5 Jul 2023
Is your lack of confidence starting to affect the business? It’s possible to shed imposter syndrome and prevent it from reoccurring.
Imposter syndrome, unbeknownst to many, is a common condition found in high achievers, including the creative types, entrepreneurs, and more.
Business owners suffering from imposter syndrome may have it worst of all. Because if left unchecked, this is a problem that can bury a business deep in the ground.
But how do you deal with a problem like imposter syndrome?
Tip #1 – Face It
The first step to solving any personal issue is to admit that it exists. But with imposter syndrome, acknowledgement isn’t enough. Entrepreneurs have to face it and engage it head-on.
A simple trick involves questioning the negative whispers inside one’s head.
Imposter syndrome often tells business owners that they can’t do certain things or that they’re not good enough. To confront it, it’s critical to follow up those thoughts with reassuring phrases like perhaps, noted, however, nevertheless, and so on.
The idea is to not get hung up on those negative ideas and try to put a positive spin on them.
Tip #2 -Separate Feelings from Facts
Entrepreneurs that fall prey to imposter syndrome are those that let their emotions guide them in all sorts of situations.
Separating feelings from facts can help deal with the issue.
Remember, getting a bad feeling or becoming upset after making a mistake is no reason to feel inadequate.
Tip #3 -Change the Rules
Some business owners create impossible sets of rules. It’s because they try to operate under the assumption that they can’t make mistakes or ask for help.
And when they fail, they start to feel like imposters because that’s what the syndrome causes them to think.
While it’s important to set rules, you also must guide your business decisions by attainable standards and allow for some breathing room. This applies even to those in leadership positions.
Tip #4 – Visualise Success
Highly successful people often picture themselves winning. Whether it’s in sports or business, it’s always the same – it’s better to visualise success than spend too much time focusing on a potential impending disaster.
It’s also a technique that helps relieve performance anxiety and stress.
Tip #5 – Change the Default Response
Entrepreneurs that get imposter syndrome often have a negative response to mistakes and failure. For them, any mistake could lead to a negative response and a defeatist attitude.
It’s critical to change that response into something healthier.
Understand that there are benefits to be gained from losses. Every mistake can be a teachable moment that prevents you from repeating it.
It’s a Systematic Process
No entrepreneur overcomes imposter syndrome overnight. On the other hand, it’s also not impossible to beat it and prevent it from affecting your business in the future.
However, it does require a systematic approach. And you can start with baby steps and gradually improve your response to negative situations and thoughts.
Positivity, asking for help, changing the rules – these are all things that can help. Even spending more time visualising success can do a lot of good for someone lacking confidence in their leadership skills.
Book a free consultation here, to discuss your needs and learn how we can help you with any of your imposter syndrome struggles.
Did you know we’ve also got a free downloadable eBook dedicated to the most common profit draining mistakes made by small businesses. Check it out here.
1 Jun 2023
Hiring a financial advisor for your business is a wise move for your business, especially at the moment when great financial management is more important than ever, given the recession. But with so many financial advisors out there, how do you know which one is right for your business? Here are five top tips to help you choose a financial advisor who will transform your business and ensure that you achieve your goals.
1. Check their credentials
The first step is to check that your potential financial advisor is qualified and credentialed. There are many financial advisors who are not qualified, so this is an important step.
Some financial advisors may have a degree in finance or accounting, while others may be certified financial planners. Make sure you check their credentials to ensure they are qualified and actually know what they’re talking about.
Unfortunately, just about anyone can get online and claim to be a financial advisor, but not everyone has the qualifications to back it up!
2. Social Proof
Reviews and testimonials from other happy clients are a great way to gauge whether or not a financial advisor is worth working with.
Look for social proof in the form of positive reviews on their website, or see if you can find any testimonials from other businesses they have worked with. Don’t be afraid to contact said businesses to ensure that the reviews are genuine. This will help you get a feel for whether or not they are reputable and actually deliver on their promises.
3. Free Consultation
Most good financial advisors will be more than happy to offer a free consultation. This doesn’t just benefit you; a good financial advisor won’t take on a client if they don’t feel that they are the right fit. Be wary of anyone who wants to work with you without even speaking to you first.
During the consultation, be sure to ask plenty of questions and get a feel for their financial planning process. This is your chance to really get to know them and decide if they are the right fit for your business.
4. Make Sure They’re a Specialist
Working with a specialist has huge benefits for your business. They will have a wealth of experience and knowledge in their specific area, which means they can provide you with tailored advice that is relevant to your business.
A specialist will also help you to benchmark your business and understand how you’re faring in the context of your industry. Metrics such as costs, revenue and profit margins vary hugely from industry to industry. What might be a poor profit margin for one industry could be a big success for another sector, and it’s important to work with a financial advisor who understands this. Otherwise, you could end up making decisions based on inaccurate information, or losing confidence because you think your business is performing worse than it actually is.
5. Chemistry Matters
It’s important to like and trust your financial advisor. After all, you’ll be working with them closely and entrusting them with sensitive information about your business.
You should feel comfortable communicating openly with your financial advisor, and you should feel confident in their ability to help you achieve your goals. If you don’t gel with them, it’s probably not going to work out!
Final Thoughts
Choosing the right financial advisor for your business is critical, and it can be difficult to know where to start. By following these five top tips, you’ll be well on your way to finding a financial advisor who can help you achieve your goals. Remember that this is a significant investment, and one that will pay off extremely well if you make the right decision, so choose wisely.
Book a free consultation here, to discuss your needs and how we can help you transform your business.
Did you know we’ve also got a free downloadable eBook dedicated to the most common profit draining mistakes made by small businesses. Check it out here.
