The timing of it may not be the same for everyone, but at one point or another no matter how financially ‘successful’ your business is:
You will hit a financial rut
Whether it’s at the start of your business, during a rapid growth phase or once you hit your big goal, you will feel like you’re stuck at a money plateau and just can’t seem to get past it.
What is a money plateau?
It’s like an invisible limit we hit around money (also known as an “upper limit”) and it reflects your beliefs about what you are capable of earning.
You’ll know you’ve hit it because some sneaky behaviours will start to set in… you’ll feel resistance, you may start procrastinating or avoiding taking action and all of this can lead to sabotaging your financial goals.
Here are 7 ways to bust through that plateau and get out of your financial rut:
1. Journal your thoughts
It’s time to get real with yourself about what you’re thinking. This requires you to write your thoughts down on paper. Set a timer for 10 minutes, and keep writing for the full amount of time. Do not let your pen leave the page! You will uncover so many funky beliefs you didn’t realise you had.
2. Challenge your beliefs
Challenge each belief you uncovered above when you journaled your thoughts. If you were in court challenging whether it was a fact, what evidence can you find to disprove it? Ask yourself “is this belief moving me towards or away from my goals?” If it’s away from, replace the belief with one that better supports you.
3. Give yourself a Performance Assessment
Get real with how you spend your time and focus. Are you doing work that you can delegate? If so, why? Are you putting off completing a piece of work and justifying why it’s ok? Imagine you have to report to a Board of Directors – what would you say about your standards around work?
4. Get clear on your why
When we get off course and start to feel stuck, a great way to bring back the feeling of motivation is to reconnect to our purpose. Do you have a clear vision for your business and yourself that you review at least each week? If not, now could be a good time to update it. What impact does your success have on others and yourself?
5. Take action
Write down three actions you can take today. Check your to-do list, it could provide some ideas such as sending the email or making the phone call you’ve been avoiding. Tackle these 3 actions first thing today before you move on to any other work.
6. Set yourself a fail challenge
A fail challenge is doing something that you truly believe is not going to come off. For example, you might reach out to be a speaker at your industry conference or send a letter to someone you would love to have as a client. The best thing with this is, that when you aren’t fearful of failing, you just get on and do it anyway. Expect to fail and you might just surprise yourself with a totally different outcome!
7. Reach out and ask for help
If you have tried all of the above or just don’t feel like you are in the right headspace to do it, then reach out and ask for help. It might be a raw and honest chat with a trusted business buddy that helps you reframe and refocus. Or seek out a mentor or coach – you can book a chat with Ness below to see if working with a coach is the right thing for you.
Ness is a money coach, helping businesswomen like you gain clarity over your financial goals, building wealth and financial security for your future.