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7 Financial Health Strategies for Young Entrepreneurs

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Do you know what the main reason is for the failure of newly created companies? The reason is not that they did not conduct a preliminary analysis, did not create a unique proposal, or began to conduct business in a very competitive environment.

The reason many companies fail is due to the issue of not financial monitoring the state of the company. This is especially true for young entrepreneurs when confidence in success, ambition, and adventurism blur common sense. 

In this article, we talk about 7 simple yet effective strategies that will allow your company to always remain financially stable:

1. Track Your Performance

This is the main rule of any financial strategy – to know the real price of each of your actions and evaluate it in terms of business profitability. And for this, you will have to work with real numbers, track financial indicators, analyze, and create interim reports.

For example, if you’re the owner of the site participating in an affiliate program, you must accurately understand the cost of each lead attracted to your site and correlate this value with the commission that you receive from the sale. If you launch a contest on Instagram, you must first predict the desired results and understand the cost of each new subscriber from the perspective of the total cost of the prize that you promised them.

2. Optimize and Automate

This is the best way to reduce costs and allocate free money for your development. Modern technologies make it possible for a business to achieve maximum efficiency simply by automating business processes and optimizing labor. Of course, the practical steps will depend on your type of business.

Some examples include transitioning to a remote form of work allowing you to eliminate the need to pay for office rent. Another example is to automate your marketing efforts to save the marketer from routine tasks.

3. Keep Different Accounts for Personal and Business Finances

The best way to create a complete mess in your finances is to not separate personal expenses from business payments. Have you heard of the rule that the owner of a business gets his salary last? 

For a business to be sustainable, it is first necessary to pay for the work of employees, make payments on all debts, pay off suppliers, set aside a little non-combustible fund, invest in development, and only then dispose of the remaining money at your own discretion.

“The caliber of your future will be determined by the choices you make today.” – Anthony ONeal

4. Pay Your Obligations on Time

If you want your company to be financially stable, it is important to avoid debts. This applies to all types of payments you need to make within a month. Above, we already listed the main items of expenditure, but the essence of this rule is that by paying everything on time, you will increase the value and profitability of your business. Employees will be loyal to you because they can be sure of tomorrow, suppliers will want to work with you, and loan interests will not grow exponentially.

5. Take Care of Your Employees

Your employees are the main driving force of your business, so they should feel valued. You need to maintain their loyal attitude, because they not only help your company remain financially stable, but also take it to a new level. 

Motivated, involved, and confident ​​employees can help you take your business to new heights. As for how to make them such people, just ask a direct question, and they themselves will tell you what they lack in the workplace.

6. Build a Contingency Fund

Of course, clear financial strategies are good, but no one has immunity against sudden changes in your niche. If you use the capabilities of big data and analyze trends, you will be able to see alarm signs before others and have time to adapt. It is crucial to have a contingency fund that will give you the ability to stay afloat until you fully adapt to the changes.

“Someone’s sitting in the shade today because someone planted a tree a long time ago.” – Warren Buffett

7. The Best Way to Spend Is to Invest

If we are just talking about maintaining a business at a certain level of profitability, then in principle, it will be enough to use all of the above tips. But if you want your business to develop, it is necessary to invest in its development. And these investments must be comprehensive.

The best areas to invest in business development are investments in technology, product improvements, and investments in employee education and customer service. Determine for yourself the key areas for business development and you will immediately understand which area requires the most immediate investment.

It is necessary to invest before you take part of the earned money into your pocket. If you don’t, your company could stay stagnant. Additionally, your competitors will not be embarrassed to take advantage of this and derive additional benefits for themselves.

What’s the best piece of financial advice you’ve ever received? Let us know in the comments below!

Luke Loftin is a blog writer and an award-winning indie filmmaker. When he isn’t writing about himself, he specializes in finance and health, blogging about all sorts of topics including credit cards, personal loans, bank accounts, and the digestive system. He currently writes for LeadsMarket among other sites, and his articles are scattered all across the information superhighway. You can find him on LinkedIn.

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Lessons We Can All Learn From Martin Luther King Jr.’s Leadership

While reflecting on the magnificent life of Dr. Martin Luther King Jr. I began to uncover what truly made Dr. King such a powerful leader

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While reflecting on the magnificent life of Dr. Martin Luther King Jr. I began to uncover what truly made Dr. King such a powerful leader. Many revere him for the change he brought forth so it’s no wonder that he was heavily influenced by the man who said, “Be the change you want to see in the world”. He embodied that statement on the deepest level and lead people through one of the most challenging yet historic times in our nation. 

But what was it that made Dr. King’s movement so different than the rest? A quality that transcends ego and unites a people so divided? 

My greatest and most moving discovery while studying the life of Dr. King was the very answer to our question. 

Yes, he had the personality to be a leader, yes he had the bravery to use his voice, yes he evoked REAL change in government and policies, but the manifestation of all those comes from his willingness to lead a movement truly rooted in consciousness. 

A peaceful approach

Dr. King was continuously met with frustration, hate, and even violence by both law enforcement and those who wanted to fight for equality through violence. But the more violent things became, the more he dug his heels into a peaceful approach. Dr. King’s unwavering faith in the power to lead with peace and not violence is undoubtedly why his legacy is such a pillar of our nation still to this day. It is easier to fight.

Hate, anger and separateness from one another are primitive emotions on the emotional scale of well being but It takes awareness, understanding and elevated consciousness to move from a place of peace and understanding. Dr. King knew that we all have access to these states of higher consciousness and that our true power lies in a peaceful approach.

He is an example of the truest essence of our consciousness in this human experience. How to truly love your neighbor as yourself. 

Conscious compassion

Even the strongest opponents are human. Meet hate with love + compassion for the enemy” he said. It wasn’t his resistance to violence that made him a peacemaker, but rather his commitment to keeping compassion and connection to all humanity at the forefront of his movement. A profound understanding that underneath all the hate, violence and discrimination, we are all one. We all come from the same source and we are all human.

A conscious king

A man of his position, his power, his following could have been easily swayed by the human temptations of the ego. But he remained steadfast in his cause to bring forth real change. He understood on the deepest level that we are truly a stronger force in the universe when we move as one unit, with one mind, and one goal. That the separation from one another is the weakness of humanity. That our strength is in those things that unite us all, the qualities that give us life.

His success was in uniting not just the people of America but the consciousness of America.

No matter our gender, or our social class or our color, we all love, and we all seek peace. We all feel joy and happiness, we all want to be met with compassion and understanding. 

His cause went far beyond the need for physical freedom and equal rights. His cause was for freedom of mind, freedom of heart, freedom to be one. 

Lead with love

In his last speech he said, “I may not get there with you, but we AS A PEOPLE will get to the promise land”. And we will. At some point, we will inevitably come back to this oneness that we all come from.

The truth is? We don’t know when our last day is. Our last march. Our last speech. So this Martin Luther King Jr. Day I ask you, what will your legacy be? Are you leading a life founded in the principles of Dr. King’s movement, founded in the higher consciousness of humanity? Every moment is an opportunity to love, to show compassion, to bring forth peace and in the words of Dr. King “The time is always right to do what is right”.

Dr. King said, “I’m here to remind you, we’ve come a longggg way, but there is still work to be done”. 

And I’m here to remind you this Martin Luther King Jr. day in 2024 that we HAVE come a longggg way, but there is still work to be done. 

His fight is our fight. His mind is our mind. His spirit is our spirit. Rooted in the consciousness of all humanity. We are all one. And when we embrace the understanding of that, we will truly say

“Free at Last, Free at Last, Thank God Almighty, We are Free at Last”.

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