Last week as I sat talking with a couple about their personal finances I saw this week’s blog starting to write itself. We had been talking for almost an hour when I shared the importance of running your life like a business; Step 4 of my Wealth Builder 10. The more we talked I sensed once again how this simple, powerful concept of Running Your Life Like a Business held the key to building uncommon wealth. All they had to do was “pull the chain”!
In the restaurant business, every day we would declare we were open for business by pulling the chain that turned on the neon “open” sign in the window. When the sign lit up, we signaled that we were prepared to run our business. In much the same way, by implementing these five simple actions below you can prepare yourself to run your life like a business and “pull the chain” to open your life business:
1. Name your business. This is an important step. Something happens when you name your Life Business. It takes on a life of its own. It’s been my observation that wealth builders who have taken the naming process as a serious step usually are the ones who achieve the greatest results. Here are a few examples from your fellow wealth builders to get you started: Fly Girl Creative, Brown Bunch Inc., Love-Nail & Chanel, Hughes, Inc., Tall Trees, Inc., and my favorite, Team Pinkerton. The Howard family not only named their business but even created their own their own logo. Impressive! :
The name of My/Our Business is: ______________________________
2. Determine who owns the business. In your Life Business there are no silent partners. If you are single, you own your business 100%. If you’re married, you and your spouse are 50/50 partners. I know this may seem obvious, but so often we don’t accept equal ownership.
Who owns your business? _______________________________________
3. Decide on responsibilities. Just like a business, decide who is going to handle the checkbook, maintain the budget, track expenses, and reconcile the bank statement. Most of these responsibilities can be divided up by who has the time and knack for handling the accounting. Remember, the person doing the inputting and calculating doesn’t get to make the ultimate decisions. Owners make decisions equally.
Make a list of individual responsibilities: ______________________________________
4. Make a pact to communicate. To be successful, you and your partner must develop a way to communicate. I suggest short weekly meetings, once a month meetings to review the monthly results, annual meetings to evaluate yearly goals, and emergency meetings as needed.
The first meeting is scheduled for: _____________________
5. Commit to understanding, controlling, and directing your money. Become the boss of your money. The reality is that wealth building requires you to have a basic understanding of the numbers. Guided by simple tools like my wealth builder forms and software like Quicken Deluxe anyone can understand, control, and direct their money.
I/We commit to understanding, controlling, and directing my/our money to achieve my/our dreams.
Are you ready to start building not just wealth, but uncommon wealth that yields uncommon dreams?
Take action by filling in the 5 blanks above
Let me know what you’ve named your business.