Learn To Trust The Process In Order To Grow
Vinay Shah, Financial Adviser, CEO of VS Wealth Management
Businesses around the world are growing and increasing, and the need for knowledge and understanding in the entrepreneurial industry is needed more than ever. As you start your entrepreneurial journey, here are tips and wisdom from successful entrepreneur Vinay Shah, founder of VS Wealth Management.
Avoid Emotional Investing
Investing is an emotional experience. After all, it’s your money and your financial future we’re talking about. But, keeping your emotions in check – and staying focused on a plan that’s geared toward your goals and risk tolerance – can be essential to your long-term investing success.
Many people, even business owners are investing based on emotion (greed or fear) and that is the main reason why so many people are buying at market tops and selling at market bottoms. The true test isn’t finding the best time to buy or sell. It’s finding a way to look past the media headlines, push aside your instincts to act suddenly or emotionally, and stay true to your reasons for investing in the first place.
The Power of Patience
One of the reasons why people and businesses are becoming bankrupt from a growth perspective is because they lack patience in achieving their goals. Most people would take the fast path to growth and end up rock bottom, because the reality is patience is challenging.
Many aspiring entrepreneurs decide to move forward with a new business plan and want to see amazing results as soon as possible. This may include growth as well as profits. While some businesses may achieve success fast, the reality is that slow and steady wins the race. When you start small and progress at a slow pace, you have time to track the market, adjust your pricing, and tweak operations. Remember that a critical element of success is to find a niche and to be the best in that niche before you grow.
Slow and Steady
Wins The Race
When you are so focused on achieving fast growth, you might fail to establish a solid base for the company. That includes everything from processes to employees and customers. Without loyal customers, your company may be more likely to fail. It is generally more cost-effective to keep happy customers than to find new ones.
How Can Financial Management Affect Your Business
Financial Management is at the root of all major decisions in business. As such, good financial management transcends sector, industry, and business type, making it one of the most important responsibilities of business leaders and directors. Activities across every area of a business – from SMEs to global corporations – have an impact on financial performance.
Financial performance, in turn, has an impact on financial sustainability, which has an impact on a company’s current and future success. In order for a business to thrive, its finances – and its financial management – must be closely evaluated and controlled by senior management.
Trust The Process
It is always “Trust the Process”, not “Rush the Process”. You cannot expect good results without experience. It’s okay if you’re not satisfied with your career or current role. Continuous improvement every day is the key to long-term success. Achievement and accolades are not given. They’re earned through effort, struggle, learning, and experience. Stay driven and the results will follow, especially when you are running or starting a business.
Business owners need to understand that things take time. It takes time to get people’s trust, it takes time to have your brand known, it takes time to make your business grow. When business owners understand this, their perspective on things will change, especially in how they treat their employees and their clients.
Conclusion
There are many pieces of business advice out there that may confuse business owners and would lead them to make things complicated. Here’s a principle that will help your foundation strong: Every time we make life complicated, we lose. Life is simple. Live below your means and that portion remaining, invest it for a long-term goal.
“Be Patient”
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