When making decisions it is important to consider both the impact on your lifestyle (time available) as well as the business outcome.
At times it is important to step aside and embrace all the business and lifestyle opportunities that small business represents. While challenging, most times there are tradeoffs, of which you need to be aware and factor into your decision making.
Consideration should include:
- Cash Flow Requirements
- Future and Current Obligations
- How many “toys” you want.
- Health requirements both now and into the future.
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Breaking it down...
One adage used in business is that “Cash is King”. The liquidity of a business is vital for its survival and the importance of effectively managing your cashflow cannot be overstated.
In order to cash flow your lifestyle goals it will be necessary to consider current and future obligations and take these into account when planning your cashflows into the future.
A commonly thought of question, this may go hand in hand with your “future & current obligations”. You might be able to get all the toys you want, but thinking about the cost of acquisition and ongoing costs (including storage requirements) may bring in to focus their relative importance.
This goes without saying, but in order to enjoy your lifestyle, you need to be healthy. Plan for a lifestyle which maintains your health, but also budget for some of the little obstacles which may get in the way and what is required to maintain your wealth.