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Healthy Wealth

Thursday, October 10, 2013   By Mike Reddy

 

Business-Coach-Healthy-Wealth

“…Society has drummed into our heads that wanting wealth is a bad thing, one that will drive you to behave in ways that are unethical, corrupt and morally bankrupt.”

The appeal of being a small business owner is usually twofold: being your own boss, and making lots of money…no?


Okay, there may be other factors here and there, but when it comes down to the brass tacks, money is a cold, hard motivator.

And there is nothing wrong with that. The problem is that so many business owners do not focus on healthy wealth.

The primary issue to be examined is why we want to be wealthy. What are the motivating factors?

Studies show that most people think that wealth means three things: security, independence and happiness.

Gaining wealth to provide for family and loved ones, becoming rich doing ‘what we love’ or adding value to the lives of others while becoming wealthy - these are healthy motivators to being wealthy.

The unhealthy motivators - money as a measurement of success or in comparison to another - are suffocating and will often lead to a downfall of either a personal or professional nature, or both.

In the course of small business ownership there will be traps and challenges. Instead of making excuses, answer these questions, designed to get you to your goals quicker:

  • The What - what is it you want?
  • The Why - why do you want it?
  • The When - how much time will this take? BE REALISTIC.
  • The How - how will this impact your life? 
  • The Hard Parts - what will you sacrifice? Challenges to be expected?
  • The Measurement - how will you know when the goals have been met?

The answers should become a mantra and should be considered when deciding any course of action.

Healthy wealth may seem too idealistic for some to take seriously. But end results often come with sacrifice and it can be a slippery slope for a struggling or new business owner.

Possessing a plan for making decisions, which incorporates what is ultimately important to you, will ensure that at the end of the line, wealth will not come at a hefty cost.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.