The company truck is all beat up, the worker(s) looks like he/they just got out of a bar fight and I could just imagine what the operations and finances look like. You see these type companies everywhere - the name of the business may be different but the appearance is the same.
There are many important aspects to running a successful business today. But one practice, if done consistently, will almost guarantee that you will move ahead of your competition. “What is it,” you ask??
I personally first learned this idea when I was a cocky college kid. I had a professor say to us, “If you go out and read your electric meter every day you will save money on your electric bill.” Well… I thought he was crazy and I was determined to prove him wrong. But what happened shocked me and my room mate. As I read that meter everyday we found ourselves turning off lights quicker, not running the A/C as much - heck we even turned off the breaker box. We didn’t know that if you do that too many times you can break the breaker - ooops. But, at the end of the month our electric bill was $18!!! Are you kidding me??? All because we focused on how much electric we were using every hour of the day.
So… how does this ONE THING get applied to your business?
For many people, growing your net worth and becoming financially free is a desperate sought after desire. However, something seems to get in the way. For instance, you are beginning to save on a regular basis and then the car breaks down draining all that savings. Sound familiar? Below are few reasons why many people get held back financially.
Not PLANNING for the storms to come
We all know it will rain again some someday, both in the natural and in our financial lives as well. Perhaps we need to follow our dad’s advice, “Save for a rainy day.” You do this by having a financial plan to live by when things are good and being prepared when things take a turn for the worse.
Not PREPARING to take advantage of good opportunities
Being able to take advantage of sale prices can help the family’s budget tremendously. When should you take advantage of the ½ price sale? Great question – when you have the extra money, and would need to buy the item anyway. When shouldn’t you buy that sale item? Another great question - when you don’t have the extra money, and it is a true “want” not a “need” for you and/or your family.
PAYING too much of… the list could go on and on, but here a few.
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