Whether it’s personal or business, we all need balance or synergy in life. The following are tips for providing suggestion for creating balance in your life as a Businesses Owner.
1. CASH: CASH is KING!! Debt will set you back. Instead of inflation, interest and any possible gains in dollar value working for you, they work against you. Avoid this when at ALL possible.
2. BUDGET: Budget is the BOSS. If the “BOSS” doesn’t say “yes” then there isn’t any purchase no matter how “good” the deal. A deal is NOT a deal if you can’t CASH the purchase out. Before making a purchase, ask yourself the question: “Do I really need this purchase now or can it wait until the ‘BOSS’ says yes?” Spontaneous purchasing doesn’t make you money or buy you time. No matter how good you think the deal is, it hurts you in the long run.
3. PLANNING: Planning ahead always puts time & money into the budget.
Example: Find the mean/average of your income stream. Does it meet the break-even point? In other words, if your average income stream is not at or above the break-even point, then planning ahead is very important to even out the “ebb and flow” of income. We recommend that companies and personal accounts have at least 3 months of expense cost reserves set aside to smooth out the “ebb & flow” around the “break-even” point. By planning ahead, you reduce the possibility of “emergencies”, which increases debt and increases stress!!
4. TIME: TIME = the ability to plan or project ahead + maintaining of the budget (keeping the BOSS happy) + proper delegation of tasks. By using this formula, one will free up TIME which can then be invested in other areas of life.
5. DELEGATION: Are you delegating the “non-productive” time tasks to a more cost-effective employee? By delegating these types of tasks to someone else you not only give them a job, you give yourself freedom to focus on building your business and/or personal relationships which will help grow your business and community. Consider that making an investment into a new hire which you can delegate too may be an investment into your daily sanity.
6. INVEST: Remember to invest some of the time you gained to 1) your “health” – because without you, your business can’t grow and 2) in your family relationships – because when it’s all said and done, it’s your family who will sit at your bed side!
“It is only in balancing your personal life, personal health, time investment, and management of finances that you will find true WEALTH.” ~ Ron Tyler Owner/CEO of ABC Bookkeeping & Business Support
“Synergy is the secret!!!!!”