MONEY – THE LIFE OF ANY BUSINESS
Lifestyle Is the Soul of “Why” We Run a Business
The potential to be successful is embedded in us from birth. The things that separate those who live out their potential from others are the smart decisions and strategies. For some reason, many of us keep boasting about our success or exaggerated achievements, and this is the beginning of our downfall. What those living the Elite Business Lifestyle don’t tell you is that they got to where they are in business by forging solid relationships. One other thing that they don’t tell you is that loyalty is expensive yet cannot be bought.. Your clients will only be loyal to you if they get value for their money. Therefore, you have to keep on researching on new ways to improve your goods and services. Build a network that connects you to every key person of influence. This will help you make intelligent and informed decisions.
As the business grows, so will the money. Your lifestyle will gradually change because you’ll be consistently looking for ways to make passive income. You’ll develop an urge to keep the money growing. The financial security you’ll have gained over the years will allow you to make investments around the country or even the world. As long as it’s a wise investment.
Money gives you an opportunity to practice what we love to refer to as lifestyle entrepreneurship. Because you’ve grown financially, you can mold your business to support the kind of lifestyle you’ve always yearned for. You don’t have to wake up in the morning and go to work every single day. Thanks to the tremendous steps you’ve made, you can now use the business to positively change other people’s lives. That’s what those living the Elite Business Lifestyle quietly do.
Such a lifestyle offers flexibility in that you can operate from anywhere in the world by coming up with a schedule that best suits you. We’ve seen people travel several times a year, but still work without stretching themselves too thin. The travels are part of the Elite Business Lifestyle. You can take your family on incredible trips, and leave behind the business fully operational. That is what we all call, freedom!
Money and Entrepreneurship
It’s no secret that a high percentage of startups fail due to various reasons. This is a fact known to almost everyone who wishes to jump onto the entrepreneurial bandwagon. It’s really sad to learn that most of these people lose heart once they are faced with inevitable setbacks. If your goal is to achieve the Elite Business Lifestyle you shouldn’t be motivated by money. The revenue you’ll get from the business should be used to help the business grow. Learn what you can from the experience, try to enjoy the chase, and don’t be in a rush.
Entrepreneurship is entirely different from a nine-to-five job or a get-rich-quick scheme. It’s a journey only understood by few successful people. You have to understand that you’re about to go deep into unchartered territory, and just because your money is running out doesn’t give you an excuse to bail. The decisions are going to be daunting, so you won’t know which direction to take most of the time. In a nutshell, the odds will always be stacked against you, and that’s why you have to:
- Be persistent
An Elite Business Lifestyle becomes a reality to the most persistent individuals. This is a trait that every successful entrepreneur drops every now and then when asked about how they made it possible. By now if you’ve not learnt how to deal with rejection, you’re on the worn path. The worst is yet to come. You’ll only make it if you don’t give up. Every time you fall down you have to pick yourself up, and try again. Just because someone sees no value in what you have to offer doesn’t mean that the next person won’t. Even if you’ve pitched the idea to a million people already, keep adapting, keep listening to feedback, keep pitching until you get that one guy who’ll be into it.
- Compete against yourself
It’s easy to make bad business decisions when money is involved. Especially in situations where you obsess over what other people are doing. Your company depends on a positive cash flow to stay afloat. Growth is a gradual process, so don’t go all out and start making new acquisitions knowing very well you don’t have sufficient capital to cater for such expenses. Give yourself time. Businesses grow at different rates due to so many factors.
- Focus on the bigger picture
Have a vision of where you want the business to be at and use the little money the business is making to make improvements as you move. An excellent entrepreneur knows how to play the hand they’ve been dealt. Small profits are enough to help you realize your dream, and one day you’ll be living the Elite Business Lifestyle if you’re already making sacrifices today.
- Take risks
How else are you going to grow if you can’t take the necessary risks? Every decision you make affects your business one way or the other. Sometimes it pays off and sometimes it doesn’t. That’s just the nature of the game.
The bottom line is, an Elite Business Lifestyle is not a myth. Your business just has to make enough money to help you realize your dream. For it to generate enough revenue you have to understand all the market forces, and what the business needs to grow.
In the world of business it’s absolutely impossible to force outcomes or try to manage results. At the end of every year you only get an excellent outcome if you’ve worked hard for your company. That’s how you get to living that Elite Business Lifestyle that you see other entrepreneurs living out there. The rewards are definitely life changing.
Milo, an ancient Greek athlete, sought an unorthodox but effective method of growing strong. He decided to carry a calf daily as it grew into a bull. Learn to think outside the box if you want to prosper. Ask yourself what will help you increase the cash flow. Work on the sales, analyze the market forces, and improve your interpersonal skills. Those who now live the Elite Business Lifestyle will tell you that any case of an overnight success has an incredible back-story.
No one can really dispute the fact that to this day, that age-old saying “Cash is King” still applies. You don’t have to be educated to realize that without a reasonable amount of cash at your disposal, you’ll eventually run into major financial woes or be forced into bankruptcy. If you want to one day live the Elite Business Lifestyle you have to be cautious in every step you take. You have to know how to earn more money, and how best to spend it. Even though several other factors dictate how successful you’ll be in business, without money, you’ll be going nowhere. Simply put, money is the lifeblood of any entity that you’ve ever come across. Companies need it if they are to deal with unexpected expenses or when thinking about new acquisitions.
Not just anyone can create a business and end up living the Elite Business Lifestyle after a couple of years. There’s a reason why entrepreneurs are referred to as a special breed of individuals. To be one, you must have a drive and need to succeed in whatever you do in life. Your competitor will only grow faster than you if they are hungrier than you. Immediately you realize you’re falling behind you have to go back to the drawing board, and look for ways your business can generate more profits.
Reasons why money is so significant in any business
Success in business is primarily defined by growth. And you can only grow in business if you have enough money to invest. With enough cash, you’ll be in a comfortable position to acquire new infrastructure, improve technology, and invest in research. You don’t have to work if your business always has a positive cash flow. Your money will be working for you! You’ll have joined the small percent of individuals who are already living the elite business lifestyle.
A business that can generate enough money gives you the power to respond to emerging issues in an instant. The positive cash flow gives a business owner a level of confidence that allows them to right away make critical purchases. You won’t have to pitch anything to a lender if you wish to take on new debt. Your lifestyle will do all the talking. Also, you can strengthen the bond you have with shareholders by simply dishing out cash in form of dividends.
- Survival during recession
The ride is undoubtedly going to be bumpy on certain days. Every business has to go through that period in time when things don’t work at full potential. You might have the power to control most of the micro factors that affect your company, but the macro factors might be out of your reach. For instance, you might experience a global recession that causes the sales figures to drop. If you have enough money, you won’t have to declare bankruptcy to pay off your fixed expenditures or downsize you employee operations. Those individuals living the Elite Business Lifestyle have already anticipated such downturns and put away an adequate amount to be used during such times.
- Expansion in the absence of loans
Lenders are increasingly becoming thriftier when it comes to down to how they lend money. They’ll force you to jump through a lot of hoops just to get a loan that might not even be enough for what you want to use it for. With cash on hand, you can take advantage of any opportunity that might come your way. For example, you could be well positioned to make a significant acquisition. That right there is an option only available to those living an Elite Business Lifestyle and not those living a lifestyle of penury and squalor.
- Reduced the transaction costs
We’ve already noted that what makes the heart of any business to keep beating is money. So what you take away from the business has to be replaced as soon as possible. Your expenses should not outweigh your revenue account. Simple.
- Covering new hires cost
We understand that as an entrepreneur, you have to wear many hats. But unfortunately, no man can operate as an island and that’s why you have to seek out help or support. In other words, you might be compelled to hire full or part-time employees or create virtual team, with no full time contracts needed. The cost of hiring is not just about salaries. There’s the time spent to recruit, and train them. Getting them up to speed with what goes on in the company is a major investment. In this case, taking a loan might seem as a solution to a temporary problem, but you should also know that they’ll only push further your dreams of ever living the Elite Business Lifestyle seeing as you’ll spend more years paying back the debt.
Your business is like a living body. There has to be a specific flow for it to effectively function day in and day out. There will always be mundane and critical expenses that will require you to have cash on hand if you want to keep things moving. The money you generate will give you the ability to invest when growth opportunities present themselves. A good entrepreneur should know how to keep the flow going undisrupted. Cash has to be managed and this is usually done differently depending on the business.