The new normal of business success is often measured by likes and retweets, but attracting customers and capital is still essential to growing. What can small-business owners do to attract money for investment, expansion and operations? It starts with knowing, living and mastering the law of financial attraction.
As the founder of Winly, an app that helps small-business owners make effective decisions, I know that small-business owners can sometimes struggle with the financial aspects of their companies. But sometimes these financial roadblocks can be psychological—and you may even be able to overcome them with positive thinking. To show you what you can do to help turn your financial situation around, here are a few tips from the Winly app.
1. Think Big or Go Home.
Change your mind and you can change your position. Look long and hard at your assets, bank accounts, lines of credit and expenses and make some tough decisions about what's next. For each business owner, how we deal with our personal finances is connected to how we run our companies. Managing personal finances, debt and cash flow will open up opportunities to expand and invest in growth.
Takeaway: Create a financial vision board. In businesses with competitive sales teams, seeing sales goals plastered around the office is the custom. For small-business owners, creating visuals of financial goals will laser-focus you and your team on important figures and timelines for achieving them. My vision board includes a mix of fundraising goals, revenue goals and pictures of how I plan to spend it. Vision boarding includes an element of accountability, which is a driving factor in meeting objectives. If you put $1 million on your vision board as a goal for the year, seeing that every day will influence the decisions you make in contract negotiations, partnerships and pricing your products and services.
2. You Are What You Speak.
If "you are what you eat" is a mantra for a healthy body, then, "you are what you speak" is the mantra for a successful business.
The surest way to understand what you are thinking is to listen to what you are saying. When speaking about money, if you are fearful or unsure, that can be detected and impact your ability to attract resources for your growth. You can shift perspectives with your words. As a small-business owner, you are first an investor, as you most likely emptied your personal bank account and liquidated your 401K to get your business started. Some of us even sold our homes or made significant personal financial sacrifices to build our foundations. Speak like an investor, and speak like someone with the power to turn an idea into a profit.
Takeaway: Create a script for yourself. Keep a list of financial points that you refer to to exercise your financial muscle. Where you may personally have a stronger focus on your innovation, product or service, this list will keep you focused on your revenues, expenses, market potential and capital needs.
You can also create multiple scripts for different audiences. The type of financial data you would highlight may vary when presenting to a potential investor or a customer. Investors value returns, scalability and market share in growing markets. Every time you advance to your next milestone (i.e. monthly sales increase, key partnership, distribution channel, etc.), share those wins with potential investors. Sharing how well your products and services are selling can lead to a discussion on expansion and ways to participate in your next level of business growth.
3. Own It.
Money often grows when you pay close attention to it. When you watch your money, you are likely to identify opportunities to save. Watching your money also gives you an opportunity to assess the terms of your agreements and evaluate the benefits and any issues. The success of your business is validated by your finances. If your finances aren't flowing in the right direction, it's time to figure out how to turn it around.
Takeaway: Micromanage your finances. Be the financial leader of your business by knowing your finances inside and out. Spend quality time with your team members who deal with finances as well as your accountant. Recruit a mentor or advisory board member to collaborate on money matters. Monitor the cost of the materials, labor and other expenses used to create your products or deliver services. Knowing the numbers will empower you to make valuable adjustments.
The goal of being financially attractive is to be visible and to be known as financially strong by demonstrating your expertise in the management, deployment and use of large sums of capital. Can you think, talk and walk into a new financial future? Yes, you can.