Wednesday, October 24, 2007
Business Insights From a Wedding -- The Groom
I've been talking the past few days about business insights that occurred to me as I attended my daughter's wedding recently. I mentioned yesterday that my new son-in-law was instrumental in my daughter's business' success.
Here's why.
Joe is brilliant with money. In everything he does, he has a plan. In talking about some of their business plans, everything has a purpose. He always knows how much each dollar he spends will bring back. Unlike so many new business owners, he doesn't just spend and hope that money will flow in on its own because, because--well, isn't money just supposed to flow in on its own when you have a business?
Like a chess master, he plans multiple moves ahead. Buying the church as headquarters for Rachel's nonprofit business makes her business a more viable nonprofit, which brings it sponsorship deals, which enables the business to pay off the cost of the church, which leaves him with the property mortgage-free, which makes the rent the business pays on it pure profit for him, while the business is able to set up a trust that provides operating funds that makes the income that the business makes from its regular operations a fund that helps the business grow instead of merely survive.
Now all this may sound like high finance that has nothing to do with your business, but it has a lot to do with it. Why does Joe make money? Because he know what he's putting in and he knows what he's getting back.
There's no luck to it. There's no chance to it. It works because he knows what he has to do to make it work.
Have you ever spent a bundle on something for your business that seemed like it couldn't miss? When you did it, did you figure out how much it would earn and what you would have to do to make it work? Or did you get caught up in the "this will earn you millions!" hype of the sales page, or your desperation for something--anything--to make your business work?
Yeah, I've done that, too. And going into something like that with a wish and a hope instead of a tangible plan has never been profitable for me.
It all comes down to having a plan, being realistic, and executing that plan. THAT'S what gets you ahead.
That's where Joe excels. And that's where you and I can learn from him.
Jeff
I've been talking the past few days about business insights that occurred to me as I attended my daughter's wedding recently. I mentioned yesterday that my new son-in-law was instrumental in my daughter's business' success.
Here's why.
Joe is brilliant with money. In everything he does, he has a plan. In talking about some of their business plans, everything has a purpose. He always knows how much each dollar he spends will bring back. Unlike so many new business owners, he doesn't just spend and hope that money will flow in on its own because, because--well, isn't money just supposed to flow in on its own when you have a business?
Like a chess master, he plans multiple moves ahead. Buying the church as headquarters for Rachel's nonprofit business makes her business a more viable nonprofit, which brings it sponsorship deals, which enables the business to pay off the cost of the church, which leaves him with the property mortgage-free, which makes the rent the business pays on it pure profit for him, while the business is able to set up a trust that provides operating funds that makes the income that the business makes from its regular operations a fund that helps the business grow instead of merely survive.
Now all this may sound like high finance that has nothing to do with your business, but it has a lot to do with it. Why does Joe make money? Because he know what he's putting in and he knows what he's getting back.
There's no luck to it. There's no chance to it. It works because he knows what he has to do to make it work.
Have you ever spent a bundle on something for your business that seemed like it couldn't miss? When you did it, did you figure out how much it would earn and what you would have to do to make it work? Or did you get caught up in the "this will earn you millions!" hype of the sales page, or your desperation for something--anything--to make your business work?
Yeah, I've done that, too. And going into something like that with a wish and a hope instead of a tangible plan has never been profitable for me.
It all comes down to having a plan, being realistic, and executing that plan. THAT'S what gets you ahead.
That's where Joe excels. And that's where you and I can learn from him.
Jeff
Labels: goals, successful business
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