Talking about money can be uncomfortable. You may have grown up with certain beliefs, been told that money is the “root of all evil”, or your family simply DID NOT talk about money. However, having open conversations about money and breaking those money taboos are essential for the success of your business.
Let’s break those money taboos and start having open conversations about finances and entrepreneurship with these 5 tips.
Normalize the Topic of Money
There isn’t anything to be ashamed of when talking about money. Money is simply a tool. Money is important and it provides means for an impact to be made. When we can normalize the word “money” and not make it out to be this BIG scary and uncomfortable thing, we can start to see the change we need.
The first step in breaking the money taboo is to normalize talking about money. Money comes and goes and it plays a big part in your business. Without money, your business would not exist. So, acknowledging this and knowing that it is a critical factor in the success of your business will help you be able to be open and honest.
Encourage team members or others in your life to be transparent and ask questions regarding finances.
Some great conversation starters:
- How do you feel after spending a lot of money?
- How do you prefer to pay for items?
- Are you willing to invest money?
- Does money stress you out?
- Is there a purchase that you regret buying?
- Did your family talk about money growing up?
- How much money would make you feel “secure”?
By creating an environment for you and those around you that you can be open and honest with, the topic of money will start to encourage others to join in on the conversation as well.
Educate Yourself About Finances
Education is how you will grow both personally and financially as well. Understanding basic topics such as cash flow, profit and loss, and budgeting are important pieces of building and growing a successful business.
Set SMART Goals and Communicate Those Goals
In order to have a great money management system, you need to know what your goals are! SMART goals are a great way to open the conversation about money. Setting SMART goals will help you break down big goals into smaller more manageable goals. Share your goals.
Check out this blog post for a quick recap of what SMART goals are.
After setting your goals, share them with anyone who will listen! Creating a sense of shared responsibility and accountability will help you stick to your goals. Set up a time to regularly review and update your goals. This will help you stick to your plan and ensure that your goals stay relevant and aligned with your overall business goals.
Grab this free worksheet that will help you work through your goals.
Be Clear and Forward About Pricing in Your Business
One of the biggest reasons why the money taboo exists in business is that people are often uncomfortable talking about pricing and fees. However, being transparent about these things is essential for building trust with your customers and clients.
If you are uncomfortable sharing your prices on your website and marketing materials, you can set up the opportunity for potential customers to book a call with you. This way you can meet them face-to-face and have a discussion about pricing, packages, or payment plans. By talking to your potential customer you can clearly outline and explain everything in detail.
Don’t be afraid to have open and honest conversations with your customers about pricing and fees, and be willing to answer any questions they may have. This can help to build a stronger relationship with your customers and ultimately lead to more business success.
Encourage Conversation and Feedback
Always encourage open communication and feedback from your customers or clients. This means creating a safe and welcoming environment where people feel comfortable sharing their thoughts and concerns about pricing and fees. You can do this by actively soliciting feedback through surveys, focus groups, or one-on-one conversations. Make sure that you listen carefully to what people are saying and take their feedback seriously. This can help you to identify areas where you may need to adjust your pricing or fees, and it can also help you to build stronger relationships with your customers or clients.
Are you looking for a community where you can feel comfortable sharing your thoughts and concerns about money? Join the conversation in the Sassy Wealth Makers group where we are a judgment-free zone and are willing to start the hard conversations.
Let’s break the cycle, end the stigma, and start talking so we can be empowered by our money! When we are empowered by money we are able to accomplish SO much more and make a bigger impact in the world.