5 more finance tips from some of history's greatest thinkers
To celebrate the end of the year, we figured we'd roll out a few more tips from some of the greatest thinkers the world has ever seen.
The importance of saving "It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." – Robert Kiyosaki
How are you planning your financial strategy so that you're making your money work for you? Even with large amounts of revenue, you can still find yourself stagnating and frustrated down the road, without a plan for how you'll make your income work for you and your business.
Why you should actively manage your finances “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”– Ayn Rand
At the end of the day, business owners are responsible for “steering the wheel” and driving in the right direction. Piggybacking off the previous quote, unless you're using your money efficiently, no amount of revenue will solve financial problems.
Why financial discipline is key “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
Many factors determine the success of a business, but financial discipline is always a key indicator. Companies that have weathered the storms of time have done so with disciplined leaders who were confident about their decisions.
Why you should be vigilant “Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.” ― Warren Buffett
Forecasts, reports, and market trends from other sources won't always determine the future of our business. It gives you a general overview of the landscape, but nothing more.
Nothing beats self-awareness and research-based strategies, specifically designed for your business.
Why instincts aren’t always to be trusted "A budget tells us what we can’t afford, but it doesn’t keep us from buying it."
- William Feather
How often do you follow your instincts and gut feel when it comes to spending? Sometimes we resist common sense, especially where money is involved. Planning even the smallest expenses is necessary. These so-called “small leaks” can make even great ships sink.
If you'd like to learn more about business finance, and how to read financial statements and gain key insights from them, download our free eBook "Business Finance is Hard...but it doesn't have to be."