I’ve noticed that, in letters, e-mails and conversation, more and more people are using the phrase “flourish and prosper” recently and I wondered just how many have actually analyzed what that actually means in terms of business money management, and just how it can be accomplished.
Socrates said, “The beginning of wisdom isa definition of terms“ so, by habit, I went to the oldest set of dictionaries that I own to get the purest definition of flourish, and here is what I found:
So if we can flourish, then we have a much better chance of being truly prosperous. How can we carry out the actions of flourishing when it comes to business money management? Here are a few thoughts.
Be in a state of activity and production: Activity can’t just be busy work, a person or company must also be in production. To me that means to be producing something of value that actually contributes to the income generation of the company. For example, if a salesman spends all day calling people on the phone, but closes no sales, then he was certainly active, but wasn’t productive because he didn’t produce what he was hired to produce; closed sales. If a company spends its time, money and energy acquiring or making products, but never sells any, they are not really producing. To prosper, the production must generate income for the company. (more…)
How to Manage Your Business Money Like A Millionaire – Webinar
Hi, Sandra Simmons here from Money Management Solutions to share one of the key missing steps that you need to do to manage your money like a millionaire does.
First, let me tell you that successful business money management is a very simple science. That means that there is a simple formula to follow, and if you follow the exact formula, it yields a specific, and predictable result.
Millionaires know and use this money management formula for one purpose, and that is to direct the use of their money, to control their financial future in order to reach their personal financial goals.
The first fundamental of successful business money management is deceptively simple. What is it?
It is: Make more money than you spend.
The second fundamental is: Direct the use of the money you do make in a specific way to make even more money.
How do you do that?
The fast answer is, learn and use the rest of the business money management formula.
I’ve designed a simple system that automates learning and using the formula that saves you a lot of time trying to figure this all out for yourself.
It shows you exactly how to use your business income each week to steadily progress towards achieving your specific financial goals:
• Increasing your company’s income
• Cutting waste and paying off all debt
• Making bigger profits
• Making every dime of income make more money for you
• And achieving long term wealth
It’s a simple, proven system that works. That’s been verified by thousands of business owners.
Here’s the thing…Most business owners are behind the 8 ball – scrambling to pay last week’s or last month’s bills with this week’s income.
A few are on top of the 8-ball. Just keeping up with paying this week’s bills with this week’s income.
Only 1 out of 20 are ahead of the 8-ball; using this week’s income to pay next month’s bills, to invest in the expansion of their business, and in future long-term wealth building activities.
Our system, spells out the exact steps to get you to here – in front of the 8-ball – thinking and planning in futures so you are in control of your financial future
It is a law of nature that the achievement of success starts with a decision to achieve a specific goal, followed by taking the actions necessary to achieve the goal.
So I want you to do 2 things:
One, decide that YOU are going to be the one who directs the use of your business money instead of being controlled by how much money is in your bank account.
And two, start Learning this system by accepting my VIP invitation to attend a FREE, live, one night only, online coaching webinar. I’ll be there live sharing the basics of the rest of the formula you can use to take charge of your financial future in 45 days or less, and Make Your Business Recession-Proof.
I think you will like what you’re going to see… how to increase your income and how to direct the use of your money so you take charge of your financial future.
I’ll tell you a secret about the private clients I work with all over the world that pay thousands to keep me on retainer – they are not worried about the economy, and they sleep really good at night because they aren’t worried about money. I’ll show you the basic fundamentals of the system we use that makes this happen. And I’ll share with you the results that some of our business owners have gotten by using it, so I think you’re going to love it.
You can simply visit the link below the video to accept your invitation and register to attend.
Seating at this one-night-only special event is limited, so claim your seat before it fills up.
p.s. Register now because this is going to be for a very small group and we’d love to see you there.
There is only one thing that separates you from the people who have the money you wish you had. It is not talent, skill, the things you own or the connections you have. It is the MINDSET.
What do I mean about mindset? The way you use money immediately tells me if you are a Gratification Groupie or a Genius. Here is how I define those terms.
Gratification Groupie – Overspending is a habit and money runs through your hands as fast as it arrives buying ‘stuff’ that you want but do not actually need. You think it is important to impress others with the material things you own. You follow the crowd and do what they do – shop, shop, shop, spend, spend, spend. You may give the appearance of having money, but you are drowning in debt that you cannot pay off. You look for ways to spend money, and spend time thinking about things you want to buy instead of taking action to get out of debt and invest in your long-term financial survival. You are constantly worried about money.
Genius – Paying yourself first by investing a portion of every dime that comes in the door for your long-term financial security is your top priority. You spend the rest in ways that can help you produce more income for your financial survival. You set money aside over time to buy the things you need, and you pay cash. Credit cards are seldom used, and are paid off as soon as the statement arrives. You do not use your money to buy things to impress others or win popularity. You are never worried about money.
What separates millionaires from normal people? Not much. The only real difference is what they do with money when it comes in.
You see, It is not how much money you make, it is what you do with it that determines your financial condition. There is a simple science to managing your finances the right way. Very rich people know this science.
If you really want to convert from being a Gratification Groupie to a wealthy Genius and get on the road to winning your financial freedom, here is the formula the Genius uses to manage the money when they receive it:
1 – Put a minimum of 10% into a retirement savings plan for long-term financial survival. Increase this percentage over time.
2 – Pay cash for everything, starting today. Stop buying on credit.
3 – Use a minimum of 15% of your income to pay off debt and past due bills.
4 – Pay your current bills for necessary operating expenses like rent, utilities, and telephone.
5 – Make your spending decisions based on NEED rather than WANT. Buy the things you need that contribute to your ability to produce more income. Buy used instead of new. Most items lose 25% to 80% of their value the instant you pay for them.
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Just in case you missed the importance of this one fact, I am going to repeat it. It is not how much money you make, it is what you do with it that determines your financial condition.
Ever gotten that feeling of anger and despair when you thought of working out a budget? Then the odds are good you’ve never looked up the word in a good dictionary to find out what this word really means, and thought about how you can use that to your business’s financial advantage.
Want some really good News? Running your business on a budget does not entail cutting back on the quality of the things you buy or denying your company anything it needs to operate. What it does mean, is that you have to figure out how to make enough money to afford the items your company has to have and to keep your spending within the limits of your income.
There’s more good news! The most valuable asset you have is you and your staff, and your income earning potential. If you want more money to spend, then figure out ways you and your staff can be more productive to bring in more money.
Another definition you need know is this: a BUDGET is the amount of money required for the business to operate, and to attain its financial goals.
Let’s consider the first part of the definition; how much is needed for you and your company to run. Add up all the money you spent in the past year to see how much money went out the door including what you put on credit cards plus interest. Divide the total by 52 weeks, and multiply it by 1.136. The result is what your weekly budget is. That is the amount of income your business has to bring in just to function plus barely keep up with increases in the cost of doing business. That doesn’t include paying compund interest on credit card debt.
More than likely, you have financial goals you also want your company to attain; That’s the second part of the definition. Reaching those goals must get added to your budget as well.
Here is an example: a company owner wants to purchase new office furniture 6 months from now that costs $2,000. They divide the cost of the furniture by the 26 weeks they have before the target purchase date and learn they have to set aside $76.92 every week to have the cash for the furniture. This gets added to the budget, meaning the additional amount of income they have to put into the bank every week.
Most importantly, if you, the company owner, want to attain the goal of financial freedom – working because you WANT TO instead of because you HAVE TO — then the most important part of the budget needs to be the wealth building cash you set aside in a savings plan and never touch.
Figure out how much money you would have to have in savings to live without working. Divide that dollar amount by the number of weeks until the time you would like to be financially free. Figure out how to make that much more income each week, and your budget is on the correct path to achieving financial freedom.
How badly do you want to be a millionaire in 20 years? Figure out a way to increase the company’s income enough to stash away $961.54 a week in savings for the next 1,040 weeks and you have made it to being a millionaire! The additional interest earnings on top of that will be a a nice add on perk that more than keeps up with the rise in the cost of living every year.
Today, with computers in every organization proper budgeting is accomplished much more efficiently than ever before by using Money Management Software, such as shown in this video. This software can work as a companion to your accounting software for really easy day-to-day operation.
So if we can flourish, then we have a much better chance of being truly prosperous. How can we carry out the actions of flourishing when it comes to business money management? Here are a few thoughts.
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