Stronger Financials Create a Stronger Future

For many years after I came to the U.S., I had to live day-by-day because I carried a refugee document and was under government supervision and an order of deportation. This meant that on any given day I could have been uprooted, sent to jail or deported. I had no rights.

What those years taught me was to live day-by-day and become quite good at it! At the same time, it allowed me to be strategic and plan for the future with a backup plan or two.

I was fortunate not to get hung up on the “paralysis of analysis” approach — you know, that point where you keep searching and thinking and never do anything.

I grew up in a house full of “doers” — a home in which you do what you need to do and keep moving forward.

What I learned is that the stronger financial position you hold, the stronger future you create for yourself — and it doesn’t take a lot of money!

Most of the time, people have a better future because they are able to control their spending. It’s not necessarily how much you make — it’s much more important about how much you save.

As you plan for the rest of this year, think about setting some financial goals for yourself. How much will you spend each month? What’s your revenue, and what do you want to grow in terms of revenue percentage, month over month or year over year?

If you are in the retail space, consider the number of transactions, or the number of items.

I encourage you to have those numbers in front of you because the more you know them, the better control you have, and if you have control, you will have a better future.

One thing I firmly believe is that if you don’t control your numbers, your numbers control you!

If you are not aware of what is happening with your money, your money will chase you down. If you don’t know when things are due or when you’re going to collect, you will have to react to things as they come — which is energy-draining!

BEFORE YOU GO

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

1. Think about creating a budget
2. Think about creating goals related to that budget
3. Utilize other tools available that will help you create and manage a budget

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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.

#financials #entrepreneurship #budgeting #goals #farisalami