Business 101

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Happy Monday everyone, its the beginning of the work week! As a personal ritual of mine I use Sunday night, Monday morning as back to basics time for me and I would like to share with you those basics that offer the foundation for all my business decisions.

Business is simply Assets, Liabilities, Income and Expenses, all else is just commentary(some commentary is good though, ie. This Blog). When you look at the different decisions you must make as a business person on a daily basis, how do you make these decision? Well let me quickly explain how this can be done consistently for life!
You must first be able to distinguish true assets from liabilities. Business 101 in college teaches us that an Asset is defined by its ability to produce income and a liability on the flip side produces expenses.

So yes, if it cost you money rather then make you money it’s a liability, but not all liabilities are bad. Your personal residence is a liability(albeit a good one)to you and an asset to the bank. It’s and expense to you and provides income for the bank. The only way for you to convert it to an asset is to sell it! Not to beat a dead horse but just take a moment to look at all the things that make you money and all the things that cost you.

Ok, now that you are thoroughly depressed, time to map out your work week. Your weekly goals you be to increase or work toward increasing your assets and decrease your liabilities. The more assets the more streams of income while the more liabilities, well you get the point.

This sounds very simple but often what happens is we spend so much time managing or maintaining our assets and liabilities, we never get around to increasing the number of streams of income and decreasing the number of expenses. Don’t let this happen to you any longer! From this day forward start your week right with a “By any means necessary” plan to change you life daily.

Be like a predator in search of prey, a hunter in search of game, a pirate in search of booty! Find opportunities to acquire assets and opportunities to offload those liabilities! Build that business team that will help make it happen for you, let your weekly meetings have new purpose and get ready to do it all over again each week. See you at the Top!

Make Money, Have Fun & Be A Blessing,
Last modified on Monday, 29 November 1999 19:00
Cirilo McLaine

Cirilo McLaine

I am a business advisor specializing in providing solutions to challenges often encountered by those who own, run or start small businesses.

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