Did I hook you with that catchy title which clearly promises to lead you to riches and wealth? Of course I did! In fact, I'll probably end up re-reading this myself a few months from now to find out what my secret is. And when I do, I'll remember that even I don't have a quickie 1-2-3 formula for achieving wealth and wild financial success. But what I do have — which is waaay better than any click-bait teaser could be — is sound advice that you’ve probably heard before and might benefit from hearing again. So, let’s start at the beginning. To build the kind of company you want, you have to have a plan.
Maybe you got started without much of a plan and have been winging it ever since. If that’s the case, it’s time to make a plan to ensure you can keep your business going. If you did have a business plan, all thought out and professional looking on PowerPoint slides and detailed Excel spreadsheets… good for you! Maybe you’re somewhere in between: some spreadsheets, lots of guessing, ideas written down, but not tons of detail. Pretty sure you’re in good company if that sounds like you.
Wherever you fall on this spectrum, the point is that you should periodically re-evaluate and update your business plan to make sure it’s still relevant and that it can take you where you want to go. This is one of the best ways to get on the road to financial success — and stay there! Think of it as your road map. (Come on, you remember actual road maps don't you? The ones that took up half the dashboard. Or the Thomas Guide that was the It book for L.A. drivers? I'm not that old am I?!)
Get specific about what you want!
In my book, But Are You Making Any Money?, I detail some of this process — and it’s pretty quick reading, btw — but I’m going to summarize it for you even faster here! First, think about what you want out of your company. It helps to write this down. Begin with your workplace: fancy office, elegant furniture, posh-sounding receptionist? Or the exact opposite? Organized for efficiency or cluttered for inspiration? A suite in downtown or an office behind your garage? You get the idea.
Next, make a detailed wish list (Mad Libs style, where you fill in the answers, works well... remember those?) about how much time you work: number of hours a day, days per week, time spent commuting and on vacation. Next up is outlining exactly how you spend that time at work. Then describe your clients or customers: how many, what type (individuals, corporations), what industries, etc. Then write down how much money you want to make in terms of gross profit each month and year, your take-home salary, benefits, etc. Finally, describe how you want to feel at the end of each day, physically and emotionally. Do you have time and energy left to do the things you want outside of work?
And there you have it folks! I've just summarized pages 17–22 of my book and you didn't even have to learn how to speed read! The process I describe is a pretty important one if you're going to define what you want and know what you're working toward. It's hard to achieve financial success without doing some version of this.
The road to financial success is paved with lots of plans!
While you're busy dusting off your business plan and updating it by writing your business Mad Libs, you can ponder some of the quotes we have for this week. They offer different perspectives on financial success. Take a look at Stats & Curiosities from Harvard Business Review. Also, check out 57 Fascinating Business Facts That Will Blow Your Mind from BuzzFeed News and fantastic tips from #TheHiveLA host Sean Low!
I'll say it forever...everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus! Set smart goals and your business will benefit!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Financial Success – Tip #1:
"Success is stumbling from failure to failure with no loss of enthusiasm." — Winston Churchill
Financial Success – Tip #2:
"The time you enjoy wasting is not wasted time."
Financial Success – Tip #3:
"U.S. born are less likely to start businesses than immigrants... 50% less likely."
Financial Success – Tip #4:
"Women get a bigger wage boost from exercise. Women who exercise frequently earn 11.9% more on average than women who don't."
Financial Success – Tip #5:
"Stop getting paid what you can, get what you need!"
Do you have a plan? I want YOUR stories on how you got on the road to financial success!
Have you revised your business plan lately? What's your plan for financial success? Which tips above did you find helpful? I would LOVE to hear from you!
Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week! And, if you want more business tips, get my book, But Are You Making Any Money? or contact me to really take your business to the next level!
P.S. Of course that's not all we've got! Searching for more small business tips about financial success?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!