Want an extra $100k in the next 213 days?
Well how are you going against your budget this year then?
No, I am not going to ask if you have one (a budget) as if you read my blogs, I am assuming you are savvy enough to have one.
How much are you behind budget this year?
If you are up on your budget, terrific, same principle will apply, it just means you will make more money at the end of the financial year than you planned (nice problem to have!).
If you do not make YOUR budget this year, how much cash do you miss out on personally? How much pressure comes ONTO you next year? Oucchhhhh, right?
So grab your budget and work out your actuals for the year to date and work out how much you are down (or up)?
I just spoke with a terrific client of mine and we realised that in his business, if 2 people lifted their productivity to the company standard and the rest of the team lifted their productivity by 1% per month, budget would be achieved! AWESOME!
This is why Warren Buffett (2nd richest man in the world) from Berkshire Hathaway says the 8th wonder in the world is compound interest!
Problem Mindset: I cannot make up the deficit of my budget and get what I want
Solution Strategy: I will focus on the 8th wonder of the world – compound interest!
Compound interest simply “arises when interest is added to the principal, so that from that moment on, the interest that has been added also itself earns interest.” (Wikipedia definition).
So if you want to make more money or get more time back, then do the 1% this day/week, then do it again tomorrow/next week, etc etc. This is how compound interest can work for you NOW!
Think about this in your business as to where this could apply. Here are some that could apply to you:
- Lifting your sales calls/emails/faxes/sms’s per week by just 1% for 20 weeks in a row
- Culling 1% of your expenses per week/month for the rest of the FY
- Marketing to 1% more people per week via email
- Giving 1% extra service to each client you serve every day
- Executing 1% more per day for 90 days on writing and teaching your systems
- Deleting 1% of your email inbox per day for 60 days (as opposed to filing them)
- Etc etc etc
Your challenge or exercise from this blog is identifying 1-2 places in your business, considering your resource level, or your stage of business, that you can begin to focus on compound growth.
Email me what your 1-2 new commitments and Lisa and I will schedule a time in our diary to email you directly to check in on how you are going with that. YES, a free service to you that will specifically help you achieve what you want in life.
BUT, you have to take the action to initiate the support, so it is up to you!
You can do it and we would love to help you, so do the exercise, email us and join the Teach it Forward movement of “Stronger businesses, happier people”
Have an amazing week!
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Life as a business owner with a younger family, CAN BE HARD and we go through so many issues and face many internal demons daily. Let’s talk about these, bring solutions and collaborate, to solve the challenges and achieve what we want in life - peace, happiness and satisfaction, WHILE we grow our business!
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