The first stage in the success path of being financially free from your business is being honest with yourself about where you stand. Today’s video is going to help you understand why being clear about where you are might be the most important step you can take and helping you become financially free from your business, even though it’s the first step.
Transcript
The first stage in the success path of being financially free from your business is being honest with yourself about where you stand. Today’s video is going to help you understand why being clear about where you are might be the most important step you can take and helping you become financially free from your business, even though it’s the first step.
Hi, I’m Josh Patrick, the founder of The Financial Freedom Project, Stage 2 Planning Partners, The Sustainable Business and the author of Sustainable – a fable about creating a personally and economically sustainable business.
I hope you agree that knowing where you stand on the road of financial independence is the first step in understanding how is big, if any of your problem is, and knowing is always better than not knowing. So let’s jump in to look at four reasons you not might not be taking the actions that you should.
So, number one, Perma-Five rules your financial life. Now what Perma-Five is?
Is everything always feels like it’s five years away?
If I was to ask you, when are you going to be financially free from your business, you might tell me five years. If I come back two years later, you still might be telling me five years. And what that means is you’re really aren’t quite sure what you need to be doing to leave your business or to become financially free from your business. And Perma-Five really exists just because you don’t know.
So, here’s number two. You don’t think you have any options. You know, I don’t want to cross this all the time, and this is where mindset comes in. And again, into this chicken and egg thing about mindset all the time, whether it’s mindset or actions, but the truth is most people don’t do change well, and you might be one of those people. So, here’s what I would like you to do. I have a magic question.
I’ve used this magic question for years and the magic question is: “What would happen if?”.
If I was to say to you, what would happen if we did this, you might say, all these terrible things are gonna happen. And then we can drill down and drill down and drill down and see if that really is true or not, right?
Here’s number three thing. Becoming financially free from your business is actually an innovation process. Now, one of my favourite management thinkers is a fellow named Peter Drucker, who is credited for being the founder of management consulting and a management theory. And what Peter Trucker was saying is:
“Only innovation and marketing produce results, everything else is a cost”.
So, the result that we want to get is we want to help you become financially free from your business and what we do is financially freedom makes your business more valuable because you’re going to do things that will increase the cash flow of your business. And the truth is the next owner of your business, if there is an next owner of your business, is more concerned about cash flow, free cash flow, than anything else.
In my experience, innovation is one of the absolute keys for creating more cashflow in your business.
Now I want to go into something that is hard for a lot people while doing, and I know it’s an overused term, but if you actually do it is very powerful and that’s called thinking outside the box. And often you have to think outside the box, you gotta stop playing by your old rules, and you gotta lose the phrase “I can’t”. Now, the way you go about doing this, if you do small experiments. And small experiments lead to major change.
When you start stacking small experiments on small experiments, on small experiments, you start gaining an experience and things are working.
And as things work you want to do more things are going to make you work. But if you try to do great big things and you fail, you’re going to say: “That didn’t work” and quit. Now, the way not to quit is to continue to do small experiments in your life.
Now, finally, here’s what I want you to do. I want you to embrace the phrase “clarity is power”. You know, step one is knowing where you stand in the success path to become financially free, and that means you need to be clear about what you are, telling yourself the truth, stop seeing bad news or what you think is bad news as bad news, and when you see what is real and get clarity about what is going on, you can open your eyes to what’s possible.
Now those two things I want you to do. One, I want you to find yourself a thinking partner. And one of the thinking partner is a person who’s going to help you think through the possibilities you have, the strategy can be pursuing, and help you choose what the right strategy is. And then after you choose the strategy you want to pursue, I want you to find an accountability partner. Because as going longer to make some changes, it’s going to be rough and you’re going to have mistakes and you might be inclined to say “I quit”. An accountability partner is going to keep you from quitting.
So here’s a question for you:
Are you willing to be brave and find out where you’re really stand?
Why don’t you scroll down below and leave a comment and while you’re at it, click on the Financial Freedom Project Cheat Sheet and get our free “Five steps to achieve financial freedom”. It’s one page, it’ll take you two minutes to read. And this is Josh Patrick, you’re at the at the Sustainable Business and the Financial Freedom Project. Thanks a lot for stopping by, I hope to see you back here really soon.
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