Tracia Graham
503-746-8303
A Coaching and Organizational Solution to Making, Saving and Keeping Money!
Commonly Asked Questions
Money Attitudes © 2011 Tracia Graham
Tracia Graham
Business Coach
"When I made my deposit at the bank today they had to use the cash counting machine. One can say the weekend was a smashing success. Thank you for all your help. This was money well spent" Small Business Owner
I’ve noticed that most people are uncomfortable talking about money – have you found that to be true?
Yes, money is difficult for many people. On one hand it’s a form of bartering…you give some money in exchange for goods and services, on the other hand it’s the source of shame, anger, control and has torn families apart for generations. How well we handle our money is also tied to being a “good person” – our credit score has become a measure of our personal integrity - even though one has nothing to do with the other. For example sometimes a lower credit score or a struggle with money can reflect a deeper life experience such as the loss of a loved one.
Research shows us that even the very mention of the word "money" powerfully activates the most primitive part of our brain – the part that is concerned with sex, drug addiction, food and survival. People need to think of money as a tool, used correctly it can build, incorrectly it can destroy.
How is money different for men and women?
Basically men seek ownership and women seek security. In fact, men have generations of conditioning with ownership of money and property since there was a time when a woman’s personal possessions were considered the property of her husband. This is not to make men wrong for taking ownership but to understand that these were the rules of society and many times this was accompanied by a heavy burden of support as men were obligated to provide food, clothing and shelter.
For women we have been conditioned to seek security since until recently since there was not equality in pay. Traditionally a working women earned less money than a man. Many women today are the first in their lineage to fully support themselves. In my family my mother was unable to earn enough money to support herself, the money she made from her part-time job was considered her “play money”… It’s important to note that neither is right or wrong - both can be learned or unlearned….
How does this difference translate to business?
Men go into business to win, they are willing to take risks, think big and they plan on succeeding. They are less likely to talk about problems since they will feel shame if the business isn’t succeeding the way they intended but they do tend to be more profit motivated … whereas many women go in to business to fulfill a dream. They are less likely to take risks and that can sometimes keep their business smaller than its potential. Often the creation of the dream is more important than the profit, which can quickly lead to financial stress. The gender difference is only one aspect, more importantly it’s the personal nature that will ultimately affect how successful a business is.
How does understanding your personal nature affect one’s ability to run a profitable business?
We all have a stronger tendency towards either a creative nature or a structured nature. I like to think of a line between the two. The closer we come to the center of the line the easier life and money becomes. It’s our habits, patterns and beliefs that dictate where we on this line between creative or structured. Typically we will attract either a romantic or business partner to help us become more balanced between these natures. Sometimes we will even choose a career where our clients are opposite us. A good example of this is an accountant who specializes in working with small business owners. The more we understand our own nature the better we can understand our clients. The accountant might think his clients don’t want to deal with their tax information whereas his clients might not be filing on time because they are creative in nature and have difficulty with organization. If the accountant recognizes his client’s true nature he can offer solutions rather than judging. This will in turn translate into better client relationships, repeat and referral business, and increased profits.
We all have the ability to find the right balance between the creative and structured natures that allows us the optimum environment we need to succeed.
What is the one thing a creative person can do to be successful?
Most entrepreneurs are creative in nature… hence they can lack focus, planning and organization but once they incorporate these skills in to the daily running of their business they can turn a struggling business into a fabulous success or take an already successful business and take it to a more successful level.
Wherever there is a breakdown with organization there is also a breakdown with money. Such as taking too much time to invoice clients can disrupt cash flow. Money & organization go hand in hand. Organization can be disorganized time, projects, client files, thoughts, lack of planning, not tracking money. When we own a business we must restrain ourselves from making impulsive decisions instead carefully weigh each decision looking at it from different perspectives because every decision we make will either bring us closer to money or will take money from us.
I recently worked with a client who was working seven days a week and frustrated he wasn’t making as much money as he wanted. We developed effective strategies to tightening his business processes – shorten his work hours so that he had weekend down time. These changes quickly bought his business into profitability. As we worked together he realized that his lack of planning was preventing him taking rejuvenation time and affecting his ability to increase the profitability of his business. He now runs a very well-oiled shop… and has time for his family. His existing clients are constantly referring new business to him because he is emotionally much more available when he meets with his clients plus both his productivity, & creativity has increased.
