THE FOUR ASPECTS OF WEALTH AND MONEY TO UNDERSTAND AND MASTER AS A BUSINESS OWNER
These are the four phases of money.I believe all these are important components of the business growth and sustainability. I have had many businesses and noticed that even if one of these is missing the consequences can be detrimental. As we go through the phases make notes as to where you are in your business progress and are you planning on all these facets or are you just stuck with one.
I do want you to understand that wealth is an EFFECT, not a CAUSE – Cause is creating value for people around you, and the Effect of that is wealth.
So generation of the money is the first essential thing and as you are in the business that is your first priority, without generation of money your business is not going anywhere and neither are the rest of the avenues.
If you are in a brick and mortar business, think how can you expand your business in the online world. How to reach your clients via social media and how to make your presence online.
The ideas is to create a tribe of people who can follow you and you keep on adding value to them.
Business and Marketing Plans - Have you worked on those?
What are your business goals?
Ways to grow your business
Pay yourself first. Paying your business first.
Savings is essential for long term business survival. Have at least 3 months and a backup plan.
How much do you have if your business runs into tough times?__________________
Business Planning and planning in case of adversity
Budgets and tracking your revenues and expenses.
Growing your Money and Business
What % of monies can you invest in growing your business and growing your money?
What does growth look like for you?
Start looking for your monies working for you.
Profit first is the key before expansion.
Take the risk but a calculated risk. Check your finances, your funds, your revenue streams and how strong they are before embarking on the business growth.
Invest your money so that you can get it compounding to make money.
Invest in yourself and your staff growth
Invest in your Weaknesses.
Do you have adequate protection for your business. Are you adequately insured?
Have you created the type of organization where your personal funds are not going to be harmed in case of adversity or a lawsuit.
Have you spoken to a lawyer and CPA about the protection of your business - Copyright or a Trademark?
Take a look at all the protections that you need for yourself and your business.
written by: Raj Kapur
new choice for BUSINESS SEARCH