In our latest personal coaches article International Speaker, Peak Performance Trainer and Business Mentor Arnon Barnes says you must manage your own money.
In the past 12 months, we have seen businesses destroyed, small and large across the board. Many have taken a massive hit by the pandemic and the ongoing restrictions that governments enforce upon society. Entrepreneurs and business owners from all countries around the globe found themselves in uncharted territory, sometimes at a loss and in tremendous pain during these lockdowns. And even though some governments created economic relief packages for businesses, for many it wasn’t even close to enough to sustain their product development, salaries and often times complete restructuring of the way the business was run before March 2020. How can any entrepreneur prepare for such extremes? And are we nearing the end, or is there even more to come? These are some of the questions I get from many business owners I speak to daily and both are great questions that are simultaneously easy and difficult to answer.
For me it’s easy because as a business owner myself, I make sure that I am always(!) managing my money. It is something that I am big on, and all my coaching clients and students from all over the world will testify to. In fact, I go so far as insisting that Money Mastery becomes a daily practice. The reason being is that I’ve never met or seen a successful and wealthy business owner who didn’t manage his money well. Wealthy people who stay wealthy are obsessed, in a good way, about mastering their money. By doing so you set yourself up to handle any circumstance that may fall upon your business. In this case, with such a prolonged period of restrictions in some sectors of business, having sufficient savings structured in your business will give you just enough time to pivot.
Many businesses couldn’t create, deliver or maintain their products or services in the same way. Just a simple example are my training and speaking gigs; live, in person events, were and still are banned in many places. My team and I immediately created a plan to create online training and event experiences. It took us some time to strategize and configure this new set-up, but because I manage the money in my business, we could take our time with this.
So, reading and learning about as well as executing Money Mastery practices, in my humble opinion, is the easy part of keeping your business secure from external events. What is more difficult would be to make sure that you are actually taking actions to invest your cash wisely in cash-flowing assets or assets that will at least hold their value against all the printing of money that governments are doing at the moment and the aftermath of the pandemic. To be clear, if you think your government isn’t bankrupt after this pandemic, then you need to wake up and smell the morning coffee. Don’t be naive. So, in my opinion, the difficult part of being put into these extreme situations with your business is to anticipate and hedge your bets against the rise of inflation, a weaker economy and cash that is turning into trash. Personally (not financial advice!), I decided a long time ago to hedge my cash into crypto assets, Bitcoin and Ethereum to name a few. My assets have skyrocketed in value and I believe it’s just the beginning of what’s to come. So, my bottom line lesson here is don’t trust your government or anyone else to secure your financial future. The buck stops with you, take responsibility, master your money and most importantly get educated! Meet and work with Arnon Barnes live? Join his next upcoming 2-day event in Belgium. For more information on the event, or personal coaching, contact his office via firstname.lastname@example.org