6 Big Mistakes that Small Business Owners Make that Can Lead to Struggle and Failure

In business, ignorance is not bliss. In the last three years of running my own business consulting practice and 20 years of advising small business owners, I’ve seen a trend of “mistakes” or challenges that small business owners face that cause them to struggle, and can lead to financial failure…these are mistakes I’ve made in my business as well. Most business owners are really good at their passion (their reason for starting their business), but very few have business management and finance training – they’ve never learned to run a business…I know I didn’t have that knowledge at first when I started my business, even with my seven years of business finance and accounting education and professional designation. But you don’t have to struggle like I and so many other business owners have…here are some tips to overcome the biggest small business mistakes that contribute to those struggles.

Mistake #1 – Failing to Plan

We all know the saying, if you fail to plan, plan to fail. Yet, strategic planning continues to be one of the greatest struggles for business owners. It certainly was for me when I started out. I knew I had to have a plan (I had the offer, target client and financial forecasts, but had no sales and marketing plan), but trying to work with business plan templates used to make me nauseous…that is, until I found a more intuitive approach to business planning. It starts with having a very clear vision of you business, what you offer, to whom, and WHY (WHY you’re doing your business – your mission, and WHY customers would buy from you)…I use visualization and meditation techniques to get this clarity. This is an iterative process, and while your WHY may not change much, your offers and target clients could change dramatically over the years. My only caution here is to not get caught in the planning paralysis trap…make sure you are taking action while you’re creating and refining your plans (results come from taking action and going through iterations, failing fast and getting back in the game).

Mistake #2 – No Clear Value Proposition and Ideal Client Experience / Process

The more targeted and clear you can be with who you serve and the results you create for them, the easier it will be to communicate that value and attract new high-quality clients. It’s easy to want to serve everyone, and not leave anyone out. While this “jack-of-all-trades” mindset can work for a little while, and while you determine what you’d really like to be doing, it can lead to a huge dilution in energy, focus and profits. It’s difficult to communicate your message to the masses in a way that anyone will actually hear it. It’s better to have a focused approach, targeted to a specific group…try it for 90 days…if it doesn’t produce the results you’re looking for, target a different group with a message designed to reach them. Again, this is an iterative process.

Mistake #3 – Not Tracking and Reviewing Financials on a Regular Basis

Most business owners are not trained and educated on organizing, tracking and understanding their financial numbers. In fact, less than 30% of business owners have a good understanding of what their numbers are telling them (couple this with the fact that 85% of business failures are a result of poor financial organization and know-how, it’s no surprise that so many businesses fail). Yet, the numbers tell the story of how the business is doing and can highlight problem areas that need to be addressed. As a micro or small business owner, at a minimum you’ll want to review sales, gross margins, major expenses that you can control the most, and profit margins. You’ll also want to look at balance sheet items such as accounts receivable (how much, from who and how long have they been outstanding), accounts payable (how much, when are they due), and balances in your bank accounts. Review your numbers on a regular basis (monthly is best), and get help to truly understand what your numbers are telling you.

Mistake #4 – Not Paying Yourself Enough

This is one of my favorite things to work on with clients. The traditional business model has been to pay the owner last, with whatever is left in profits after operating expenses. When you follow this model, you’re likely to get paid a lot less than you’d like (or not at all). While working with one client, he figured he was only paying himself $2 an hour for his efforts…you wouldn’t work for anyone else for less than minimum wage, so why work for yourself for such low pay. I like to take a bottom-up approach to paying yourself first and determining what sales you need to support what you want that pay to be.  Here’s how: determine what you’d like to pay yourself (based on your personal needs and lifestyle), layer in taxes, desired business profits and estimated operating costs, to determine what your revenues and prices should be. This approach works really well for service-based entrepreneurs, and I’ve developed a whole empowered pricing course to teach this method [email me for more info].

Mistake #5 – Trying to do it ALL Yourself

Some business coaches may say that you should turn your greatest weaknesses into your greatest strengths. However, this is not what 7+ figure business owners do…they capitalize on their strengths, recognize their weaknesses, and build a ROCKSTAR team to get done what needs to be done in the most efficient way possible.  Often we feel as entrepreneurs, we need to do it all ourselves/be jack of all trades…this can work if your goal/intent is to be a practitioner for life (i.e., steady contract work), BUT, if you want to grow and scale your business successfully, you need a good team to support you.

Getting help and building a team doesn’t have to mean hiring full-time employees, but it does mean you have to think about all the different functions in your business, what is within your zone of genius, and what makes sense to outsource. Create hiring criteria (whether hiring consultants or employees) and make it a priority to outsource and delegate what is not your genius so you can focus more on what you do best, knowing that the rest will be properly taken care of.

Mistake #6 – Not having a Governance and Risk Management Plan

Most small businesses have no governance/risk management plan, yet it is one of the most important aspects of business success. Governance and risk management may not be sexy, but ignoring this aspect of business could lead to business failure. Just think about what would happen to your business if you had a significant negative tax audit, or legal action from a customer or employee, or experience a major illness or disability. It’s necessary to identify all your risk areas (legal, tax, employee, operations, economic, health, political, social, technology, business interruption, etc.) along with potential costs should the risk materialize, then implement protocols for managing and mitigating those risks within your risk appetite.

The bottom line is, when you have a clear vision for your business, supported with systems, structure, protocols and people to help you achieve your true potential, all the pieces start to fall into place…and you’ll have more ease, confidence, peace and harmony in your business and its possibilities.

These are all areas that I work with my clients to overcome and create a strategic business roadmap for success, while working on shifting their mindsets and relationship with money and the financial side of their business. I invite you to book a discovery call with me to discuss your challenges in business and what actions you could take right away to overcome them. I also welcome you to join the CFO Mentoring community on Facebook to support you in being the CFO of your business and your life!

So you missed the tax filing deadline, now what?

April 30 has come and gone, and we accountants have survived another personal tax season in Canada.  But we’re not done yet – the deadline for self-employed individuals is June 15, and some other taxpayers may not have been concerned about meeting the April 30th deadline.

Taxpayer:  I know I’m getting a refund (or don’t owe any tax), and I haven’t filed my return yet.  Do I still need to file my tax return?

YES! Here’s why:
1) Your refund is your money…as long as you don’t file your income tax return to claim that refund, and it’s sitting with the Receiver General, you’re giving them an interest-free loan with your money.  Also, note that CRA has limitations on how far back they can issue refunds.  The CRA will only issue a refund if you file your tax return within 3 years of when it is due (i.e., by April 30, 2018 for your 2014 income tax return).  For returns with refunds owing beyond that time (up to 10 years late), you may still get your refund (or at least have it applied to taxes owing in other years) under certain circumstances and only if you apply for relief (but this is not guaranteed and up to CRA’s discretion).

2) If it turns out that you OWE taxes (either you miscalculated or CRA finds adjustments), the penalty for late-filing is 5% of the balance due, plus 1% per month that is late, plus interest.  For repeat offenders (you filed late more than 2 years in a row), the penalty can be double.  That’s a huge risk to take for not filing your return on time.

3) You could be missing out on tax-free money that the government gives certain groups of taxpayers

A) GST credits for lower-income taxpayers
B) Ontario Tax benefits (or other similar provincial tax credits) relating to sales tax and rent/property tax for lower-income taxpayers
C) Canada Child Benefits for families with children under the age of 18 (all families get a minimum amount based on the number of children they have; lower-income families get more)
D) Old Age Security Guaranteed Income Supplement for low-income seniors

Most of these programs have a July to June payment period based on your prior year income tax return.  If you file late, payments will at the very least be delayed.  This can be a huge cash flow problem for lower-income families who depend on these tax benefits to supplement their basic needs.  So filing on time, or as soon as possible after the deadline, is important.  AND if you’re self-employed, these are reasons to file sooner than later, and not to wait until the June 15th filing deadline.

And if you’re not filing your tax return to claim your refunds and other tax benefits, where else are you refusing to receive money that belongs to you?  Perhaps it’s in your business, with your clients, or in your job, or from friends and family members.

If you would like assistance in claiming your refunds and tax benefits, or don’t know where to start, feel free to contact me (Linda@visionspire.ca) for a complimentary consultation.  And if I can’t help you, chances are I’ll know someone who can.

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[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/12/IMG_0012-resize-square.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. With over 20years of assisting business owners with the business and tax strategies, her mission is to eliminate stress and anxiety people experience around money and taxes, by empowering them with the tools, knowledge, strategies and mindsets that will put them in the driver’s seat of their business success and financial wellness, so they can have more harmony, joy and abundance in their life. [/author_info] [/author]

Get Unstressed – Organization tips to get you ready to file your taxes

I hear it all the time – people STRESS about their taxes and getting their taxes done.  Here are some tips to get you ready for your 2017 tax returns and reduce your tax preparer fees, as well as reduce your stress levels, knowing you’re prepared:

1 – Gather all your tax slips in one folder (T4’s, T5’s, T3’s, other T-slips, RRSP contributions, donation receipts, medical receipts.  Your T-slips should all be available to you by February 28th, except for T3’s and T5013’s which can take a few weeks longer (but by March 31st).

2 – Group like slips together

3 – If you have a lot of investments, keep a list of your accounts and account numbers, and check your T5 and T3 slips against your accounts to see what’s missing

4 – Group medical receipts by patient

5 – Group donations to the same organization together

6 – Gather details of any investment dispositions, including real estate, into a spreadsheet.  Include details of the historical cost and other transactions affecting your cost base.

7 – If you are a sole-proprietor or have rental income, use accounting software to capture income and expenses details for each of your business and rental properties (separate books and records for each business or property).  Hire a qualified bookkeeper to do your bookkeeping for you (freeing your time to spend on higher-level business matters). At the very least, use a spreadsheet to track your financial transactions.

8 – Don’t delay – start the process early.  The sooner you get your information to your tax preparer, the less stressful it will be for both of you.  Tax preparers would much rather get your returns done in March than scramble to meet the deadlines in the last final week.   If you’re getting a refund, wouldn’t you much rather receive that sooner than later?  And if you owe, wouldn’t you like to have peace of mind knowing how much you owe and that you still have time to make that tax payment (due April 30th), rather than waiting until the last minute.

9 – A caveat to #8 – it’s more efficient (and less costly) to get your complete tax information package to your tax preparer at the same time.  Sending bits and pieces in dribs and drabs will only add processing and review time to the process, which could result in additional billings by your tax preparer.  Having said that, don’t hold up if you’re just waiting for a couple of slips or receipts.  Just note what you are missing with as much detail as you can (for example, if you’re missing an RRSP contribution slip, note the amount you contributed and date of contribution).

You must have adequate and reliable records to support your tax filings.  Here are some helpful links on keeping records.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records.html

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/ic78-10r5/books-records-retention-destruction.html

Need help?  Send me an email (Linda@visionspire.ca), and I’d be happy to answer your questions.

 

[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/12/IMG_0012-resize-square.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. With over 20years of assisting business owners with the business and tax strategies, her mission is to eliminate stress and anxiety people experience around money and taxes, by empowering them with the tools, knowledge, strategies and mindsets that will put them in the driver’s seat of their business success and financial wellness, so they can have more harmony, joy and abundance in their life. [/author_info] [/author]

What’s new in tax for your 2017 personal tax returns

It’s that time of year again – personal tax season!   Now, there are a few things you should be aware of that may affect your 2017 tax returns…here’s a quick summary (this update is for general information purposes.  Please speak to your tax advisors for specifics regarding your personal situation):

RRSP Contributions – The deadline to make RRSP contributions that can be deducted on your 2017 tax return is March 1 this year.  Many people ask whether they should contribute to their RRSP or Tax-Free Savings Account (TFSA), and I always respond by recommending they consult with their financial advisors.  Generally, however, it is advantageous to contribute to your RRSP if you are in a high income tax bracket and expect your retirement income (when you withdraw from your RRSP) to be in a lower tax bracket.  For 2017, you can contribute 18% of your 2016 earned income to your RRSP, up to a maximum of $26,010 for 2017 (plus any unused contribution room from previous years).  The TFSA contribution room is $5500 for 2017 (plus any unused contribution room you may have from previous years – up to a cumulative total of $52,000 at the end of 2017).  TFSA contributions are not deductible, and the income earned in the TFSA is not taxable.

Child Fitness and Arts Amounts – 2016 was the last year to claim the child fitness and arts credits.  No need to keep your children’s fitness and arts program receipts for income tax purposes.

Credit for Education and Books – 2016 was also the last year to claim the education amount tax credit.  If a student has unused education credits from 2016, they can still be used in 2017 and later years.  The tuition credit amount continues to exist, which has been enhanced for certain occupational and apprenticeship programs.  A proper T2202A will be required to claim the tuition credits (students should be able to get a copy through their student account).  Check the CRA website to see which programs qualify for the enhanced credit amount.

Professionals with unbilled Work-in-Progress (WIP) – Certain professionals, such as lawyers and accountants, generally carry WIP (income that has been earned for services provided, but not yet billed at year-end) on their balance sheet.  If you had WIP at the end of the year, you could generally take a reserve to defer the income inclusion to the following year when it is billed.  Effective March 22, 2017, such professionals will need to include their year-end WIP in income.  There are transition provisions available.  Please seek guidance from your tax professionals to ensure the transition year is being reported properly on your return.

Caregiver Tax Credit Amounts – As our population ages, more and more adults are caring for their elderly parents.  If this is you, you may be entitled to claim certain additional tax credit amounts on your tax return.   Effective for 2017, the caregiver tax credit, infirm dependent tax credit and family caregiver tax credit are being replaced by a NEW Canada caregiver tax credit.  This credit is equal to 15% (Federal) of caregiver expenses incurred, up to $6,883 of expenses, and up to $9,033 of caregiver expenses incurred for your dependent spouse or child who is infirm.   This credit is reduced dollar-for-dollar when the family member’s income exceeds $16,163.

Other noteworthy items:

For those who are self-employed – Remember that you pay double the CPP premiums – 9.9% of net business income, to a maximum of $5,128 for 2017.  You will also get a CPP credit amount for half of that (the employee portion).

The combined top marginal tax rate in Ontario is 53.53% (on income over $202,800).  The highest top marginal tax rate in Canada is in Nova Scotia at 54%, while residents of Alberta, BC and Saskatchewan see the lowest top marginal rates (47-48%).

Where are those high-income earners (over $200k)?  Here are some 2015 stats from Statistics Canada:

In 2015, there were 390,000 people in Canada who earned over $200k in income (or 1.45% of all income groups), over 100,000 more people than in 2011.  The median income for all of Canada was about $34k in 2015.

More than half of the over $200k income-earners can be found in Ontario (157,450 people or 1.55% of Ontario income-earners).

Interestingly, almost 900,000 people (8.7%) earned over $100k in Ontario in 2015 (2.2million or 8.27% across Canada).

 

[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/12/IMG_0012-resize-square.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. With over 20years of assisting business owners with the business and tax strategies, her mission is to eliminate stress and anxiety people experience around money and taxes, by empowering them with the tools, knowledge, strategies and mindsets that will put them in the driver’s seat of their business success and financial wellness, so they can have more harmony, joy and abundance in their life. [/author_info] [/author]

Charge What You’re Worth

Why is it that women especially have a difficult time appreciating and owning the value they bring to the table – both in business and in the workplace?  A lot of it has to do with how society has taught us…we’re making progress, but we still have a long way to go.

And I’m happy to provide workshops and training programs that help women entrepreneurs stand in the truth of their value and charge what they’re worth.  Here’s how you can empower yourself and stand in the power of what you’re worth:

  1. Identify and understand the results your clients get as a result of your work.
  2. Know what your time is worth to you.
  3. Gain clarity on what sets you apart from the rest – what makes you unique.
  4. Shift your mindsets and adopt an empowering pricing paradigm.
  5. Stop charging for your time…instead, charge for the value you deliver.
  6. People NEED you, and you playing small (discounting your value) is a huge disservice to them.
  7. PRACTICE stating your fees and unique value until it becomes as easy as saying “pass the salt”.

 

“Doubts and fears are normal, but they don’t define our value” (Casey Brown)
Here’s a great Ted Talk on defining and communicating what you’re worth.

 

[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/06/Linda-Spencer-Visionspire-cropped.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. Her mission is to eliminate stress and anxiety people experience around money and taxes, by empowering them with the tools, knowledge, strategies and mindsets that will put them in the driver’s seat of their business success and financial wellness, so they can have more harmony, joy and abundance in their life.[/author_info] [/author]

Take Nothing for Granted

Last weekend I was visiting with my family in Quebec on the family farm.  As is tradition, we always have dessert after supper, and my son had asked for ice cream.  When he went to get it out of the freezer, it was a soupy separated mess…the very large, very old (over 50 years old) chest freezer, had finally died at some point that day.  Now normally, this wouldn’t be a big deal since my parents have 2 other somewhat large (but old) chest freezers and 3 fridges each with their own freezer compartments, and they would find room in those for the soon to be spoiled food.  But harvest season just ended, and the freezers were quite full.   It was interesting to watch as a number of family members scrambled to make room in other freezers, even next door in my brother’s freezer, and I started to think about how we just take it for granted that equipment is going to keep working (even when it’s old).

It was the same when my furnace died last winter.  Even though it was 25 years old (well past the lifespan of a furnace these days), and needed repair, I took it for granted that I’d get at least one more winter out of it.  Not so – I was forced to deal with the expense of a new furnace a year earlier than I had planned.  And my dishwasher that died this summer – 15 years old – I hadn’t planned for that, and we’ve resorted to doing dishes by hand.

We do it with our cars, our phones, our 

computers, and even our bodies.  We take it for granted that things are just going to keep working…we never think that something is going to give out, even when it’s old, and therefore don’t think about or plan for repairing or replacing it.  And when that time comes, we typically experience great stress over the hassle and cost of repairs/replacement.  One solution is to build a capital replacement reserve in your cash flow plans.

Larger businesses have policies, systems, and processes to track their capital equipment, its expected life, replacement costs and annual operating costs.  They also build up reserve funds (capital replacement funds) so that when something breaks or dies, they are prepared – they have a process and the funds to deal with those “unexpected” break-downs.  And they have similar processes for when key employees “break-down”, by ensuring that at least one other staff member is properly trained to do the job and can step in if and when needed, at least in the short term.

So what are you taking for granted in your home or business?  And what policies, systems, and processes (including financial) can you put in place to give you peace of mind and to deal with “break-downs” with greater ease and grace when they happen?

If you need assistance with your cash flow plans, send me an email…let’s see how I can help 🙂


[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/06/Linda-Spencer-Visionspire-cropped.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. Her mission is to eliminate the stress and anxiety you experience around money and taxes, by empowering you with the know-how and mindsets to improve your business success and financial wellness, so you can have more harmony, joy and abundance in your life.[/author_info] [/author]

 

Are You Playing Small?

Over the last 6 months or so, I’ve heard a lot of women (and some men) in my circle lacking confidence in their fees and the value they give to their clients. This results in “chasing” revenues and profits (or chasing revenues for little to no profits), attracting clients who may not value or respect your time or gifts and likely leading to stress/burnout or giving up on your dreams. You may take what you offer for granted because it comes so easy to you (and therefore you don’t think you should charge much for it).

I find that most of these women (and men) have these things in common:
– they are most often light/energy workers, holistic practitioners, and creatives.
– they have a deep desire to be of service and help others improve their well-being (be it financial, spiritual, physical or emotional).
– they have been judged in the past for shining they’re light, being told they’re “too much” and should tone it down.
– they want people to like them (and therefore “conform” to what other people like/expect).
– they fear that if they raise their prices, people will judge them as greedy or that people won’t be able to afford them and they’ll lose clients or won’t get new clients (and therefore they won’t be able to be of service).
– they have their own insecurities and limiting beliefs about money.
– they think, “who am I to be so bold?”

If you’re one of these people (and you’re not alone, I am one too!), I have this to share with you from Marianne Williamson: (paraphrasing) Your playing small does not serve the world…who are you not to shine, be brilliant, talented, gorgeous, fabulous?

So how DO YOU shine, be brilliant, raise your prices and stand confidently in your fees and the value you provide to others? I’ve created a system for standing in the truth of your value and getting paid what you’re worth (with ease and grace), and would love to share it with you at my workshop on Nov 1st –Confidently Charge What You’re Worth (and Increase Profits) workshop. Time to stop playing small and SHINE!

Register online before Oct 15 and save $73 (my birth year :)).
http://54.82.103.175/event/charge-what-youre-worth-workshop/

What is Your Mission?

It’s been a while since I’ve been woken up in the middle of the night with a spark of inspiration so great that I just had to get up and write it.

“It’s not about the number of days you’ve lived, but how well you’ve lived the days you’ve been given.”

I couldn’t go back to sleep.  The message kept repeating until I got out of bed and came down to the computer.  What does this mean – how well you’ve lived the days you’ve been given?  It is different for everyone.  But you can find out for yourself by asking these questions:  Why are you here?  What are you here to do?  If you had $100million, what would you be doing with your life?  What is your personal mission statement?

I’ve been reflecting on this myself for the last couple of weeks (perhaps this is why I woke up with this message – that it’s time to share this with you).  For me, I envision a world filled with joy and harmony.  My mission is to inspire, empower and assist people to have more joy and harmony in their lives, as I do so for myself.  I came to the realization of this mission about 10 years ago, at a time in my life that I was not having much joy or harmony in my own life – my job was making me sick; there was a lot of tension, anger, and resentment in my marriage; my baby kept me up at night; the closest friend I had lived 500 miles away; I had no hobby that filled me up.  It took adversity to wake me up, and I remember sitting in my basement office asking myself, why am I here?  What am I here to do?  What would I like my life to look like?

I still have the piece of paper I wrote it on…my personal mission statement:

  • To be the best I can be
  • To help people achieve their goals and fulfill their objectives through inspiration, motivation, education, and empowerment
  • To make people smile
  • To live each day with love and happiness

Then I started asking HOW…how could I do this?  Then new doors started to open.  A new job came, as did many personal growth (and re-membering) opportunities, and new relationships.  Creativity also began to flow again (that hadn’t flowed in over 10 years prior) with a new level of inspiration and empowerment, in writing inspirational poetry that has been published internationally.   And although I haven’t written much poetry in the last couple of years, I have not stopped writing to inspire, creating to empower, educate and motivate people to smile daily.  VisionSpire was not even a thought back then.  But 3 years ago when I decided to start my business, I began to imagine inspiring, educating and empowering people through my business.  At first, it was to inspire and empower joy by relieving tax stress…it has morphed into so much more.  And each day I ask, what contribution to joy and harmony for the planet can I be today?  What can I do to have more joy and harmony in my own life?

Each time I find myself faced with adversity or drifting off-track, I am reminded of my personal mission statement, and start asking “How can I do this”…doors open. 

You see, everyone faces adversity throughout their lives.  You can choose to let it get you down, to live each day complaining about what happened, about how hard done by you were, how much you lost, how crappy life is…wasting your days in self-pity.  Or you can rise up, and LIVE.  When you have a written personal mission statement, a vision for what you’d like life to be like, you will rise all the stronger and faster from each adversity that comes, and you will live your vision.

What is YOUR personal vision and mission?  What are you here to do?  How will you live the days you’ve been given?

What to do with Your Ideas

If you’re like me, then you have ideas coming into your head all day long.  And frankly, it can be quite distracting, contributing to the “squirrel syndrome” of chasing ideas and not getting things done on your daily list.  The question becomes, what do you do with all those ideas?

The answer is Vision and Focus.

When you are clear in your vision, in what you’re here to do, what your priorities are, it’s a lot easier to discern whether an idea has a place in contributing to that vision, or whether it should be released into the wind for someone else to pick up.

It doesn’t matter if you’re a business owner, employee, stay-at-home mom (or dad), we all have a greater vision for what we’d like our life to BE like, for what we were born to do here in this lifetime.  For me, that vision is a world that lives in greater joy and harmony that exists today.  Then you choose the vehicle for which you will contribute to that vision.

Until few years ago, my vehicle was a full-time job where I helped my team and clients reduce stress and anxiety over tax laws, allowing them to have more joy and harmony in doing their own job/business.  Currently, my vehicle is my business through which I inspire and empower people to have more harmony and joy with money and finances…which has a positive ripple effect into other areas of their life (health, relationships, family, community, contributing to their vision).  I do have another vehicle – one that involves meditation and writing.  With this vehicle, I inspire others to see greater possibilities beyond their current reality – one with more joy and harmony than they have today.

Just like the car you drive, that vehicle can change over time, but the vision doesn’t. 

So, what is your VISION?  What IDEAS are you generating that are in support of that vision?  And what ACTIONS are you taking to transform those ideas into meaningful contribution to your vision?

[author] [author_image timthumb=’on’]http://54.82.103.175/wp-content/uploads/2017/06/Linda-Spencer-Visionspire-cropped.jpg[/author_image] [author_info]Linda Spencer is a CPA, CA, Canadian Tax Specialist and Money Mindfulness Coach. Her mission is to eliminate stress and anxiety people experience around money and taxes, by empowering them with the tools, knowledge, strategies and mindsets that will put them in the driver seat of their business success and financial wellness, so they can have more harmony, joy and abundance in their life.[/author_info] [/author]

For more information on Linda’s upcoming programs and workshops, visit the Events page.

Money is Evil?

What stories were you told about money when you were growing up?  What stories about money do you tell yourself and your kids now?

Go ahead, list them…I’ve heard (and told) so many:

  • Money doesn’t grow on trees.
  • Money is evil (or the root of all evil).
  • Rich people are snobs, bitches, a-holes…they don’t care about anyone but themselves.
  • Money is hard to come by…you have to work hard for money.
  • If you don’t work hard, you don’t deserve money.
  • There’s not enough money…you can’t afford to ________.
  • Rich people are spoiled.
  • So and so was born with a silver spoon in his mouth.
  • People with money are crooks/crooked – they never made an honest day’s wage.
  • You’re not smart enough to make a lot of money.
  • You can’t take it with you, so you might as well spend it and enjoy life now.
  • You have no idea where the money goes – it just seems to disappear.
  • Money is elusive…just when you’re starting to build some savings, something happens (illness, car repairs, home repairs, etc.) to drain your bank accounts.
  • You’ll never get out of debt.
  • You’ll never have enough money to do the things you want to.

(And so on)

Do you cringe or stress every time you look at a bill or your bank accounts, and start complaining about said bill or bank account?

Now, if you were Money, and I kept telling all these stories about you, would you ever want to hang out with me or help me?  Likely not.

Here’s the thing – The energy you put out there is the energy you get back.  So if you’re always complaining about Money, how hard it is to get money, how bad it is, well, guess what – you’re not making a good invitation for Money to come and stay with you.

Start paying attention to the energy and words you put around money.  Go ahead, write down all your money stories (how you feel about it, what you think about it).  Acknowledge how you’ve been treating money.  Then apologize, and start showing it some love instead…start inviting it into your reality and show it some appreciation.  Here are some things you COULD do instead of complaining about Money:

  • Be grateful for every dollar coming in AND going out (yes, be grateful for your bills too, and what they represent).
  • Dream about Money and all the positive ways it can contribute to you.
  • Imagine what Money looks like, feels like, and how it feels to have Money.
  • Start asking questions about how you can have more money, or how you can do xxx with more money.

 

The truth is, Money makes life easier, allowing you to do more and experience more of what brings you and your family joy.  Just think – the more money you have, them more good you can do in this world.

I invite you to shift your money stories – from contracting and negative to expansive and empowering.  What would your life BE like with Money as your partner?

Visit www.visionspire.ca/events for upcoming workshops and programs that will transform your money stories and help you create a healthy relationship with Money and finance.