Podcast Episode 20 - Address your money blocks to earn more money

 

If you’re a business owner, you must learn how to identify and manage your money blocks on an ongoing basis. It’s a problem that particularly affects women and it usually affects how they price their products and services. But solving any pricing problems you have isn’t simply a case of looking to increase your prices - you need to work on the mindset side of things too.

It’s a subject I was chatting with Catherine Morgan about on my recent podcast. Catherine is a financial coach and qualified financial planner. She helps women feel better about money, as well as helping them to drop any anxiety, blame, judgement and guilt around it.

Why charging what your worth is flawed

The philosophy of charging what you’re worth is a flawed one. Your worth may not be very high, especially if you have low confidence or an issue with receiving money. The way we feel about money is a reflection of how we feel about ourselves. If you don’t feel deserving to...

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Cash Management

Have you heard the expression “Revenue is vanity, profit is sanity, but cash is king”.
 
It’s a phrase used a lot in the accounting world and one that holds true almost all of the time.  If you don’t manage your cash you will not have a business.  “6 figure” sums are always talking about revenue and are amazing but you have no idea if they have 6 figure costs at all or are turning a profit.  You also have to run the business you have, not the one you want, to ensure your costs don’t run away with you.
 
You must also be careful not to manage just your actual bank balance all of the time, as this includes amounts due for tax, payroll, supplier payments.  It also does not account for invoices that your customers have not paid you for yet.
 
Managing your business on a cash basis for day-to-day practical management of your business numbers is a perfectly good way to do things. However, you must always make...
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