Financial management

The #1 money mojo mistake small business owners make

- October 19, 2012 2 MIN READ

There’s one mistake small business owners make with money that has a huge impact on their Money Mojo. The good thing is: it’s easy to fix.

It was like watching a train smash in slow motion. This small business owner was making the biggest mistake that would keep him from experiencing prosperity in his business, ever.

Let me explain. “Money Mojo” is your relationship with money and how you experience abundance. If you’re not experiencing high vibin’ love for money, then chances are you won’t ever experience it in your bank account either.

But that wasn’t his mistake.

Here’s what he was doing wrong: 

Let’s call him George. George is one of my business-coaching clients in Canberra running an established business with a good reputation and proven results for his clients.

George’s downfall, however, was that he struggled to keep on top of his cash flow and knowing the intimate details of his money situation. Not an uncommon thing in business owners, and definitely a hindrance that needs addressing.

But George’s biggest mistake – beyond his issues with cash flow – was that he was ignoring, delaying, and avoiding paying his bills. While delaying bill payments is often touted as sensible cash flow strategy, the ignoring and avoiding part is a crippling mistake. In doing this he was treating his suppliers and service providers with disrespect, lack of courtesy and disdain.

And as you sow, so shall you reap. You cannot expect your customers to pay on time or early if you don’t do that yourself.

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Here is the little-known Money Mojo Secret, and it’s based on the Golden Rule: 

Treat others as you wish to be treated. 

It’s a very basic thing and so easy to implement. If you want clients to pay you on time, pay your own bills on time. If you want your clients to be appreciative, be an appreciative client. If you want your clients to rave about your work, rave about the work of others who have done you a good service.

Things won’t change unless you change.

No amount of avoidance, delays, and scrambling will ever get you back on top – you’ve got to pull out all stops and maintain strong, healthy money boundaries and standards for yourself first before you can expect anyone else to show you the same respect. Paying bills late is a serious cramp in your Money Mojo!

So if you are having money issues, consider where you can raise your standards and be more respectful with your money flow.

Once George realised how much he was affecting his Money Mojo, he got to work immediately and paid his outstanding bills, with deep apologies to his service providers. That’s all it took to rebuild the broken bridges and turn his Money Mojo back on to high vibin’. His job now is to keep to this rule as a deep commitment to his own integrity, so it becomes a fundamental part of who he is as a person and as a business owner.

I have deep confidence in him that he absolutely can do this, and build his business to even greater heights.

Have you experienced the benefits of the Money Mojo secret?