Successful entrepreneurs build wealth by constructing systems of wealth creation and wealth management. These systems often seem mysterious, with one overworked Founder wondering how another entrepreneur always has the time and money necessary to do what they want.
In a recent interview with Adi Klevit, Eric Miller, co-owner of Econologics Financial Advisors, shares his systems to help successful entrepreneurs build wealth and establish a growth mindset to achieve their goals. The article below shares the key elements that Eric has found vital to every wealth-building system.
How Successful Entrepreneurs Use Systems to Build Wealth
Successful entrepreneurs use systems to build wealth, prioritize goals, and ensure they can make a graceful exit when they are ready to sell or pass on the business. Here are several foundational elements that every wealth-building system includes:
Personal and business wealth goals.
As an entrepreneur, one of your most significant assets – and investments – is your business. Your company is a cornerstone of your wealth, and you should view it as such. With this in mind, build personal wealth goals tied to the business and its success.
A robust data set.
Gather all the data you need to understand how you will reach those goals. What information do you need to have on hand? Do you need your company bank account information? Do you need to understand how much gets set aside in monthly taxes? It can be easy to set goals without a clear idea of reality and then wonder why they are not being met.
An understanding of what is needed to attain your goals.
This includes breaking down a goal like “I need my take-home to be $500,000.” If that is your goal for take-home income, then you ought to calculate how much your company must make for you to take home that amount of money. When you understand that information, you can break down what needs to happen for your company to increase income. This may include adding a subscription offer, increasing your customer base, hiring more sales staff, or breaking into a larger market.
Once your goals are fully broken down, you can create step-by-step procedures that support you and your team in achieving your larger goals.
A systems creation process
The above three steps provide the beginning of a systems creation process that you can use for goal setting and attainment throughout the lifetime of your company. As your business continues to grow and your goals get more significant, having a process for building systems will ultimately make your company more saleable or easier to hand over when you are ready to make an exit.
Are you ready to build processes into your business? Get in touch with the experts at Business Success Consulting Group today. We will provide an initial consultation at no cost to you.