Episode Notes

I intended this series to be in two parts, but guess what? I can’t do it! I approach this topic and business ownership from a holistic perspective; everything we do in our businesses is interconnected and influenced by us, from our energy and intentions to the rules, boundaries, and limitations we set in operating our businesses, business records included. This kind of approach to ensure integrity in our business records takes forethought.

A holistic approach to business ownership considers the effect of one thing upon another. Let’s take 100% responsibility for our actions and require that of our staff. We see a different level of energy, communication, and adherence to rules, boundaries, and limitations throughout the company with each interaction and transaction in the business.

Integrity is encouraged, and the systems we put in place validate our intentions, adhere to rules governing businesses, support boundary-keeping, and acknowledge limitations. With our intentions attuned to our values, we know what is okay and what is not okay and why. We are clear about which rules to abide by or reconsider and which limitations to work around or challenge.

Last weekend we visited Thai Table with a friend, a family-owned restaurant in Plymouth, MN. We love supporting small businesses. We bring cash for the meal. This business likes saving us money by encouraging cash payment. This keeps them from passing on the cost of offering credit card options for payment to their patrons. We appreciate their conscientiousness. As patrons of Thai Table, we assume that those cash payments are appropriately accounted for and reported on their tax forms like any cash-based business.

All cash-based revenue must be reported to the IRS to operate with integrity. You could be under the IRS threshold for reporting the revenue. I know people choose to refrain from reporting cash-based income for many reasons.

If that is not the case, revisit what you are doing and why you are doing it. This raises your awareness. I am not talking about excuse-making to defend your decision. I encourage you to notice how you feel. If you feel like you are getting away with something or justifying your decision and feel ashamed or embarrassed when you tell someone. This is what I call an energy leak. You are releasing your integrity a little spurt of energy at a time. These kinds of energy leaks deplete our energy and leave us feeling incompetent in running our businesses.

When you become aware of an energy leak, please find a way to seal it up. If your business needs to generate more money to pay the costs associated with running a business, this could be the source of your next innovation.

Let the generating of ideas begin. Revisit your business model. Maybe you aren’t charging enough because you don’t know the exact cost of doing business. And you don’t know what it would take to thrive in business because you don’t know how to project out into the future. Or some other reason.

This kind of “curiosity thinking” leads us to the fifth way to ensure integrity in your business records. Increase your proficiency in money management.

#5 Increase your proficiency in money management.

If you are proficient at something, you are competent or skilled at doing it. You may be adept at making money but not managing the money you generate because you are too busy doing other things to get into the details of financial profitability and prosperity thinking.

An effective way to increase your proficiency in money management is to learn more about it. The more we understand our energy and the energy exchanges we do with money, the quicker we can catch when we are bleeding money and losing control of ourselves and our business.

Energy leaks are clues that something is out of alignment. These clues can uncover limiting beliefs that we no longer want or need. If you have a limiting belief of not being enough, that energy is infused into the world, and that belief keeps you from learning how to prosper in business and life.

Phrases like these are limiting beliefs.

• “I never have enough money to support my business.”
• “The costs of doing business in this industry prevent me from making a profit.”
• “I don’t want my hard-earned money to go to the government.”
• “The world owes me. I do not need to follow its laws.”
• “I never have enough money to do what I want.”

Here are some phrases to replace the limiting beliefs above:

• “I have enough money to support my business and life. Money shows up when I need it.”
• “This industry can be challenging to sustain a profitable business, but I can figure out how to create a profitable business model. I got this.”
• “Paying taxes means I am doing well in my business. I support our government. It is okay to pay the government. I get many benefits from living and working in this country. I am grateful.”
• “I value myself and what I contribute to the world. I am living meaningfully and creating a positive difference in our world. I can follow the laws of our land.”
• “I am enough. I value and respect myself. I have everything I need. I am grateful for everyone and everything in my life. I attract abundance and prosperity in every aspect of my life.”

Examining our limiting beliefs and energy leaks is a great place to start when we are out of integrity with any aspect of our businesses. Release what no longer serves you and replace limitations with new learning about abundance and prosperity. With further information and practice, we can form new connections in our minds to think in new ways. Take advantage of the following ways to increase your competency in managing money. 

Below are a few more ideas to increase your competency in managing money.

• Study other businesses in your industry and how they make money. Then knowingly do what you feel will work for your business. Avoid shortcuts that engage pathological forms of thinking evolving into criminal activity and suck the energy out of your soul.

• Lead regular and meaningful money meetings with those you trust. This usually involves one or two other people. Structure the sessions by setting ground rules. You need to trust each other. Not blind trust. Verify that the numbers make sense by knowing how to generate and interpret financial reports like balance sheets, profit and loss statements, and cashflow statements. Understand how everything is interconnected.

• Download and use the WeMentor Money Meeting Framework to support your journey to increase your proficiency in money management.

It will help you lead emotionally safe discussions by addressing fears, concerns, and financial opportunities. Understand the nitty-gritty details without fear or judgment. Focus on learning. Money beliefs and prosperity thinking show up in the numbers.

These meetings allow you to have your freak-out moments as you gather the business records you need to work toward profitability and growth. Eventually, you look forward to these meetings because you know your core values and practice integrity. Each constructive discussion builds momentum and generates new insights and activities to create wealth as you work through ambiguity and uncertainty.

• Use the self-compassion exercise below called Habit Energy Meditation to start each money meeting.