|I never cease to be amazed at what big impact minor changes can make in the life of an individual. In science, this is a well known fact, hence the drive for accuracy and precision in mathematics and the sciences. A less than one degree deviation in the flight path of an airliner taking off from continental United States to Europe can mean landing in another country entirely.“Sometimes when I consider what tremendous consequences come from little things. I am tempted to think there are no little things.” – Barton, Bruce
When it comes to personal finances, the changes a small adjustment will make in the course of a few years can be amazing. The steps to financial freedom and independence can range from 5 to 20 depending on who you are listening to. They are saying the same thing in different ways; some breaking stop steps down into simpler easier to digest steps. These can be condensed into one single step – pay yourself first.
It took me a while and a bit of further study to understand the concept of paying yourself first. Whenever I managed to save, the savings gets spent a couple of months later. I felt trapped in a vicious circle with no discernible way out. I was spending first and saving what was left, and after a while, the savings gets spent when the proverbial rainy day shows up. The rainy day had a knack of showing up at the nick of time, just when I have a bit saved up.
It took listening to Jim Rohn to finally drive the nail home – I needed a minor adjustment in my philosophy. Save first before spending, not spend first and hope there will be something left to save. When the focus is on spending, even your saving becomes a target for further spending. It did not stop with just saving the money. I needed to get the money out of the line of fire by putting it to work – investing it so that:
1) I do not have access to spend it
2) It will earn interest or returns
3) I will be motivated to keep saving and investing as I watched the principal and interest income grew
4) It becomes a habit, so it becomes automatic.
It was so simple I was amazed how I missed it all this while. I came to realize that common sense was not very common. There is a common sense for each level of growth and self awareness and until you get there, it sounds like rocket science. I was so caught up with satisfying my needs and wants that I did not realize that the most sustainable way to do that is by continuously growing my income and that can only happen when I delay gratification, save and invest first before spending.
Now that saving and investing first before spending has become a habit, I no longer struggle in that area. It happens by reflex, automatically. It is the first thing I think about after setting aside an amount for giving, the moment money enters my hands. Because of that small adjustment, my savings, investment, interest and returns grows month by month. I become richer every month. With increased income, I can afford things I really want, and I can make a difference in the lives of other people.
If you desire to attain financial freedom and independence, you may want to win this battle first before you proceed much further, especially if you are an employee or small business owner. Make your money work for you, so that you do not have to work so hard for money. It is a matter of a small adjustment.
– Usiere Uko is editor of www.financialfreedominspiration.com and author of Practical Steps to Financial Freedom and Independence –www.amazon.com/Practical-Steps-Financial-Freedom-Independence/dp/147006832X .
In the beginning of this year, I felt uncomfortable with the level of success I had in business, so I decided to take some practical steps towards moving it to an enviable level. Below are the keys that have worked for me to achieve this goal of building a great enterprise.
Participating in alliances has increased my revenues as much as 500 percent this year. I hope more businesses learn strategically to collaborate more because it cuts down on overhead expenses and increases productive resources. This is the way to great success in business.
Stay Current with Technology
A Chinese Business Mogul once said “When You Simply Apply Technology to the Resources Around You, Money will Flow”. Technology plays a role in every business, so all small business owners can benefit from not only having an understanding of the technology that impacts them directly, but also keeping track of how it changes.
It can help you make better decisions; and it can help save money, time and other resources.
Make Your Customer the King
There is an old adage that the customer is the king. Along with providing your clients with an exceptional product or service, you can encourage repeat business by being customer service-focused. This means asking for and acting on feedback, addressing issues and complaints quickly and thoroughly, and being consistently accessible and accountable.
Commit to Continuous Learning
It is no longer a secret that readers are leaders. You should understand that no matter how much you achieve, there will always be more to be learned and applied for even greater success.
Know When to Delegate
Whether you have paid workers, subcontractors or family pitching in, learning to delegate effectively can be the difference between reaching new heights and burning out.
Many small business owners are accustomed to doing a variety of things themselves, so it can be challenging to identify the tasks you don’t need to do yourself and assign the work to someone else. Once you overcome the challenge, though, you will have more time to dedicate to what you do best — grow your business.
Increase Your Productivity
Some of what you do as a small business owner will be routine; there are a variety of daily tasks that will need to be accomplished to keep your business running smoothly.
The more effective you are when it comes to completing the day-to-day business management tasks, the more potential your small business has for greater success. You can boost your productivity by developing systems to streamline these processes.
Step Up Your Marketing
The most successful small businesses are willing to explore new outlets of online marketing — in combination with their offline marketing activities — to see what produces the most interest.
Consistently changing, testing and mixing my marketing activities have helped me to see what works, what doesn’t and what type of result it produces.
While you do not need to do all of these activities at once, most successful small business owners find a way to work them in over time. To gain momentum, start with one or two that are already aligned with the way you run your business, and then start to make changes to incorporate the others gradually.
Use Goal-Setting to Push Boundaries
Goals can be a great way to clarify your focus, measure progress and track achievements. And for the most successful among us, goals also present an opportunity to push the lines of your comfort zone and take calculated risks.
Work with these ideas and you will enjoy limitless success in business.
You Will Succeed!
– Chinedum Azuh
Connect With The Author On