Jim Rohn was a highly influential motivational speaker and author who shared valuable insights on personal development, business, and finances. Here are five top tips from Jim Rohn on managing finances when running your own business:
- Pay yourself first
Jim Rohn emphasized the importance of paying yourself first. This means setting aside a portion of your earnings as savings before you pay for business expenses or bills. By prioritizing your personal financial security, you’ll be in a better position to grow your business and make more informed decisions.
- Develop a budget and stick to it
To effectively manage your finances, Rohn recommended creating a budget to track income, expenses, and investments. By monitoring your cash flow and allocating resources wisely, you can make strategic decisions to reduce costs, increase profits, and grow your business.
- Invest in your personal and professional development
Jim Rohn believed that investing in yourself is crucial for long-term success. This includes seeking out educational opportunities, attending seminars, and building a network of like-minded professionals. By constantly improving your skills and knowledge, you’ll be better equipped to make informed decisions and adapt to changes in the business world.
- Learn the art of delayed gratification
Rohn advocated for delayed gratification, or the ability to resist the temptation for immediate rewards in favor of long-term benefits. In the context of managing your business finances, this means avoiding impulsive purchases or decisions and focusing on investments that will yield greater returns in the future.
- Surround yourself with successful people
Jim Rohn famously said, “You are the average of the five people you spend the most time with.”
He believed that by associating with successful and financially responsible individuals, you’ll learn from their habits and experiences, which can positively impact your own financial management skills. Networking with successful entrepreneurs can help you gain valuable insights and perspectives on managing your business finances effectively.