Your state of mind determines your level of success. If you desire to build a million-dollar consulting firm, your mindset must arrive there first, then your bank balance will follow. During this episode, I am going to outline How to Shift To A Million Dollar Consultant Mindset
Welcome Everyone to Season 2 of the Say Yes To Profits podcast. We are back and better than ever! I am super excited about our new season and the content to come.
I felt that the best way to kick off season two is to focus on your money mindset. Your mindset is the foundation for achieving anything you want in life and business.
The truth is
if you can NOT see it, feel it and believe it FIRST – the reality of having it (whatever your it may be) will be hard to manifest.
You must understand that your money mindset is an overriding attitude that you have about your finances. Your money mindset drives how you make critical financial decisions every day in business. Your money mindset has a significant impact on your ability not only to earn more money BUT keep more money in your business.
Here are a few ways to determine if you have a money mindset problem.
- You are earning money but NEVER have enough money in the business's bank account to cover monthly expenses - you have a money mindset problem.
- If you avoid looking at your bank balance, bills, etc. – you have a money mindset problem.
- If you have an accountant professional, whether a bookkeeper, accountant, or CFO, therefore, you wait until the month-end to review your financial reports - you have a money mindset problem
- If you're struggling to cross that next money milestone, be it $350K, half a million, or a million-dollars plus - you have a money mindset problem.
Characteristics of a Million-Dollar Money Mindset:
- Develop and follow a strategic financial plan
- Monitor and track progress consistently
- Not afraid to ask for help
- Aware of key performance indicators
- Monitor the numbers consistently
- Invest in a financial expert
Based on the above money mindset characteristics, do you have a million-dollar money mindset or one that needs repair?
"80% of a person's success is contributed to their mindset and 20% to business strategies.”
Remember that you don't have to have a million dollars YET
to have the million dollar money mindset.
Here are seven strategies to shift to Million-Dollar Money Mindset:
- Improve Your Money Relationship
- Prioritize Money – Pick a specific day each week to review and forecast your firm's cash position
- Have Money Celebrations – When you win with money and business, celebrate. For example, you signed a new client, paid down debt, increase profits, etc.…
- Recognize the difference between your wants and needs – You may need marketing, but you may not need that $10,000 PR, agent
- Change Your Money Script – Watch your words and thoughts considering money.
- Give Yourself Permission
- Give yourself permission today to become a million-dollar business owner.
- Give yourself permission to shift from earning 6-figures yearly to earning 6-figures monthly.
- Write a permission statement - I give myself (Your Name) permission to earn (The Amount).
- Give Money Direction
- Tell your money what to do down to the last penny. When and how will it come into your business and when, how, and why will it leave.
- Become a proactive money-making CEO
- Forgive past money mistakes.
- We have all fallen short of what we were supposed to do with money.
- Forgive, learn from it, and move forward.
- Do not allow yourself and anyone else to hold past money mistakes over your head NO MATTER what you did.
- Study Wealth Business Owners
- Commit to reading 1 hour per week on money, finance, and business.
- Millionaires spend 8.4 hours on average per month managing and planning their money.
- How many do you spend?? Let me know in the comments.
- Read million-dollar mindset books
- Make A Non-Negotiable Money Declaration
- Establish A Demand to earn and keep X amount of dollars in your business.
- Set an expiration date and work hard at achieving it!
- It's a non-negotiable decision with yourself. Don't let yourself down!
- Write your money goals and affirmations daily!
- Remember to pull on your emotions to see and feel yourself exceeding your money goals.
Please understand that your money mindset work is not a one and done thing. It is an everyday practice.
Your cash balance should continue to increase week after week. You should ALWAYS have more money entering than exiting your business.
When a consulting firm owner enlist virtual CFO services with us, our first strategy is to help them develop a million-dollar mindset. Once their mindset is focused on earning and maintaining a million-dollar plus firm, provide the advanced CFO strategies becomes easy to implement.
To check yourself, log into your bank account daily. And, when you log into your bank and feel like ugh – KEEP WORKING. Understand that you have to crawl before you walk and today is the day you begin.
Are you ready to partner with an accountant that will help you cross the million-dollar mark?