Shattering Your Financial Glass Ceiling

3 reasons why you’re stuck in the roller coaster financial ride and how to address them

What was one of your earliest memories about money? Did you ever have to undergo a money talk in school or at home? Or was money always a touchy subject?

Many of us could have grown up without any conversations around money. As for me, I always thought that money was a mystery.

It just came into the household. Somebody went out to work, then they got a paycheck. And money came in.

So for me growing up, money definitely felt mysterious. And I realized as well that I was carrying that mindset very much into my business. I didn’t really understand the things I needed to focus on to bring money in.

That’s why I believe that our mindset about money is deeply rooted in our upbringing.

Some are money avoiders. They view money as something negative or to be feared. And they believe that those with a ton of money are greedy and evil.

There are also those who worship money. They think that having more money solves all of their problems.

Meanwhile, those with the money status belief think that their self-worth can be defined by how much money they have.

And lastly, there are those who are vigilant about money. They know that money is a finite resource and they prioritize savings above all else.

Why am I telling you this?

Because our beliefs about money can impact our relationship with it as an adult and as a business owner. And if we want to shatter our financial glass ceiling, it is crucial that we know what we think about money.

In this article, let’s dive deep into how we can do just that.

Fight, Freeze, or Flee

Humans have survived for thousands of years by developing great responses to threats.

Among the tools that help us survive is our amygdala. This is the emotion center of our brain. It’s the one responsible for triggering our fight, freeze, or flee response. But it isn’t a conscious decision. In other words, it’s part of our instincts.

You can imagine how crucial our amygdala is for our survival, especially for early humans.

Because of this part of the brain, we know that it’s not right to fight a lion alone. It also tells us to freeze or keep quiet at night, particularly when a predator is lurking in the shadows. And of course, when another human is trying to do us harm, it sends us a signal that it’s time to fight.

But for modern humans, the amygdala’s fight, freeze, or flight response isn’t always helpful. This is especially true when it comes to money matters.

In fact, there is something called the ‘amygdala hijack’ that negatively affects our financial decisions. This hijack happens when we impulsively act upon something...  even if we realize later on that what we did is an inappropriate response to a certain situation.

For example, when a client gives bad feedback about our business we might be triggered to get defensive or simply close our doors off to that client. But we know that the better response would be to acknowledge that and improve.

Another example would be knowing that you are capable of introducing a new product line in your business. You know that it can provide more revenue and growth in your business. But because of the amygdala hijack, you never pull the trigger and simply put the idea back on your dusty shelf.

3 Reasons Why You’re Stuck in the Roller Coaster Financial Ride

Reason #1: Ignoring the Numbers

Not looking at your numbers is the biggest reason why you’re stuck on a financial roller coaster ride.

Why?

Because your numbers will serve as warning signs for your business.

If you can catch your sales dipping in a specific week, you know that you need to catch up for the remaining weeks to make sure that your month won’t be in the red.

And if you see that your retention rate is dipping in a specific month, you have to do something about keeping customers happy. You can also try to maximize marketing efforts to bring more clients in.

By making sure that you are on top of your numbers, it’ll be a lot easier for you to avoid having to go through a roller coaster financial ride.

Reason #2: Speaking with Non-Ideal Prospects

When you’re running a business, you must always focus your efforts on attracting champagne clients. These champagne clients are those who will pay enough for the services you can provide. Price is non-negotiable.

If you tolerate speaking with non-ideal prospects, it makes you vulnerable to so many negative situations. For one thing, if you speak to non-ideal prospects, chances are that your efforts will ultimately go to waste.

Why?

Because they might not be ready to pay what you deserve. Or, they might not want to proceed to be a paying client. Plus, even if they become clients… they might not be clients for long.

Reason #3: Inconsistent Marketing/Networking

A financial roller coaster ride means having to go through both totally good and crippling months in the business. And another reason why this happens is that entrepreneurs have no consistent marketing and networking efforts.

Marketing and networking ultimately attract new clients to your business. But if you don’t post regularly, promote your services, or join networking events… you risk losing out.

While it is important to make sure that existing clients are happy, it’s also necessary to be on the lookout for new champagne clients you can bring into your business.

Set Acceptable Money Goals

If you want to shatter the financial glass ceiling that’s holding your business back… you need to come back to your big why.

Money needs direction and clarity. If your money goals no longer align with what you really want to achieve, then change them. Set acceptable money goals that will positively impact profit for you. Stop doing the things that will turn your business into a financial roller coaster ride.

Once you get these things done, you will find yourself being able to bring more and keep more money in the business.

In short, setting acceptable money goals and committing to achieving them makes your business healthier. And you’ll be in a better position to make breakthroughs every year.