Business
MIND YOUR METRICS.
By profit, purpose, power or
Some potent combination of them
In varying ratios
Mind your metrics.
Most businesses run on
A principle of profit
While ministries and charitable originations
Operate on a priority of purpose
Political institutions and elected officials
On the other hand are driven by
The pursuit of power
While each of these three key motivators
Has a core ethic all have
Traces of the others within them.
If a nonprofit organization
Is consistently not profitable
Then it cannot be sustainable
It’s naïve to think you can focus
Solely on purpose without attending.
Diligently to the facts and finances
Surrounding the goal that’s prioritized
One must be prepared to consider the specific
Metrics used to determine success
Business isn’t measured by longevity alone.
TRADEMARK OF INNOVATION
Crafted out of originality
Breed from the heart of mother nature
Africa house it all for long it has been
A homecoming as many experiments
Has been carried out and made to the limelight
To reach the finest state of innovation
Where innovation is driven by performance
To meet a great experience
A product is born
Of a greater edifice made out of
A dream born out of a great idea
To showcase world-class product
As a sign of trade mark of excellence
Of a world-class production product
From the inception of the exhibition
It stands out from the mixed multitudes
Who has been before its arrival
SKILLS TO MASTER IN OTHER TO BE 10 YEARS AHEAD FINANCIALLY
NETWORK WITH PEOPLE: Your ability to succeed and find opportunities can depend on the people that you know. Spend time with ambitious people who have a desire to grow. You'll gain a lot of knowledge and always strive to improve yourself.
AVOID LIFESTYLE CREEP: With social media, people want to be seen
as affluent. The reality is that many are in huge debt and cannot repay it.
Focus on important things, live below your means, and invest your money.
Financial freedom is more important than possessions.
BECOME MARKETABLE: The pay you receive is proportional to the
talent you provide. Acquiring new skills increases your earning potential. More
skills mean more money and more assets to invest. Developing a competitive
advantage in life is necessary.
PAY YOURSELF FIRST: Save or invest money before splurging on
wants. Investing is a way to pay for your freedom with money earned today. To
make investing simple and easy, set up automatic investments. Start out
modestly and build up as you see fit.
YOU
CAN'T SAVE YOUR WAY TO WEALTH: Saving money is a good idea since it provides a
safety net and gives you access to cash if needed. But money loses its value
with inflation. The best use of money is by buying appreciating assets that
make more money for you.
BUDGET: It is a tool that gives your hard-earned dollars a job
description before your feelings do. When you prioritize your spending, it is
difficult to buy unnecessary items. A need is a necessity to live and function.
A want is a nice thing to have but not necessary.
BUILD YOUR CREDIT SCORE: The modern economy runs on credit. A
good credit score is required for any loan, including mortgages, auto loans,
and student loans. Having good credit has advantages: - Great loan terms - Low
interest - Great odds of approval.
SAVE FOR RETIREMENT: Your 401(k) is one of the best options to
invest in. Some companies offer a free match if you contribute up to a certain
percentage. Don't let that free money pass you by. Every single dollar matters
in the long run.
BECOME FINANCIALLY LITERATE: Many people are poor, not because
they lack money, but rather because they lack financial literacy. Understanding
money will transform your life and save you from making costly mistakes.
EARN MORE AND SPEND LESS: You can only eliminate or minimize a
certain number of expenses. However, there is no cap on the amount of money you
can earn. Whether it is a side hustle, a raise, or a new business, find ways to
always increase your earnings.
KNOW YOUR SAVING RATE: Knowing how much you save can be a game
changer. It spearheads the journey and pushes you to save even more. Your
saving rate is the saving (income - expenses ) / income. Example : Income:
$3,500 Expenses: $1,500 Savings: $2,000 Savings rate: 57%.
UNDERSTANDING INVESTMENT ACCOUNT TYPES: Knowing about different types of accounts helps plan for the future. Tax-deferred accounts: no taxes until a future date. Ex: IRAS, 401(k). Tax-exempt accounts: you have already paid taxes on them. Ex: Roth IRA, Roth 401(k).