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Set Yourself Up for Success

We all want to be successful—in life, our career, business, relationships.  It is a desirable state and one that is quite achievable.

And, like just about everything, it is either a process or the result of a process.

What are you doing to set yourself up for success?

To get to be where you want to be, try taking these steps.  You can make up the order, but the individual elements are important, so you can reach the success you want.  Usually to be successful, we each need to:

  • Set a goal or goals
    • Make them achievable and quantifiable
  • Know your strengths
    • And your weaknesses, too
  • Stay healthy
    • You can’t get there if all systems aren’t working
  • Be a risk taker and be fearless
    • It is impossible to live without failing at something
  • Think long term, be methodical and process oriented
    • Take small steps in a well-thought out order
  • Follow your gut
    • “The intuitive mind is a sacred gift, and the rational mind is a faithful servant,” –Albert Einstein
  • Use your network; ask for help
    • It really is who you know in addition to what you know
  • Do what you love, and the money will follow
    • What would you do if you knew you couldn’t fail?

Success is within reach for all of us.  Sometimes it is one thing, sometimes it is the culmination of many things. Success powers us.  Be empowered.

We’ve worked with many successful people and we’d like to work with you. Call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Chris Curry and the blowup, photographers)

 

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What’s Mine is Mine and What’s Yours is Mine

OPM. Other people’s money.

In the world of investments that’s usually how an enterprise gets funded.  The days of banks being the leading (or only) source for loans and funds for investing have been waning for quite some time.

Have you taken advantage of using funds from private investors to fund and grow your company? If you have, you know that it can be an adventure, but it can also be a positive way to grow and expand.  But if you take this road, what should be considered in handling other people’s money?

Here’s a list of considerations:

  • Involve a third party, like an attorney or money manager, to accept, handle and return money.
  • Set up separate accounts just for the private lending cash; also consider not co-mingling the cash from multiple investors.
  • Consider assigning each loan a specific role—i.e., operational improvements or warehouse expansion.
  • Be sure and follow your state’s regulations on reporting and filing any reports.
  • Repay your investors promptly and to the plan agreed to. Continue to pay interest until their portion of the investment is paid off.

Whatever you do, start with a clear plan and then stick to it.  As the saying goes, “those who fail to plan, plan to fail.”

For more on how to work with investment groups and individuals and handling investor’s money, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Allef Vinicius and Sharon MCutcheon, photographers)

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