CEO Prosperwell Financial, Wealth Advisor RJFS.
Now that I have been in business for 20 years, I feel like I have made enough mistakes to share some wisdom on how to prioritize your health, wealth and happiness as a business leader. Here are some of the most important lessons I’ve learned along the way:
1. Get a plan.
If you don’t have a financial plan, a plan for your business trip, an agenda for your meeting or even a plan for your next workout, how will you know what to do? Use your phone, a written calendar—anything. Find a system that works for you.
2. Set goals.
Just like a plan, you want to set goals to get where you want to go. If you don’t have a goal, how will you know where you are going? Sit down and think: Where do you want to be this time next year? What is the first thing you can do or the step to take to get there? Set goals for yourself and your business as a whole. Encourage every team member to have their own individual goals and share them as well.
3. Acknowledge where you need help.
Do you need to hire an advisor, an accountant or someone else? Hire who you need to help you achieve your goals. It is OK to ask for help.
4. Consider your savings.
It’s important that you’re prepared financially for the future. In case of an emergency, any wealth advisor (myself included) would recommend having enough liquid money saved to cover six to 12 months of expenses. I also recommend reviewing your savings or retirement plans, such as a 401(k) and/or Roth IRA. The government allows you to put $22,500 in your 401(k) each year. If you are over 50, it is $30,000 a year. In a Roth or traditional IRA, you are now able to put $6,500 away. If you are over 50, that number increases to $7,500.
5. Give yourself grace.
Treat yourself like you would treat your best friend. Business owners are often extremely tough on themselves. You likely expect a lot, work all the time and are always trying to be better. You strive for the best and the most, but you need to give yourself grace so you don’t get burned out.
6. Read.
Reading can help you improve your skills and challenge your mindset, so explore resources that are related to the topics you’re interested in. For example, Traction: Get A Grip On Your Business by Gino Wickman helped my team develop structure. We huddle every day and say what we are grateful for and what we are working on. We then have a longer team meeting where we go deeper into client needs or team needs, our goals, etc. Another example is Effortless by Greg McKeown, which helped me slow down and think about things differently. I realized what truly is important and what matters. It helped me take a moment to pause and ask, “Why?” Why do I do what I do? Why do I get up in the morning?
7. Set yourself up for success.
Develop a system that helps you succeed. I recommend getting a notebook, journal or planner that you can write in daily. Write down the things you are grateful for, and write out your schedule and the top five things you need to accomplish during the day. Take some time to see what you can change or remove from your schedule so you can focus on your most important tasks. I do this every Monday. My calendar is blocked off every Monday at 1 p.m. for me to “spend time to make time.”
8. Allow yourself to rest.
I used to be proud of the little sleep I got, but I learned that if I got a good night’s sleep, I could think clearer and make smarter decisions. Find what helps you relax and get the rest you need. For instance, perhaps you could use a sleep-tracking app or turn your phone on “do not disturb.”
9. Get moving.
Personally, I recommend dancing. Take lessons. Move. Laugh. Do something to get you moving. I find this helps me relax. When you’re a leader, it is important to find ways to relieve and manage your stress. I believe the more fluid and relaxed you can be as a leader, the better off you are.
10. Check one item a month off your ‘live it’ list.
I believe life is all about living to the fullest. The “live it” list is your bucket list. When you’re running a business, it might be easy to ignore this list, but make sure you take time for the things you want to do in your life before it’s over.
11. Have a money date.
Set time aside once a month with yourself and/or your significant other to talk about your money. You can look at your financial plan, your insurance, your budget, your retirement accounts, etc. This will help you stay on top of your finances.
12. Tackle your debt.
Debt can be stressful and hurt you as you want to grow your business. It is best to be a good steward of your money. Run your credit report to see where you stand, and take steps to get out of debt. If you have credit card debt, personal debt, car loans, etc., make a plan for how you will pay those off and get them gone. It’s all about changing your behavior with your spending.
These are just a few things I have learned throughout my 20 years in business. Leaders can use these lessons to help set themselves up for continued success and growth.
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