5 Money-Making Rules For Agents, Business Owners & Leaders
Making money remains the name of the game. Yes we want fulfilment, happiness and work satisfaction but at the end of the day, profit is a goal we want to achieve. For us to achieve profitability as agents, business owners and partners we must follow what we call the Monley Money Rules. What are these rules you ask? Well, let’s discuss them right now.
“Money is usually attracted…not pursued” (Jim Rohn)
Rule Number One:
Spend more sweat than you do money. In other words, do all you can to be frugal and work smart at all times. In order to succeed in the long run you need to be able to make money…and keep money. Now is not the time to be spending frivolously. It’s time to be wise, be smart and spend carefully.
Rule Number Two:
Save marketing dollars and maximize the power of social media. Word-of-mouth marketing still remains the most cost-effective marketing method in human history. It has stood the test of time and is still a powerful way to spread the news about what you do. Social media, however, is like word-of-mouth on steroids! If done correctly, you can reach exactly who you need to reach whenever you like, as many times as you need to. Learn more about how to maximize platforms like LinkedIn, Twitter & Facebook so that you can save dollars while you make dollars with new clients.
Rule Number Three:
Have an established budget for your enterprise. There are so many financial questions you will need to answer as a business owner. Creating a solid budget will always help you answer them as time moves forward. Set up a month-to-month plan for the next 12 months, align them with the financial projections sections in your business plan and work closely with a CPA or financial advisor to make sure you’re accountable and on point throughout the next season of business.
Rule Number Four:
Learn the language of money and become an expert. Quickly. You will need to know money if you want to make serious money. Many make the mistake of leaving all the financial gruntwork in the hands of a professional and never really take the time to learn the basics of financial management. As partners of Monley Innovations, we expect all our associates to be aware of trends, updates and concepts that affect our economy and we encourage all to make sure they know how to balance books, analyse operating expenses and not just write checks.
Rule Number Five:
Never allow frugality to stunt growth. Ever heard of the term “penny-wise, pound foolish”? Don’t be that person. Opportunities come thick and fast, and the most important thing for an entrepreneur to have is the ability to recognize, maximize and prioritize that opportunity in good time. Never make the mistake of being so worried and concerned that you turn fearful of growth. Sometimes you will need to take risks in order to take advantage of a once-in-a-decade opportunity.
Edmund Burke once said, “if we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.” As important as money and profit and gain are to the life of our businesses, we must establish balance and control.
There are countless tips you can find all over the internet in regards to financial management, stewardship of wealth and how to grow your business. These are our Monley Money Rules. Use them, teach them, live them. As business leaders in 2018, there is no longer excuse to be broke.