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7 Things You Need To Know About Becoming Financially Independent
This article is from your MYB Consultancy for small business owners, in fact any business owner
Financial independence is every small business owner’s ultimate goal. Getting your mind around the fact that this is up to you will help you work out how you will achieve your financial independence. Many people achieve this through the success of their small business.
The only way that you can achieve the success you want is to:
1.Focus your Mind. Really commit to your own goal of financial independence and be clear about what that means to you. This needs to be personal and not based on other people’s perception of what’s needed for financial independence. Financial independence means different things to different people.
2.Be Disciplined. Without the discipline of keeping your mind and actions focused you will find that the distractions and pressures of wanting everything that is available to you in today’s world of abundance, can take you off course pretty fast. Successful people stay on course!
3.Create a “Spend” Budget. Without planning for your future purchasing needs and desires it is surprisingly easy to buy on impulse or pressure from someone else. Sticking to your “spend” budget sensibly will allow you to keep to budget. Make sure you also know exactly what your usual expenses are.
4.Make Sound Financing Arrangements. Most businesses need to have financial help from lending institutes to provide the capital equipment their business needs to function. Make sure that you can comfortably meet the payment arrangements you organise with your lenders. Don’t get caught with expensive and unrealistic lending arrangements that reduce the benefits you are trying to gain.
5.Undertake Due Diligence. Thoroughly investigate all your ideas and options before you make a final decision about your actions. Learn from your own and other peoples past mistakes and prepare yourself fully so that you can take thoughtful actions and make wise decisions. Don’t take risks without knowledge; take calculated risks like successful people do.
6.Use Advisors. Find someone who knows more about what you want than you do. Don’t fall into the trap of getting advice from people who are less experienced in your interest than you are. Don’t be self conscious about asking lots of questions of people who know more than you. The quality of your questions reflects the quality of your decisions – did you know that! Successful people do.
7.Make Plans and have Patience. Planning sets out the steps for achieving your objectives. Patience allows you to follow the plan. Don’t run ahead of your plans and trip yourself up.
If you want Financial Independence you have to take one step at a time along a course that you have planned. Use your business wisely to provide the funds that you need to achieve your financial independence goals. Keep these 7 Points you Need to Know about becoming Financially Independent in your mind always.
Business and personal growth is the linchpin for great business owners. Take advantage of FREE online business educations and maximise your Operational Risk Management training.
More small business owner’s success tips from me are at http://www.businesscoachingsite.com
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