Mind Over Money

As you start out, the number of hats you wear can throw you off balance. Running your own business often means you’re one of the few people you can count on to complete your ever-growing task list.

From promoting your services and driving sales to answering emails and managing your bookkeeping and accounting, there’s no shortage of tasks that you likely handle no problem—and you might even enjoy doing them. But there are some tasks that you might not feel as confident or comfortable with.

So, let’s start with the most challenging of all—the money.

Yes, you’re trying to “do it all,” but you’re not a machine. You’re human and tending to the human side of yourself first can let you tap into being a machine when you need to.

“Prioritizing your own well-being can enhance your productivity when it’s time to tackle tasks efficiently” says Aseel El-Baba, financial therapist for Conscious Economics, a Canadian not-for-profit focused on financial education. Together with Interac, they have collaborated in building community-led programs such as Mindfulness & Money. Informed by real lived experiences and anchored in financial therapy, the programs are designed to educate and inspire today’s small business owners in the new economy.

Aseel, who specializes in helping people change how they think, feel, behave and communicate about money, advises taking a minute to unpack your relationship with money and the stress it might be causing you. That way, you can clear your head and can get down to business.

“So many emotions can surface when we think about finances,” says Aseel. “What we normally hear when people talk about money is stress, anxiety, depression, confusion and a lack of clarity about what the future holds.”

She says that learning how to manage the feelings surrounding your relationship with money is more than worth it. After all, it can help you get your stress in check, avoid burnout and feel better all around.

“The first step is to explore and understand how our emotions impact our body,” says Aseel. “Once we get curious and do that, we can approach thinking about money and business more calmly and rationally.”

Now that we’ve tackled some of the emotional barriers when running a business, we can focus on building your confidence (and sustaining it!)–no matter what life throws at you.

Working independently can be incredibly liberating, but it also comes with a fair amount of responsibility and uncertainty that can rattle your morale.

Picture this… your bills are paid. Your invoices are squared up. You have zero outstanding payments from your clients. You even know how much revenue to expect next month.

You know you want that feeling. But the heavy lift it takes to get there is likely your least favourite part of running your own gig. After all, managing finances is probably not why you started your business— but it’s a critical part of making it succeed.

One way to stay in charge is to make the most of what you already have. Tracking your payments and using your own money with Interac Debit or Interac e-Transfer can help you avoid any surprises at the end of the month, from extra fees or forgotten purchases. It can also help you stay in control of your budget as you’re only spending money you already have.  

Your customers want that feeling too! With inflationary pressures, consumers want to make conscious, smart choices for their wallets. And, using their own money with Interac solutions is just another way to help them do that.

Next up…good financial hygiene. This will save you from stress later on. By baking these tasks into your regularly scheduled programming, you will be more efficient and have more time to seek out additional opportunities you’re excited about.

• Setting aside time and energy to focus on your administrative and operational tasks regularly.
  • Check out Chapter 1 for tips on taking back your time.
• Always being on top of your money coming in and money going out.
  • Head to Chapter 1 for tips on how to keep track of your money.

Being in charge means you’re making confident, informed decisions for yourself and your business and know where you stand at any given time.

But when you leave things to the last minute, they become harder, more time-consuming and more stressful. You have to go into detective mode, spending time trying to retrace your steps instead of taking steps to move forward.

Healthy habits for your mind and your money can help you find the balance between doing what you need, doing what you love and getting the most out of life.