There is no doubt that business right now is tough. Business owners are stretched to the max to make the ends meet, and judging by the number of liquidations, sadly, many aren’t succeeding.
If you do have the work, then there is the worry of ‘when will I get paid’. I’m seeing this with many of my business clients. The debtor’s ledger is getting stretched, particularly at this time of year, when we are just back from the holiday’s and have Provisional Tax and GST to pay as well.
There is plenty of advice on how to manage your cashflow from a practical perspective, so I thought I would talk about something that doesn’t get enough attention in business—your mindset around money. Yes, your business can only grow as much as your mindset lets it. Even in tough times, this is still true.
How many times have you not chased up a debtor, because you know the customer and you know they are having a tough time too? Instead, you let it sit and hope that you will eventually get to the top of their list, and you’ll get paid. Rather than have the conversation and putting a payment plan in place. I know I have done this more times than I would like to count in the past.
If you’re constantly stressed about money, you may price too low just to get the job. Or hesitate to invest in your business. It may not be just cashflow that is holding you back, it could be your mindset as well.
A healthy money mindset isn’t about just thinking positive thoughts and hoping for the best. It’s about having a solid, confident relationship with money so you can make smart financial decisions. I can’t guarantee it will be stress free, but when you start seeing money as a tool rather than a problem, everything changes.
Why your Money Mindset matters
Your thoughts about money influence every decision you make—how you price your services, how you negotiate, and even how much you invest in your own growth. If you’re always in scarcity mode, thinking there’s never enough, you might find yourself working too hard for too little. Sound familiar?
But what if you started seeing money as something that flows in and out? What if you believed there were always more opportunities? That shift can be a game-changer. Business owners who adopt a growth mindset—believing they can improve, learn, and create wealth—are more likely to build successful, thriving businesses. It’s all about perspective!
I know I’m going to get shot down in flames in the comments, with things like, “in these tough economic times, how can businesses think about growing, we’re all in survival mode”. But not every business in NZ is struggling, there are some that are thriving.
Money Mindset shifts you can start today
1. From Scarcity to Abundance
Ever caught yourself thinking, “There’s never enough” or “I have to take whatever work comes my way”? Time to flip that script. Instead, try: “There’s always more opportunity” and “I attract the right clients at the right price.” It sounds simple, but changing the way you think about money can change how you show up in your business. Confidence is everything when you are wanting to attract new business. Salespeople know this well, the desperate “I need the sale” tone, and body language comes through, and your prospect knows it.
2. From Fear to Confidence in financial decisions
Money can feel overwhelming, especially when you’re making big decisions. But here’s the thing: money isn’t scary, it’s just a tool. The more you understand it, the easier it gets. Instead of avoiding financial decisions, start leaning into them. Learn a little more about managing money every day, and soon you’ll be making confident choices like a pro.
If you have major business decisions to make, for example, letting go staff, moving premises, purchasing new machinery, make sure you take advice, don’t just rely on your own judgement. Depending on what your level of financial anxiety is, you might not be making the best decision.
The more we procrastinate on making those decisions, the harder they get, we start imagining all sorts of different scenarios each one worse than the last. We anticipate conversations, how, people will react (usually badly).
Once the decision is made, and you are confident it is the best decision in the circumstances, then in the words of Nike, ‘Just do it’!
3. From Price Focus to Value Focus
Worried that raising your prices will scare people off? You’re not alone. But the truth is, people pay for value, not just cost. If you focus on the transformation you provide, rather than just being the cheapest option, you’ll attract clients who appreciate what you do—and are happy to pay for it.
Yes, you will lose some customers, but they are probably the ones that you don’t like dealing with, are slow payers, and in good times, you probably wouldn’t choose to work with them in the first place.
Take a long hard look at your customers, if you reduced the number, could you reduce costs in some areas and make more money?
Your mindset around money is one of the most powerful tools in your business. When you shift from fear to confidence, from scarcity to abundance, you open the door to new opportunities. The best part? You don’t need to make massive changes overnight. Just start shifting your thoughts little by little, and watch how your business (and life) transforms!
*Lynda Moore is a Money Mentalist coach and New Zealand’s only certified New Money Story® mentor. Lynda helps you understand why you do the things you do with your money, when we all know we should spend less than we earn. You can contact her here.
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