Mastering Abundance Mindset

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As entrepreneurs, we all go through tough times, even those who seem to always win and succeed. It's simply part of the process. Shannon shares her own experience of going through a major cash flow crunch due to poor business decisions. She emphasizes that how you handle these challenging times is the ultimate test of your true abundance or scarcity mindset.

It's easy to have an abundant mindset when there's money in the bank, but the real question is, can you maintain that mindset when there isn't? Shannon recounts a story of a fellow business owner in a networking group who, during a financial struggle, posted a request for work, essentially asking the community to hire them as a coach. This post, according to Shannon, went against the principles of effective marketing and branding that the group had been learning.

Shannon believes that asking for business from your customers by requesting them to help you out of a cash flow rut is not a sound business strategy; it's more like charity. Instead, she suggests that good marketing is about positioning yourself as an authority and building trust, so that people come to you when they need to solve a specific problem.

Showing vulnerability and exposing your financial hardships as a business owner can damage your brand and confidence. Shannon advises that while it's a great story to tell after you've overcome the challenge, it's not wise to showcase it while you're still in the midst of it. Instead, focus on the fundamental problems you solve, identify where the people who have those problems are, and show up in those places as an expert, ready to help.

An entrepreneur is someone who sees a problem, even if it's their own cash flow, and finds a way to solve it. They get resourceful, but not too messy. Shannon encourages entrepreneurs to earn the trust of their ideal customers by showing up in a composed and authoritative manner. If your bank account balance is affecting your behavior, it's essential to hold yourself accountable and check if you're coming across as desperate.

If you find yourself in a financial struggle, go back to the basics of marketing, diagnose the problem, and commit to a solution. In the short term, find another way to solve the lack of cash, but avoid damaging potential relationships with your ideal customers by sending the wrong message.

Shannon also points out that while it's important to have a clear idea of your ideal client, you can't afford to be too picky early on. Sometimes, it's better to say yes to the clients who are willing to pay you than to act desperately in trying to find the perfect customers. By doing so, you risk ruining those relationships before they even begin.

In conclusion, cultivating an abundance mindset in all seasons of your business is crucial. Be aware of how you show up, communicate your business message, and who you attract. Regulate your behavior and messaging to ensure that you're consistently presenting yourself as an authority in your field, ready to solve your customers' problems. By doing so, you'll be better equipped to navigate the ups and downs of entrepreneurship and grow your business sustainably.

What you'll hear in this episode:

04:31 Avoid hiring desperate individuals to maintain integrity.
09:55 Diagnose, commit, find solutions for lack of cash.
10:57 Be flexible in attracting the right customers.

If you like this episode, check out:

Silence These Voices In Order to Succeed

My 3 Most Expensive Mistakes

How Can You Shake Off Business Boredom and Thrive?

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.