Let’s face it, there are a lot of needs that money can fill for us in our daily lives. But money can carry negative connotations for several people. Some may use negative terms like "Money Hungry" to describe someone who seems too focused on "The Benjamins."
Where do you stand? Are you obsessed with chasing after money and you’ll do anything to get it? Do you feel that money is evil and that chasing after it is wrong? Or do you see money as a tool to help you purchase the things that you need and want?
Our relationship with money can stretch far back into our history and having a poor relationship with money, so to speak, can cause problems for our entire lifetimes. Without going into a lengthy discussion about it, let’s just summarize it this way.
You either have a good or bad relationship with money and your attitude towards money is either one of stress and anxiety or an understanding of its worth and value in your life. After doing some research into your relationship with money, take the time to visit with a financial advisor so they can give you some rules of thumb and get you pointed in the right direction. It’s important to get this right because money problems have caused numerous divorces and have shipwrecked countless businesses. Open dialog about money is important in business and in personal relationships so communicate thoroughly about your financial situation and you’ll avoid many pitfalls.
What about the title of this article??... "The Benjamins." When it comes to your business, it’s important to focus on the bottom line. Just focusing on your AGR (Annual Gross Revenue) can give you a false sense of security. Your key financial goal needs to be focused on profit because that determines what you have to work with after all expenses. Focus in on activities that can improve your bottom line profit and produce a positive return on investment.
Best practices to help you here are to have your financials produced on a monthly basis and to review them thoroughly for trends and potential problems. After 6 months of reviewing your financials you’ll be highly skilled and you’ll have a much better understanding of where your business is headed. Give it a try and you’ll find out exactly what I mean!
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