What I suggest is that you put this little exercise into use in your business for this year and I guarantee if you follow it, you will notice a huge difference by this time next year. Here it is:
Building Your Business Wealth Strategy For 2013
- Start by taking 100% of the funds you currently have in your business and dividing that amount of money into each of the allocated wealth centres in the % that is stated. This gives you your starting point
NOTE: If you find that almost all your money is taken up with the essentials of running your business – wealth centre 1 – then put the amount of money that is needed into – wealth centre 1- and then take whatever amount is left over and divide equally amongst all the other wealth centres. As you get money in during the year work towards increasing the % as stated below for each wealth centre).
- As money comes into your business, each time divide that money in to the % stated for each wealth centre. You now have your budget investment areas allocated for your business. Keep a record of the amount of money you have allocated for each wealth centre at all times.
- As you go through the year ahead and work towards your business goals you will find that it is easier to make decisions on whether or not you are in a position to ‘invest’ in your business using the money that is allocated in that wealth centre.
Wealth Centre – 1 (Allocate 50% of business income)
This wealth centre ensures the smooth running of your business. You allocate this money for everything that is to do with overheads, accounts, administration, salaries, your salary etc.
Wealth Centre – 2 (Allocate 10% of business income)
This wealth centre is your business gold. You invest this amount of income into long-term assets that will increase over time. In the long-term, this wealth centre will be very valuable if you’ve invested wisely. This income may be invested in property (buildings), shares, value of database etc.
Wealth Centre – 3 (Allocate 10% of business income)
This wealth centre is your liquid gold or short-term assets. You can use this amount to invest in things such as a new laptop, improvements to your office, equipment etc.
Wealth Centre – 4 (Allocate 10% of business income)
This wealth centre is for investing in your personal self-development. You may wish to take on a coach or mentor, attend a course, or buy some CDs or books. This can be for anything that will increase your knowledge and help you to grow your business.
Wealth Centre – 5 (Allocate 10% of business income)
This wealth centre is for investing in enjoyable activities or why not spoil yourself? Your business should not be all work and no play. If you have a team, hold a team-building day, or give them a bonus or a surprise gift. If you are a sole trader, treat yourself to a day out at a spa, have a game of golf or go on a weekend retreat. Reward yourself. If you are really short on cash to allocate to this centre, then take time out of your business doing something else for ‘you’ in lieu of the amount of cash you would have allocated.
Wealth Centre – 6 (Allocate 10% of business income)
This wealth centre is for giving something back. It’s about giving and receiving. You may want to offer free gifts or downloads to your database. Or you may want to support a charity or cause that you feel strongly about. You may want to volunteer some of your time to the amount of cash that you would ordinarily have allocated to this wealth centre. It’s entirely up to you what you do it, but do it with gratitude and giving something back.
As you’ve probably realised, business wealth centres are all about investing in your business and managing your budget in a way that instils responsibility and allows you make decisions wisely. But more importantly, it gets you to look at your business as a tool for generating and using your wealth, rather than something that is built on ‘lack and need’. It frees up your thinking of not being worthy and instils a mindset of ‘I am truly worthy’ and ‘I am open to giving and receiving’.
You do still need to set goals, plans of actions and learn business-building techniques but if you follow the above guidelines, you WILL be building your business on a wealth platform. Try it – it really does work!