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The Fallacy of the Competition Mindset

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Create supportive environments

Owning a business takes a special person. The worry of constantly bringing in clients or maintaining revenue levels can be a scary process. Sadly, I have noticed that sometimes other accountants will not talk to each other because they feel connecting with the same or similar industries is a waste of time. The idea of not connecting to similar industries is the competition mindset and this mindset wants to get to all of the clients first as if there isn't enough to go around. Perhaps, they have had bad experiences with people stealing clients. But just as in relationships no one can steal your client if that is your ideal client.

We will lose focus of who we are and our purpose if we are constantly looking over our shoulders at others in comparison. Business owners often look at what other business owners are doing in the same field. The excuse is to see what the competition is doing so you can keep up. But we can see that trying to out do or keep up with someone before you are ready can be detrimental to your business. Just look at the cell phone companies.

Do You Value Your Time? The IRS does.

Do you value your time?  Many business owners are afraid to charge for their services or have no idea what to charge in order to cover the full cost of business.  Some feel that only greedy people charge. We expect to get paid when we work for someone else as an employee. But entrepreneurs think we are good people if we provide the services or products for free or at an extremely reduced price.  The employer could not meet payroll if they did not put a value on their services and products and charge their customers.

Click play below to watch "Do You Value Your Time? The IRS does."

Bartered Services

Guarding Your Gifts When Partnering with Others

Social Media May2017 Week 1 300x300In my last blog post, I spoke about the fallacy in the competition mindset. This week, I will discuss how to invite and share with others without being jilted in your business? How do you guard your gifts? I dealt with this question for many years. How do I share without giving away the farm? And at what point are you living in fear that someone will steal your ideas.

Competition develops out the self-limiting belief that anyone can do what we do. Believing others can do what you do is the world's way of making you believe "different" doesn't exist. You have to break away so you can be different.

1 Peter 4:10 NIV- Each of you should use whatever gift you have received to serve others, as faithful stewards of God's grace in its various forms.

I met people who followed me because they believe I am nice. Most people believe nice to be naive or gullible. I am sharp and because I am nice it only means I don't call you out in front of a crowd. However, the hard part was I did not want to be caught up in the competition mindset so I gave what I could. I promoted others often before I promoted myself. After all, self-promotion is selfish right? Wrong. A trick from the world and another blog post. The world's beliefs, often spoken of in the bible, is out of alignment with the word of God.

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B&P Tax Myth #8

Knowing our value brings the benefits of increased income. However, the thought of increased income often brings up anxiety for many. The increase is desired but handling taxes on that income can be somewhat disappointing. Most taxpayers believe they have to pay at least 50% income tax on business income. Therefore, one of three things may occur:

  1. A portion of the income is unreported (cash sales)
  2. Incomplete records to avoid documenting the income (no bookkeeping)
  3. Services are given away instead of priced and billed. (the business owner may feel undeserving or fearful of taxes)

If you have ever said to yourself, "I don't need the extra money, I have enough because the taxes are just too stressful anyway." You have a money block due to fear of taxable income. Eventually, your income sources will cost more money in the end and you will end up with a money leak due to being disobedient with finances. Haggai 1:6 You have planted much, but harvested little. You eat but never have enough. You drink but never have your fill. You put on clothes but are not warm. You earn wages, only to put them in a purse with holes in it."  

The Generous Side of the Spender's Mindset

Social Media Posts May Week 2 300x300An avid saver would say the spending mindset is a problem.  The scriptures say to avoid extremes. Neither extreme is correct. "It is good to grasp the one and not let go of the other. Whoever fears God will avoid all extremes." Ecclesiastes 7:18 NIV.

The spender's mindset should be balanced with the saver's mindset. I will expand more on the pros and cons of the saver's mindset next week. The spender's mindset is influenced by desires as well as worry.

We worry we may not have enough or we feel because we sacrificed we deserve what we desire. I would caution against using the phrase "I deserve." The phrase "I deserve" leads to the belief that we should buy or do what every we want.

Yahovah's Business Practices versus World Business Practices

Social Media Sept Wk 2 10 300x300I have seen and felt the differences between the world's business practices and those God is directing me to as a Kingdom business owner.   I have worked for many companies.  Large, small medium companies and their practices are similar.  Most companies follow the formula of other corporations instead of the leading of the Holy Spirit.  Those companies attend many seminars that include a millionaires success formula.  Their story is,  "I went bankrupt but you can still be a millionaire".   I have nothing against seminars nor do I have anything against millionaires who have gone bankrupt.  Their journey is important to help others who have experienced the same situations (Luke 16:10 NIV).  But there is an additional lesson in this story..how to help other future millionaires avoid the same mistakes.

Financial Strategies and Streamlining

Social Media Sept Wk 1 3 300x300Financials can feel over whelming but it doesn't have to feel this way. A couple of years ago even I felt very overwhelmed with what was going on financially. I am responsible for managing the funds, making income, the household, the business, and my children. I am unmarried, solo parenting and a solo business owner. Yes, it felt like a lot because I was trying to do it in my own strength. Even married couples and multiple business partners can't do it all in their own strength. After inviting Jesus into my business and personal life and let him get to the root of the issue.

Before, I felt like I was on a money roller coaster

You know that feeling that we all think is required in business ownership.  After learning to seek God first I know that the slow times are the seasons that God gives to us for vacation or re-assessing current systems. I have enjoyed working 1/2 days without guilt. Normally business owners stress over money instead of relaxing, so we still work without God. The only thing that stops the money roller coaster is peace with God not more clients.

Money and the Fog of Distractions

Social Media Sept Wk 4 2 2 300x300Distractions are often a word I hear many people laugh at and then sigh. We lose focus because the fog begins to set in obstructing our view. Many things continue to pop up that seem to be out of our control.  Expenses out of the blue.  More unexpected than expected. I wonder...are those things really out of our control? Are they really something that we are unable to change? Most distractions are within our control. The art of saying no is important to your time, stress levels, health, finances, and happiness. Often we believe doing more makes us successful. As I am growing in Christ I am learning that the best way to use my resources begins in Christ. In my morning time with Jesus, I am preparing for the day. The morning time is when I receive understanding and clarity. The understanding clears the morning fog. The fog is a feeling that something is looming but I am not sure how to tackle the problem. The fog also sets in as a feeling of running in circles or everything seems to go wrong at once. (Spiritual Warfare). This feeling can manifest as worry and anxiety. We tend to wait for the other shoe to drop so to speak. We are waiting because when we receive a blessing it seems something comes along to take it away or we trip ourselves up.

Financial Strategies and Multiple Streams of Income

Social Media Sept Wk 2 1 300x300When creating multiple streams of income, most people focus on revenue only. In other words, "How much can I earn?" And many of them miss the mark and create distractions and money drains instead.

Having multiple streams of income is important. Wisdom directs us to prepare for uncertainties of life or do not put all of our eggs in one basket (Ecclesiastes 11:1-2 NIV).

Just as important, we need to know the cost of multiple streams of income (Luke 14:28-34 NIV). Creating multiple streams of income doesn't mean any stream of income will do.

What's better revenue or profit?

There is a difference between profit and revenue, although you can't have profit without revenue. Revenue is what we earn before costs, spending, taxes, saving, investments, retained earnings and other. Profit is what is left over after costs, spending, taxes, saving, investments, retained earnings and other.

Getting To The Root of The Budget Sabotage

Cup with water leaks 1 300x300Money leaks are habits, beliefs, and external influences that impact our money over-time. We slowly spend the money without realizing the harm we are doing to our budgets. Think of a bottle or jug of water that over a period of time you noticed a puddle of water around the jug. Money leaks are the same. Money leaks are unexpected and unplanned spending.  Money leaks can be fixed by getting to the root of the budget sabotage. We hardly realize how the money adds up from a money leak. We often believe that these small habits will not harm our resources and plans. We often justify our spending with a common statement, "I deserve this." Once we become aware of this silent drain we become more empowered to fix the problem. Usually, we need to review our beliefs, habits, and time with God.

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