Do you know what a “shock” is in a vehicle?
I’m no mechanic so I’ve only the vaguest notion – something to so with the suspension system. But I know a broken shock is a problem that needs to be fixed pronto. Safety first!
That’s why I was surprised,while listening to a podcast recently, to hear a Michael call his wife Nicole to ask if it was ok if he got their vehicle fixed – the vehicle that’s also used to transport their young child.
Nicole pushed back and the outcome was that, instead of purchasing the new part, they went with a temporary fix of using a used part from another vehicle of the same make & model. A part that set them back $150.
When money is very tight, we need to be careful spending. And sometimes one partner is more in tune with the family’s finances – what money is in the bank, what balance is on the credit cards, etc.
But here’s the thing – this couple’s net worth was over $5m – yep – “million”. And their annual income was a significant 6 figure sum.
That $150 spend? Their investments appreciate by that much every few hours!
What would help them, and this is what the interviewer suggested, would be if they had a rule for a “worry-free” number – an amount either of them can spend without even talking to the other. What the interviewer was getting at was that the couple should have a rule.
Your business will benefit from having rules. Hard rules. For a host of reasons. I’ll mention just one benefit:
- Having rules in place will save you time and energy because you won’t need to spend any time discussing the same issues over and over again as similar circumstances arise.
The rules could be about what you’ll accept from yourself, the behaviours you will not accept from clients, the industries you won’t sell to, etc.
It’s a subjective call. It’s up to you. Your business – your rules.
Put rules into place. Your future business will thank you.
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