Ashok A. Alurkar
Rupee Clinic
Businessmen have the daunting task of running their business, overlooking all the operations and ensuring everyone connected with the business grows over time.
Being a businessman is a serious job which involves taking lot of responsibility. To head a business is one of the toughest & most critical tasks. When taking care of the business, certain things need to be taken care of with utmost priority. Let us discuss a few of the important aspects that should be a top priority but seldom are for a person running a business.
A) Have a plan for your Goals
Typically one has his / her business goals cut out and they are tracked every month or quarter. However, having a plan for your own personal goals as well will help you set the right direction for your business. Not having clarity on your personal goals makes it hard to gauge the overall progress one is making in one’s life and hence the feeling of being directionless despite having a decent income can creep into your mind. Once the personal goals are set, it helps to avoid random acts which add to the excessive risk that is taken in the business. Having a work life balance starts with defined personal goals for which you are working hard and trying to earn more.
B) Focus on investing for personal goals separately
Avoid having all your eggs in one basket. Though this applies to investing, in a way you are invested in your business heavily. Nothing wrong with that but being invested ONLY in your business is a common notion that needs to be changed. Having your own family investments ensures you don’t take out money abruptly for your personal needs. Randomly taking out money from the business can affect its cash flow which can derail the smooth functioning of business.
C) Invest from your current income, not from future income
Taking on loans to fuel expansion of business needs to be thought through. Just because the bank is offering or your current income supports a loan, don’t take one. It is you who has to pay back the loan along with interest. There has to be a well-planned strategy to deal with the loan EMIs in case anything goes wrong. Be watchful of what you do with the funds at hand. Instead of paying interest on a loan, it is wise to earn returns on your investment.
D) Ensuring a Smooth Business Succession
Having personal wealth aside will help you retire safely rather than depending on your business / kids. It will also help you hand over the business to the next generation smoothly.
Just like you plan well in advance for your business goals, do the same with your personal goals and responsibilities too. That will help ease the burden on your shoulders to a large extent.
Smart businessmen are those who Think, Plan & Act for the Long Term. Smart people take the advice of experts & also act accordingly.
Ashok A. Alurkar
Rupee Clinic
alurkaraa@gmail.com
+91 8055769965
LinkedIn : https://www.linkedin.com/in/ashok-alurkar-cfpcm-92abaa9/
