Just like our earlier bank account example (link to the economic definition of profit), the money invested in your business could be earning a nice safe return in the bank…or you could aim for a higher but riskier return elsewhere.
You may have also given personal guarantees to your bank to secure a loan so your business is getting more money at a lower interest rate – and you should recognise that cost. [continue reading…]
I believe your time as the business owner is enormously valuable and is often the biggest constraint that limits improved performance in the business.
And how well you use your time – which we will look at in Pillar 2 Your Inner Game – has a major impact on how well your business performs. [continue reading…]
It’s very easy to get stuck when you face a difficult decision. You can go round and around in circles in your mind, weighing up the pros and cons.
Use Zero Based Thinking To Focus Your Mind On Difficult Decisions
I learnt this technique from Brian Tracy.
It’s an effective technique to use if you are struggling to make a difficult decision or you face a dilemma.
It’s called zero based thinking. [continue reading…]