Balancing the fifth chakra is attended to improve the way you speak, listen and express yourself in general. To have a balanced throat chakra is to speak your truth and be able to listen effectively (Chopra).
To most effectively express yourself, it is helpful to have open lower chakras and to speak confidently from your heart, rather than from fear.
When balanced, a person should have a free flow of creative expression.
Om: is considered the most elemental sound of creation, the sound of the universe. As we repeat Om, we align ourselves with the vibration of the universe and live as one.
Shri: "diffusing light, radiance, beauty" – another name for Lakshmi
Mahalakshmi: Lakshmi, the goddess of wealth
Namaha: Adoration or "I praise"
This mantra to Lakshmi also invokes general abundance.