Staying Motivated and Focused While Growing Your Business: 5 Steps to Success

Are you an entrepreneur looking to break into the business world but don't know where to start? Harry Alston, investor, recruiter, property manager, and marketer is here to tell you that it’s possible to make it in business, even if you don’t have experience. In this article, Harry will share his journey of becoming a successful entrepreneur and how he copes with the highs and lows that come with the job. Harry will also share how he overcame his biggest failure - not understanding finances - and how he was able to use that setback to create profit and success. Harry's story is an inspiring one and will help any budding entrepreneur find the courage to start their own business. So, what are you waiting for? Read on to find out how Harry made it in the world of entrepreneurship!

Meet Harry Alston, an entrepreneur, investor, recruiter, property manager, marketer, and business owner. He is passionate, intense, and always looking for the next opportunity. Harry has worked in personal training, recruitment, and marketing, and has experience in spotting and capitalizing on opportunities. He has a long history of taking risks, including selling a property and not taking a wage for a year when starting his own business. Harry is open-minded and willing to take advice from anyone, which has been key to his success.

Here are the steps you need to follow to also get financial success.:

1. Develop an understanding of finances and accounting.

2. Analyze revenue streams to identify profitable areas to invest in.

3. Monitor losses and identify areas to reduce costs.

4. Invest money to make money.

5. Have a long-term vision and remain consistent.

1. Develop an understanding of finances and accounting.

Develop an understanding of finances and accounting. A basic understanding of finances and accounting is essential for any business owner, especially when starting out. To start, one should become familiar with the basic financial statements such as the Profit and Loss (P&L) statement, and the Balance Sheet. These are the two core financial statements that provide the most information on the health of a business, and they are good starting points for understanding the financials of a business. Additionally, understanding the concept of cash flow is important, as it allows one to measure and manage the inflow and outflow of money in the business. As a business owner, one should also understand how to read financial statements, how to interpret the information, and how to use it to make more informed decisions. This can be done by attending classes, reading articles, and talking to experienced professionals in the field. Understanding the financials of a business is key in order to making it successful.

2. Analyze revenue streams to identify profitable areas to invest in.

Analyzing revenue streams to identify profitable areas to invest in is a key step in any business plan. This will help to figure out where the most money is being generated, and what areas could benefit from additional resources. To start, look at the most recent profit and loss (P&L) report. This will give an overview of where the money is coming from and going to. From there, use the report to look for trends and outliers. Are there any revenue streams that are consistently generating more than others? Are there any expenses that are more than expected? This will help to identify areas to focus on and where to put additional resources. Once any trends or outliers have been identified, it is important to take a closer look at each revenue stream. What are the sources of each stream, who are the customers, and how could the stream be improved? Make sure to look at both the short-term and long-term potential of each stream. For example, in the short term, it might be more profitable to focus on increasing marketing efforts for an existing revenue stream. However, in the long term, it might be more profitable to invest in new products and services. Finally, make sure to track the results of any investments. This will help to understand what strategies are most effective and where to focus resources going forward. By closely analyzing revenue streams, businesses can ensure they are investing in the right areas and generating the most profit.

3. Monitor losses and identify areas to reduce costs.

Monitoring losses and identifying areas to reduce costs is an important step in managing a business. It is important to understand the financials of a business and have an intimate knowledge of where the revenue is coming from and where any losses are occurring. Keeping a close eye on the losses and having a thorough understanding of the finances will help to identify areas to reduce costs. This could include cutting back on unnecessary expenses or investing in more profitable areas that can help reduce the losses. Additionally, monitoring losses over time and making changes to reduce costs can help to create a more sustainable and profitable business in the long run.

4. Invest money to make money.

Invest money to make money Investing money in order to make money is a risk, but it is one that can be rewarding if done correctly. To begin, one must determine the potential return on investment (ROI) of any expenditure. This involves calculating the cost of any investments and the potential income they could generate. It is important to be aware of the risks associated with investments and to be prepared to accept that there may be losses in the short term. Additionally, it is also important to diversify investments to minimize the risk of any single investment failing to yield a return. Once the potential ROI of any investment has been determined, it is important to decide where and how to invest. This can involve researching the stock market, looking for real estate opportunities, or even investing in the development of a new product. After the decision has been made, the next step is to ensure that the investment is monitored closely and that any changes in the market are taken into account. Finally, once the investment begins to yield a return, it is important to manage the returns in order to maximize the profits. This may involve reinvesting the money back into the business or diversifying investments further.

5. Have a long-term vision and remain consistent.

Having a long-term vision and remaining consistent is essential to achieving success in any business venture. Harry Alston, investor and recruiter, credits his success to believing in the long-term vision and staying consistent despite the rejection and lack of financial reward in the beginning. His first business, a recruitment organization, taught him to set a six-month deadline in order to decide whether or not to continue with the venture. When starting his second business, EAC, he had complete confidence that the business would work, regardless of the timeline. He and his business partner maintained their vision by placing their faith in it and not taking a salary for the first year. Harry credits people to his success, both in terms of having a business partner and having a team of managers and trainees who bring fresh ideas and help shape the business. His biggest failure was not understanding the finances well enough, something he now understands to a high degree. By understanding the finances, it is possible to focus on profitable areas and ensure the business is not making a net loss despite making a GP. With a long-term vision and remaining consistent, Harry has been able to create two successful businesses and can provide advice on how to best achieve success.

Harry Alston is a prime example of how dedication, hard work, and a long-term vision can lead to success. Through his story, he has given readers an insight into his journey, from his first job in personal training to establishing his own business. He has discussed the importance of people, the influence of the finance side of the business, and the need to invest money to make money. His story is an inspiring one and provides a blueprint for anyone looking to break into the business world and become a successful entrepreneur. With the right attitude and dedication, anyone can follow in Harry's footsteps and achieve the same level of success.

I’d love to hear how you apply Financial Awareness Management to get financial success.. Leave me a comment on how it went for you or drop any questions you want me to answer!