Success

15 Minutes to Success

I was going to call this article the 15 minute rule, but then I realized there was a book by the same title, which I have not read. Can 15 minutes make a difference to your success? Here’s my view of how it can:

It Gets You Started

Almost everything takes longer than 15 minutes to accomplish, which is the plain truth. However, if you say that you will spend just 15 minutes on a task, it helps you to get started rather than always putting off the important. Can you imagine all of the tasks that would help out your finances if you eventually started working on them? This is why there are such similarities between money and health. Commit small amounts of time and you will see drastic results over a long period of time. Ignore both and you will see dismal results over a long period of time.

You Can Get Something Done

Although 15 minutes is a short amount of time, you are usually pleasantly surprised by how much you can accomplish in such a short period of time. This is especially true if you commit 15 minutes over and over again. Before you know it, you are working your way towards accomplishment.

It Beats the Procrastination Drag

No one feels good when they procrastinate. Once a task gets started it will give you an emotional boost to continue and the procrastination bug will disappear.

Give a shot and see what you can accomplish in 15 minutes. You may end up writing a blog article!

 

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Are You Striving Too Hard or Too Little?

There is nothing wrong with striving to have financial success but be careful of taking it too far. The opposite can also be true, whereas you don’t strive enough, which can create another set of problems. Here are some signs of each:

Signs You are Striving too Hard

  1. You work an excessive amount of hours to get ahead at the peril of your own health and relationships
  2. No matter what you accomplish it never seems to be enough
  3. Most of your conversations involve making more money. However, this doesn’t apply to financial professionals.
  4. Your drive is not enjoyable anymore

Signs You are Striving too Little

  1. You are always behind financially due to a lack of effort
  2. When business is down, aside from a worldwide pandemic, you do nothing to turn it around
  3. Your efforts are not producing any real financial success
  4. You take little to no corrective actions to get ahead

The Right Balance

The right balance may be as simple as striving for success, while putting financial success in its proper place. It’s different for everyone and if you are honest with yourself you will know when you are striving in an unhealthy way or not striving enough.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

How to Destroy Your Business Success in 6 Steps

Sometimes to be successful means to avoid doing the things that will destroy your success. It’s easy to go down the wrong path and it’s important to be aware of this.

Step #1: Saddling Your Business with Debt

Conventional wisdom states that there is smart debt vs. dumb debt or a similar description of two kinds of debt. Although there is some truth to this, the bottom line is that large amounts of debt will cause a huge handicap to your business, especially a start-up. Even if you are doing well it will not feel like it when you have massive debt payments each month or sometimes on a daily or weekly basis if you took out a predatory lender loan. When you have easy access to large amounts of debt it numbs your sense of being financially cautious, prudence, and allows you to spend your money on things that can easily be justified but are not necessary.

Step #2: Poor People Management

See what happens if you constantly treat your employees, vendors, and customers disrespectfully. The end result will be high turnover, sabotage, lack of a sense of shared purpose, losing customers, and everything else negative. It is amazing to see how little attention is paid to the management of people in a poor performing business.

Step #3: Over Working Yourself

There are times when you need to work more or work more rigorously, but if done for too long, then your productivity will decline, decision making becomes worse, and you may find yourself in the hospital for stress induced health reasons.

Step #4: Not Listening to the Right Advisors

Unemployed Uncle Jimmy with a string of failed businesses will not provide you with the advice you need, and if he does provide you with advice, then do the opposite. Or, which is also very commonplace, is to seek the advice of the wrong professional. Make sure the professional that you confide in is an expert with the advice you are looking for.

Step #5: Personal Issues

This is somewhat related to step #2, but more on a personal level. If you are going through difficult times on a personal level, then this will ultimately translate into poor business performance.  A common example is taking care of a sick family member that needs you. If you need to focus more fully on your family situation, then delay starting a business, or for an existing business try to delegate more of your business responsibilities to trusted employees.

Step #6: Ignore Marketing and Sales

Many years ago, I met with a brand new business owner to discuss his business and try to help him out. During our discussion, I asked what he was doing for marketing, and he said that he did very little because he didn’t want to spend money on marketing because marketing costs money. I’m not sure of my exact reply, but he was no longer in business within a few months’ time.

Summing it Up

Some of these steps may seem obvious, but they are common due to the fact that it is hard to take a step back, access a situation, swallow your pride, and say to yourself, “Hey, I need some help because I am not always right.” We should probably all say that more often.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

Do These 6 Things Differently than Others if You Want to Get Ahead Financially

Do you ever wonder what the difference is between those who get ahead and those who are constantly struggling? There is a pattern of actions that are taken repeatedly by those who get ahead, while the opposite is true of those who struggle.

Action #1: Delayed Gratification

The financial impact of delaying gratification for future success is astounding. The best example is an expensive car or high-end home. These things are great, but if you know that you will be stretched to purchase them, then give it some time before doing so. Once your finances enable you to comfortably purchase these items then go for it if it fits into your overall financial goals.

Action #2: Seek Advice from the Right People and Listen to Them

It is always a good idea to seek the advice of those we trust, but they must also have competence to provide you with the proper advice. Do not ask your brother in law that has declared bankruptcy twice and is reckless with money for financial advice. On second thought, you may want to ask for his advice and do the exact opposite! Also, seek the advice of a qualified professional or successful mentor who has relevant experience.

Another, related aspect of seeking advice knowing who is trying to work with you and who is working against you. Don’t beat up the people that are on your side and don’t let the bad fruits in the gate.

Action #3: Save and Invest Constantly

Even a small amount of saving/investing can add up over time. Also, investing does not have to only be in the stock market, but can consist of growing your business to make it more valuable, purchasing rental properties, investing in or purchasing other businesses, etc.

Action #4: Be Cautious When Incurring Debt

Debt has its proper place, but it is misused quite often. Many of us are lured into large, unnecessary purchases or poor investments because we can finance them over. Even if the debt is helpful for the production of income, it still may not be the best course of action. Debt also makes us lazy, meaning that it is easy for us to make decisions without really thinking them through fully.

Action #5: Have Endurance

Don’t give up too easily. It may take several tries to get where you want to go, but you need to keep on getting back up when you falter. Yes, it hurts when you get derailed, financially or otherwise, as life happens, but keep on moving forward.

Action #6: Don’t Make Decisions Based Solely on Emotions

Just because someone made you angry doesn’t mean that you need to let them go. Can you imagine telling off your boss (very bad move), or firing a key employee or vendor because you overreacted to a non-fatal mistake that they made? Trust me, you will suffer financially for this.

To Sum it Up

Did you notice that most of the above are based upon emotions and relationships? Healthy emotions and relationships will help you to be get ahead and make the journey more pleasant, while knee-jerk reactions, seeking instant gratification, and unhealthy relationships will create a roadblock to getting ahead.

If you like what you just read, then don’t hesitate to forward/share with your friends and/or click like!

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! Sign Up Now!

(Don’t) Fake it ‘Til You Make It’

Fake it until you make it! I heard this expression recently and many times in the past, but this time it made me cringe. Some might feel that there’s nothing wrong with showing people how successful and smart you are when you’re not really there yet. Here’s the problem and what to do instead:

It’s a Lie: If you just started your business and pretend that you are a huge success with your words or actions then that’s a lie. Don’t exaggerate your capabilities, the size of your business, or how long you have been in business. Would you want to do business with someone who lies to you?

It Hurts Financially: Purchasing a brand new piece of equipment, a very expensive vehicle, or renting a pricey office before you can afford to do so will put you in debt and cause a strain on your finances. This will actually reduce your chances of success in the future.

Damage to Your Reputation: A good reputation is one of the most valuable assets of your business. Why damage it before you even get off the ground?

Her are some alternatives:

Be Humble: Everyone has to start somewhere so start from where you are. Over time you can invest what you can realistically afford, including the “nicer things.” It’s amazing how much people are willing to help out their colleagues that need some help, and how customers appreciate authenticity. Many successful businesses have started from humble beginnings.

Get Better: Make yourself and your business better by investing time and reasonable sums of money to learn how to get better and more successful. Be creative and remember that bigger is not always better.

Be Honest: Don’t lie. This is self-explanatory.