The 3 B’s of Success is the second in a series of articles to help you reach your goal. What are your goals? I know you thought about it! You know, it is your dream, wish or resolution you made! Before you can get to where you want to be, you need to know where you are going. You wouldn’t get on a bus, train or plane without knowing where it was going.
Did I always know what to do? I don’t know, but anything I wanted became a goal. I learned I had to work for it. I remember that I had to save for anything I wanted. My parents generally provided me with what I needed. My parents were old school. They worked very hard building businesses and had very little time for me. I remember spending a lot of time watching them in business. You can learn a lot from your parents, but I did not appreciate it at the time.
Success in business requires a lot of skills. Starting or running a business is working on multiple goals and moving forward at the same time. I think I learned these skills by watching my parents and playing a lot of card and board games. I learned about plans for expansion, seasons, marketing and strategy. I learned strategy in very interesting ways. Strategy is a plan of action designed to achieve a particular goal. It could be a game of cards, chess game, monopoly or starting a business. What is your plan?
An important part of business success is a budget. You know that structure, you need to achieve your financial goals. My parents would work with their bookkeeper to find out their income and expenses to create a budget. They used the budget as a plan or structure to run their business. Many people develop a budget as part of a business plan to go to their banker to borrow money. They used it to keep them profitable. Profits were invested in the businesses because they never borrowed money. This is a good lesson in itself!
A bonus is something given or paid over and above what is due. If success is achieving the goal, a bonus is payment for success. I see it as extra payment for a good or better than expected performance. A bonus can be something you earn while working for a company or it can be additional profit when you are in your own business. A bonus is definitely a payment for success. A bonus can be the money you earn from selling the business. A bonus can be the depreciation you can offset against income and pay less tax.
This is the second article in the series about success; I expect to publish throughout 2012. There will be twenty-six (26) of them, one for each letter of the alphabet. The 3 B’s of success discuss business, budgets and bonus. Success for many of us revolves around money. Money and profit are good measurements of success. If a business does not make a profit, it is considered a failure. A budget must lead to your financial goal to be successful. A bonus is just indication of success. These are just three (3) examples of success using the letter B.
I started this series because I run into so many people who have difficulty reaching success. They want to know my secrets! So I thought I would share them in a format that will be most helpful. I also think this format may make it more interesting and easier to use. My goal in these articles to provide useful and interesting information that will help you succeed. The 3 B’s of Success is a series.
Photo by: stefan erschwendner
The 3 B’s of Success is a series.