startup-finance

Unexpected Ways Your Beliefs Hurt Your Startup’s Finances

You’ve done all the right things to get your startup off the ground. So why aren’t you achieving the financial success that you had envisioned for yourself?

It might be that you’re spending too much to get the business off the ground. Or your expectations regarding revenue could use some fine-tuning. Or perhaps you need to overhaul certain aspects of your strategy…

But have you ever considered how your personal beliefs could be sabotaging your business’ finances?

We’ve gathered here a few thoughts that you might be harboring which could wind up hurting your business’ bottom line (if it hasn’t already).

You feel rules don’t apply to you.

Do you often drive distracted? Or sneak a peek at your phone from time to time? Do you consider traffic laws “guidelines” to follow, rather than rules that must be obeyed?

The more you let yourself off the hook from being a law-abiding citizen in small areas, the easier it is to make larger infractions in the future.

Perhaps the consequences of breaking a rule or a law seem inconsequential? For example, perhaps you think a DUI is not a big deal and won’t impact your business?

According to Springfield DUI lawyer at Noll-law.com, “Unlike a traffic ticket, a DUI isn’t just a fine you pay that goes away immediately afterward. If you’re convicted, you can end up with steep fines and even jail time. A DUI conviction on your record can also haunt you for years to come, interfering with opportunities in education, employment and other areas of your life. You must take the situation as seriously as possible and act accordingly.”

Not practicing caution and ignoring rules could be symptoms of a larger problem–and could lead to debt and other money issues. If you’re guilty of feeling like rules don’t apply to you, your business could be suffering as a result.

You think potential clients shouldn’t care about your personal appearance.

After all, people should only care about your product and the service you have worked so hard to bring into the world, right?Unfortunately, no.We make split-second judgements about everyone we meet to rule out threats to our safety. This is our biological response at work.

Take a moment to consider what split-second judgement others are making about you. Are your clothes ill-matched? Do you need a haircut? Do you have body odor? Are you overweight?

Your potential business partners or clients are sizing you up, often subconsciously. Your inability to rank high in any of these areas might push them toward believing you are not a good business fit—thus causing you to lose their business.

Do not let business opportunities pass you by because you did not pay enough attention to how your personal presentation could be saying things about you that you would rather not have said.

You think your communication skills don’t matter

How are you at communicating with people? Do you frequently interrupt others because you imagine you know what they’re going to say? Do you find yourself often embroiled in misunderstandings?

Google ad algorithms will only take your business so far. To close the deal, your communication skills should draw others in and not turn people away.

The best product in the world can’t be sold without convincing people that they need the product and that it offers a solution to a pressing problem.

Knowing the basic principles of top communicators can help you sell your product or service. One of the fundamentals of good communication is listening. Richard Branson, the founder of Virgin Group, expressed this golden rule as “listen more than you talk.” If you only do this one thing, you will have already advanced in your communication skills.

You think you can do it all.

Having confidence in yourself is important for any undertaking. But overconfidence can lead you to think that you can handle every aspect of your business by yourself.

Your expertise is likely in one area. Perhaps you came up with a fabulous business idea and your strength lies in the vision of where you want to take your business. That’s great!

But this does not mean you can compare to professionals who have put in over 10,000 hours to get to where they are at. And whose skills you need in order to bring your product or business idea into the world.

You don’t have the time to invest the hours needed to bring yourself up to expert level in graphic design, contract writing, copywriting, etc. Acknowledge what you are good at and where you need help.

Then find skilled individuals to help your business succeed.