- 30 Jan
I want to share with you one of the many the ideas, insights, experience, practices, and perspectives I gleaned from the hundreds of business owners, CEOs, and other executives that employed my talents over the past fifty years.
One of the simplest and most profound lessons I’ve learned is this…
When you leave your business on Friday—or at the end of any period you choose—and head home, take the money you made during the period with you. When you come back on Monday, keep the money you need for your family at home and return to your business with the money you’ll need to sustain and grow your business during the upcoming period.
This formula is—of course—not absolute. As the owner of your business and a member of your family, your judgement and that of your family members determines the needs of both your business and your family. The critical element of this formula is that you become and remain aware of the needs of both.
The primary reason I suggest and recommend you follow this practice is because I have seen dozens of businesses—small and large—fail because one or the other of the beneficiaries of the owner’s or CEO’s efforts and compensation got out of balance with the other and some unexpected event or circumstance effected the balance; too much money rolled back into the business at the expense of the family or too much money allocated to the family at the expense of the business.
This is one of the many ideas, insights, experience, practices, and perspectives that Profit Pilots, Inc. incorporates into the repeatable systems for problem-solving, strategic planning, leadership training, and culture development that prove valuable to owners and CEOs that are members of the network of non-profit, invitation-only, member-run Profit Pilots Business Mastermind Alliances.
Jeffrey E. Reeves MA, EUREKONOMIST™