On May 6th, 2022, I hosted a webinar in collaboration with LiftFund, where we shared insights about how Money-Shame shows up in our businesses, and how we can work to overcome it. Through this webinar I aimed to educate all small businesses owners of the definition of money-shame, and how to become aware of it so it does not become an obstacle in their business.
Many would agree that money is often a topic they are most sensitive about, but one that they are the most in need of understanding.
Below are the five ways money shame may show up in your business.
Overspending is spending money that you don’t have, or is when you make purchases on business investments that you don’t need or aren’t using. This isn’t to say that if you spend money at any time, you have money shame.
Underspending is not spending any money because you’re too afraid that you’re going to lose it.
- Fear is rooted in your underspending habits.
- It prevents you from experiencing business and personal growth.
- It can also prevent you from streamlining your business processes, which means you’re being overworked.
When you undercharge, you’re not making enough money to sustain your business. A lot of the work you’re performing isn’t even getting you paid. You’re not being paid enough for the work that you’re already doing, so you end up working double or even triple the amount you should be.
4. Being Pushy
Being pushy is rooted in a scarcity mindset, and because of that, you’re overly pushy with potential clients and customers. It can also present when you’re pushing somebody to buy, even though you’re aware that they are not your ideal customer or client. What you are offering really isn’t something that they need or should be using at this point in time. If we want to run our businesses on a level of integrity, we don’t want to manipulate people into buying something that they really don’t want.
Avoidance is the most common form of money shame. There are so many aspects of our business finances that are either easy to ignore or we want to ignore because it’s really not fun or comfortable to deal with.
- It’s not taking care of your finances, your income and expenses, and your bookkeeping. It’s avoiding the money altogether.
- You may refuse to look at your credit card or bank statement because you’re worried about what the numbers may reveal
These five ways money shame show up in your business can each be detrimental to your businesses financial health. In this webinar, I went more into detail about each of these, along with other ways money shame can be affecting you and how to overcome it.
If you’re interested in learning more about money shame and how to avoid letting it show up in your business, please check out our “Events” page to register for one of our upcoming webinars. In our webinars, we cover a variety of topics.
If you would like to see if your business is ready to apply for a business loan, take our 15 Question Banker Assessment now.