Drum – 08 August 2019

(Nancy Kaufman) #1

http://www.drum.co.za8 AUGUST (^2019) | 39
FACEBOOK/PRECIOUS
MVULANE,
SUPPLIED
Shelter(rent,bondrepayments,
security,waterandelectricity,rates
andtaxesandrepairs)
Ta x e s
Transport(carrepayments,main­
tenance,petrol,licence,insurance)
Medicalaidandhealthcare
Insurances,suchasshort­termand
lifeinsurance
Schoolfeesandtuition,including
books
Householdexpenses,including
thingslikea nannyandgardener
Foodandclothes
Entertainmentandhobby­related
costs
Communication,suchascellphone,
internet,data
Holidaysandothermiscellaneous
expenses.
Thiswillstopyoufromtakingmo­
neyfromthebusinessforpersonal
use.
LINKWHATYOUWANTIN
YOURPERSONALLIFETO
YOURBUSINESS
Thebusinessexistsbecauseofyou.Soif
thebusinessdoesnotserveyou,donot
continuewithit.
A businessisnota businessif it isnot
makingmoney.Whena businesscannot
affordtopayyoua salarythatmaintains
yourcurrentstandardofliving,thenyou
shouldspecifyhowlongyouarewilling
toallowthatsituationtolast.
Howmuchwillyouinvestinmoneyor
time?If youdon’thavea limit,beforeyou
knowit youwillendupbankrupt.You
canendupruiningyourfamily’sfinances
andstandardoflivingbecausethereis
nolimitordeadline.
Keepa journaltorecordeverycentyou
spend.If youdon’tkeepscoreyou’relo ­
singmoneybeforeyou’veevenearnedit.
DESIGNFINANCIALGOALS
THATARESMART
Youhavetowritedowngoalsandensure
theyarespecific,measurableandachie­
vable,withpredictablesystemsandpro­
cessestosupportthem.
ThegoalsmustbeSMART:Specific,
Measurable,Attainable,Relevantand
Time­bound.
HELPFUL GOAL-SETTING PRINCIPLES
Write goals in the present tense and
express them in positive words.
Take what you have achieved before
and multiply it by 10 – dream big!
Foreachfinancialgoal,youmusthave
pictures in mind of what that goal looks
like for you.
Visualise your goals daily.
Share your goals with friends and
family, but make sure they are the right
quality of people.
Find a mentor who has achieved goals
similar to yours. Follow what they did to
achievetheresultsyouwant.Watch
theirhabits,actionsandwords,in­
cludingthebooksthey read. Follow
themonsocialmedia.
Hirea coachtokeepyou accounta­
bleforyouractions.If you can’t afford
a coach,createa community. You can­
notachievemassivegoals by yourself.
Breakdownyourgoals into measur­
ablecomponents,forexample, sales to
bemadeperproductorservice in rand
valueandvolumeina specific period.
Thiswillhelpyoumeasureandevalu­
atetheresultsregularly.
Bedeadline­driven.Bywhenare
youexpectingtoachievethegoal?
Whatarethekeyperformanceindi­
catorsthatwillhelpyoumanageyour­
selfandyourresources?
Beaction­driven.Perform at least
threedailytasksthattake you closer
toyourgoals.
Seeyourselfasa winner. Believe and
trustthatyoucandothis.
Followthroughontheplans you have
setforyourself.
If yousaid,“I willmakefive sales calls
withinthenexthour”,and you do that,
youarebuildingona belief that you
candoit.
Be your own hero. Finish what you
start.
Celebrateyourachievementsdaily.
Beresults­drivenandfocusonthe
positive.Rewardyourselfwitha new
habitorhobby.
THIS IS AN EDITED EXTRACT FROM THE ESSENTIAL FINANCE
HANDBOOK FOR ENTREPRENEURS 2ND EDITION BY PRECIOUS
MVULANE, PUBLISHED BY GAD CONSULTING SERVICES INC.
Precious is also a chartered accountant with more than 18 years’ experience and she spends
some of her time facilitating financial literacy programmes.
Precious Mvulane is a businesswoman
and author. Her book focuses on up-and-
coming entrepreneurs who might need
help getting started.
ADVICE

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