3 Money Mistakes that Keep Your Business Broke

3 Money Mistakes that Keep Your Business Broke

“Good companies fail to become great not because of bad employees, but rather bad management” ~ Ike Ikokwu

Poor money management has been the cause of more business failures than any other single issue.  Having held a CPA license and worked with businesses for over two decades, I know this to be true.  And, is there any reason to wonder why this happens?

If you think about it, you’ll realize that the vast majority of us aren’t born knowing how to manage money.  Truth be told, our parents were likely lousy at managing money. And, our educational system does little to correct the financial illiteracy epidemic.  With a vacuum in sourcing this piece of education, most of us simply “figure it out” along the way, through much trial and error, while creating a poor money mindset.

Those same money mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well if we’re not careful.  Below are 3 common money mistakes I see that keep your business broke.

If you’re a Coach, Consultant, or Professional Practice Owner, kindly pay attention to these 3 mistakes:

1. Catching Shiny Object Syndrome

Some things are just hard to resist.  Apple pie a la mode was one of those things for me.  But seriously, many things in life and business are kind of hard to resist—especially when your friends and colleagues are all jumping on board!  New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.  Ask me how I know (wink wink).

If you find yourself catching shiny object syndrome frequently, try this three-step plan instead:

• For “too good to refuse” offers, make a plan for achieving a positive return on investment (ROI) before you purchase.  If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it. 

• For exciting new business ideas, create a “someday” list.  Jot down your idea and a basic outline, then get back to the task at hand.  Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet. 

• For other irresistible offers that you become aware of, do a “PVG” check.  Look back at your Purpose, Vision and Goals and see if this new offer is in alignment with meeting the goals you’ve established to manifest the vision you have for fulfilling the very purpose you exist.  If it is, give it further consideration. If it’s not, then you can calmly and confidently kiss that shiny object goodbye knowing it isn’t in alignment with your PVG. If you haven’t determined your PVG, that’s likely one of several reasons you should be working with a coach and/or mentor.

2. Falling for the Sunk Costs Fallacy

If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up!  I’m still paying the launch price and now it’s much more expensive!” Then you’ve fallen for the sunk costs fallacy. 

This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using. 

Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either make a plan to put them to work for you, or cancel them. Stop falling for the sunk costs’ fallacy.  Rather than focusing on the sunk cost, think opportunity cost. Had you not invested money into that subscription, what would it be worth today invested in somewhere else that would have provide a more productive return?

I saved five figures annually by simply letting go of subscriptions that at one point I thought were “good” ideas, but upon further consideration of my “PVG” and realization that I hadn’t done anything with those subscriptions in 3 years (shameful I know), it became obvious it was past time to cancel!

3. Too Much Penny Pinching

You thought this was all going to be about overspending, didn’t you? Here’s the kicker: Spending too little is just as bad for business.

When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors. Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of.  Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.

Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars and furniture, quality services and software last longer and work better.  And unlike that car, good quality business tools will pay for themselves.

Bottom line is that with resources in abundance to outsource a laundry list of tasks from as little as $5 per hour to $25 per hour, the simple question to answer is this: Do you know how much your time is worth?  Or have you fallen into the trap of being busy doing those $5 an hour tasks in your business just so you can “come across” as being busy? Trying to save money not outsourcing is like tripping over dollars to save a penny.  Don’t do it. Your wallet and business bank account will thank me later!

These 3 mistakes are just a few of many that could be causing you to repel all of the money that is trying to make its way to you.  If you aren’t experiencing money and life abundantly, here’s your chance to fix it right NOW by grabbing your FREE GIFT below.

Click on the link below and subscribe to my newsletter.  Just for subscribing, you’ll receive a complimentary copy of my E-Book and Workbook: 7 Steps to Experiencing Money and Life Abundantly

FREE GIFT LINK: https://ikeikokwu.com/free-gift


If you think you can create a financially empowered life you can’t wait to live, one that’s designed around your purpose and that brings immense success, satisfaction and fulfillment beyond even your wildest dreams, you can. If you think you can’t, just borrow my “you can” until it turns your “I can’t” to an “I can.”

That can happen easily and effortlessly for you by simply taking your first step and completing the assessment and then booking a call so we can chat!


Cheers to you thinking BIG!

With Abundance & Fulfillment,


How To Change Negative Perceptions Of You

How To Change Negative Perceptions Of You

Are you one of those who has grown beyond the insecurities of others perception of you?  If that’s you, I want to congratulate you.  But what if this strength of yours could actually be one of your biggest weaknesses?


Despite being a Harvard grad, an acclaimed author and being named US Bankers Top 25 Most Powerful Women in Finance, Carla Harris, an African American Senior VP at Morgan Stanely says “The work you do is less important than how others perceive you and your work.” The fact is, as Carla says, perception is the co-pilot of reality.  So, if others negative perception of you and your work is holding you back from the success you deserve, do what Carla did and change their perception with your actions and language.


To change the perception on Wall Street that she wasn’t tough enough, Carla would conduct meetings and negotiations with such tenacity, that people were now cautioned before going into meetings to be prepared because she was tough.  In bio’s given to anyone introducing her at a speaking event, Carla carefully chose the right set of adjectives to describe just how tough she was.  Within a very short time, she flipped the switch on others negative perception on her, which allowed her to ascend to the heights of success in her field.




How To Overcome Being Stressed

How To Overcome Being Stressed

Remember a time when you felt stressed or overwhelmed by something you know you wanted to do but didn’t know how to do?  That’s exactly how I felt after I wrote my book Winning The Money Game and realized I wanted to make it a best seller but didn’t know how.  Here’s 3 simple steps I found to evict that stress like a bad tenant.  I call it the 3 R’s Realize, Release and Redirect.


First, Realize what the true source of the stress is: (it’s just the fear of doing something new and last I checked, not knowing how to do something stopped Thomas Edison or The Wright Brothers, so it shouldn’t stop me);


Next is Release (you want to release all of the toxins and self- sabotaging thoughts that don’t serve you like I can’t do this or I’m not good enough.  Your job is to take those thoughts captive and prevent them from getting deep into your subconscious mind, or your spirit man).


Final step is to Redirect instead of Accept.  Rather than using definitive and conclusive statements like I can’t, you redirect them into open-ended questions that put your mind’s creative to work.  Once an “I can’t” is redirected to questions like (How can I become a Best Seller, What are the top 3 things best-selling authors did to make their book a best seller).  You then realize that Once I do the top 3 things best-selling authors have done, I too will be a best-selling author.  Going through this process allowed me to make my book Winning The Money Game, an Amazon best seller the week it was released in 2012.




How To Avoid Having A Bad Day

How To Avoid Having A Bad Day

Ever have one of those days where you wake up and realize you’re out of toothpaste, you go downstairs to fix a cup of morning Joe and you guess it, you’re out of coffee, you get in the car and on the way to work someone cuts you off and gives you the you need Jesus sign and just then you realize you have a flat tire, and all of that happened before 8am.  If you’re like me, you’ve had your share of bad days.  In this video, I’ll show you how to avoid them, you can use this simple hack.  Don’t turn a bad 10 minutes, into a bad hour, or a bad hour in to a bad day.  It’s so easy to allow all of that negative stimuli from that bad hour to hijack our emotions and set the course for the rest of the day to be bad.  To avoid that, my friend Bonnie St. John, says to get a First Aid Kit for your attitude.  Whether on your phone or a physical bag, this kit would have pictures from a memorable trip, sand from your last vacation, meaningful quotes and a host of other things that can help redirect your thoughts, which impact your feelings, which determine your actions or behaviors which ultimately create the results you experience.  So, the next time you feel the onset of a bad day, remember to grab a first aid kit for your attitude.


How To Deal With Anger Towards God

How To Deal With Anger Towards God

Ever have those moments where you are really angry at God because you feel like he’s abandoned you? Where you maybe try to be obedient and call that relative you have a broken relationship with and you still end up getting disrespected and rejected by them and you’re like see God, told you that was a bad idea  You know those moments, we all have them.


If you’ve ever felt anger, bitterness and resentment to God, yet hated that feeling afterwards, I’ve got good news for you.  The easiest way to not be angry at God is to be angry at God.  Here’s what I mean.  In Psalms 13, we’re introduced to what a spiritual mentor of mine calls the Lament Prayer.  In it, we see 3 steps to deal with our anger towards God.


Step 1, Voice your anger to him.  We see that in the first couple of verses where David voices his anger saying How long will will you forget me, hide your face from me, let my enemies triumph over me.


Then in Step 2, he makes his petition to God and says look to me Lord, Answer my prayers, deliver me from my enemies etc.


Finally Step 3, is the Statement of Trust and David says regardless of voicing my displeasure to you, I still trust you, my heart rejoices in your presence, for you’ve been good to me.


Follow these 3 steps and you’ll find it to be a healthy way to deal with those moments when you feel like the Lord isn’t showing up in your life like you’d like him to.


3 Simple Steps on How To Rebuild Trust In A Relationship

3 Simple Steps on How To Rebuild Trust In A Relationship

Remember the time you did something really dumb in a relationship  that ended up costing you whatever measure of trust you’d built up.  Well today I’m going to share 3 simple steps to help rebuild the trust that you’ve lost.


(1) Immediately recognize the wrong doing and don’t’ make excuses.  Far too often we try to explain our behavior away, thinking we are helping our cause, when in reality we are just digging a bigger hole.  Stop it, just recognize you were wrong and apologize

(2) Ask for forgiveness.  It’s not just sufficient to recognize you were wrong.  Ask for forgiveness from the one you wronged and more importantly, ask God for forgiveness.  When you hurt others, you hurt the apple of his eye

(3) Make the change in behavior that’s necessary to rebuild trust – This one is probably the most important one

The Bible says through love and faithfulness, sin is atoned for.  If you love someone and are faithful to that relationship, going through these 3 steps is an expression of that love.  The Bible also says it’s through the fear of the Lord, that a man avoids evil.  So, if you have a healthy, loving and reverential relationship with the Lord, that’s how you can avoid engaging in the behavior that got you in this mess in the first place.  Lastly, be patient and remember that trust is built up slowly but lost quickly.  It’s kind of like the stock market that way.