8 Financial Behaviours That Will Shape Your Company’s Future
It’s no secret that our financial behaviours have a significant impact on our personal life, but let’s not forget about the business side of things. There are 8 key financial behaviours that you should know – and that we cover in The Finance Cafe program – that directly shape your company’s future. Let’s talk about them!
- How you EARN money
- How you SPEND money
- How you SAVE money
- How you INVEST money
- How you BORROW money
- How you PROTECT money (insuring)
- How you GIVE money
- How you BUDGET money
Now, go back and read all 8 behaviours again, but this time, reflect on how YOU uniquely engage with your money. To do this, it may require some deeper reflection on your money mindset first.
Quick exercise for you! Grab a notepad and think about your early money experiences. If anything sticks out to you – any emotions or stressors – just write it down. At the end of your reflection, you’ll find that all your responses come together to reveal and inform how you truly feel about money. And all these feelings carry into how you behave in different financial areas.
When you do this exercise, ask yourself questions like:
- What messages did I learn from my parents/caregivers around money and how it is used?
- What is my first memory of money?
- Do I avoid talking about money?
- Do I feel a sense of control in my personal and business finances?
- Do I set goals for myself around money?
- Could my business be more profitable if I had more financial discipline?
- What do I want to know, but might be scared to address or look at when it comes to my
- How might my lived experience impact how I earn, spend, save, invest, borrow, protect, give or
- Can I identify some of the ways I behave/act when it comes to earning, spending, saving,
investing, borrowing, insuring and planning?
For some, money can represent freedom, security and flexibility. But for others, it can evoke other thoughts such as shame, guilt, and fear.
When we hold onto negative beliefs about money (or have money blocks), we limit our potential as entrepreneurs. As a result, we may build bad money habits in our business, like avoiding certain money decisions, shying away from risk-taking, feeling uncomfortable talking about money, being afraid to spend money or take on debt, and much more.
And it’s likely that these deeply ingrained behaviours will show up, time and time again in every business decision. We often say at The Finance Cafe, every decision made in business has a financial consequence – which is why it’s important to think critically on your financial behaviours and how they drastically impact your bottom line.
To sum up, your financial behaviours are directly linked to your company’s viability and sustainability. If you possess unhealthy financial behaviours and attitudes, you may sabotage your business’s success and opportunity for growth.
Are there any behaviours you can work to improve on? Any healthy money actions that you want to implement into your business management? If so, what steps can you take to make this all happen?
Breaking your go-to financial behaviours will take time and effort, but it’ll be worth it in the long run to build a healthy relationship to your money. You’ll find a strong relationship with your finances will guide you to make the best decisions for your business and set you on the best path to achieving your business goals.
The act of self-discovery and reflection is transformative for entrepreneurs. So, are you ready to get to know your financial patterns and behaviours? In our business financial wellness program, we unpack all the ways we behave and feel about money.
If you are looking to feel more in control of your finances and feel empowered in your business management, we encourage you to call the Clarence Campeau Development Fund and ask about the Management Skills Program or The Finance Cafe workshops offered.
Educating and elevating women entrepreneurs through our podcast conversations, our business financial literacy program, and our social platforms. We are changing the narrative around money, transforming financial education for women, and helping entrepreneurs feel capable, confident, and connected to their businesses.
Shannon Pestun + Shauna Frederick