Most individuals want to find various ways to achieve success in their life. This success can be measured in a variety of ways, such as, good health, financial prosperity, a successful business, and happiness. However, as you define success, it is important to make sure that your mindset is shifted to a place of business that will allow you to continue creating success in life for future generations. It is essential to ask yourself what success looks like for me and what is my plan to achieve it?
As 2021 begins, it is pivotal to understand what you want your personal and professional goals to be and how they will impact your success for generations to come. As individuals, we strive to leave a legacy in our families or on the world, but now more than ever, leaving a plan of knowledge that will lead to success can make a more lasting impact for future generations.
As you shift your mindset to focus on businesses that will create generational wealth, the first step is to implement a formula that will set you up for success. Experienced Business Financial Advisor and Founder of eXFinancial Inc, Spiceda Jackson, is dedicated to helping small businesses and individuals change their mindset to build businesses that create wealth and not just income. Spiceda created her services because she noticed that small businesses were undervalued and not being represented correctly. She leverages more than 25 years of business advisory experience: starting from a Big 4 CPA Advisory Accountant to building her own business specializing in providing professional accounting, consulting and coaching to small businesses giving them what she noticed is the formula for a successful business.
Here are Spiceda’s steps to creating a successful business:
Build your Business Foundation
Anytime you are building, you must first ensure that the foundation and structure of what you are developing is sound. In business there 3 necessary structures that must be in place to support a long lasting business: Entity, Tax and Accounting structures. A sound E.T.A. structure will help you navigate and reach your goals you have set for your business.
Know How to Speak the Language of Business
Business has a universal language and it is numbers. Numbers are not dull or intimidating. We all learn that 1+1 = 2 by the end of kindergarten, and that is the basis of what you have to know in business, addition and subtraction. But the key to understanding numbers is not merely adding and subtracting, it is understanding the outputs. Financial metric outputs are the way your business talks to you. If you purchase a product, and it sits on the shelf for 100 days and that is not the expected outcome you wanted when you spent $1,000; then your business is telling you a few things: a) the price point may be too high b) the product has low or no customer demand or c) you purchased too many or too soon. Talking to your business before tax time will help you achieve the success you covet.
Don’t Limit Your Business to You
A business is not a job. A business consists of several roles and jobs that you, as the founder and owner, cannot do alone and live the life you want outside the four walls of your business. At the beginning stages of business, many owners don’t feel they can afford to hire staff to execute. Staff are a part of the business and you don’t have to pay in the early-stages of your business with large paychecks, sometimes what they learn by growing from the ground floor is more priceless than what you can pay them. The right team member will see that. It may be a good idea to develop a training program that mentors college students, providing them with invaluable experience and mentorship.
Don’t Sell Your Business Short
We sell our businesses short when we don’t hire experts and an executive-level perspective to support our vision. Your vision for your business can and will generate wealth beyond your days working in the day-to-day operations. As Entrepreneurs and CEOs, we often go short when we should go long in hiring talent or finding the resources our business will need to grow. Every accountant is not a bookkeeper, every tax preparer isn’t right for your business and never hire a divorce attorney to handle your business matters. Give your business what it needs and nothing less. Plants need water to grow and your business needs talent and support systems.
Apply the 4-Tiers of Business to Every Vision and Success Will Follow
Every business starts with a vision, but all visions don’t make it past the ideation of the CEO because he or she has not sent the idea down or up the slide of success: Vision + Strategy + Execution + Oversight = Success. Incorporating these elements into your day-to-day and following each step, even if in the beginning you are the one doing each step, will take you one step closer to achieving your business goals. For every idea in your business apply a strategy, execute the strategy, and then oversee the execution to ensure it is in line with your vision or idea.
These tips are essential for all businesses that want to see their business grow and become more successful. Building a successful business is possible and to learn more about how to make your business success a neverending reality, contact Spiceda Jackson by visiting her website at www.BuildWealthThroughBusiness.com and to work with Spiceda go to www.exfinancialcpa.com