One of my favorite subjects at school was economics.
Understanding how the economy works is the foundation of creating your own financial success because we operate in a subset of the world, regional, national and local economies.
The purpose of this article is to go over a few key points that are important if you are serious about adding new sources of income.
This information is an EXTRACT from the content of the Optima Business Archives from 2002. Still relevant today!
IF YOU ARE A BUSINESS OWNER, you need to add new sources of income personally — and also within your business. We have found that most businesses rely on one primary source of revenue, and if you look across your industry, you will find that most businesses within the same industry follow the same pattern.
HOT TIP: Look at the ways other businesses from different industries find new customers and sources of revenue. Ask yourself this question: “How could I apply the same method to my business?” Don’t say to yourself (like most people do) “that will never work for me, my business is different.” You would be surprised at how this one thought, can get in the way of new money-making ideas!
If you keep an open mind, you will discover new ways of marketing, and new sources of income that you had previously never considered before. And here is the best part — most other businesses within your industry won’t be doing it that way! So you will gain an instant advantage.
We have all heard it before. When a relationship fails, it is often stated that money problems caused the failure.
In many cases this is true, one partner loses their job or runs up unknown debts, which leads to relationship disharmony and eventually breakup or divorce. But what if there were a rarely discussed, often avoided cause that preceded the symptoms and was, in fact, the “real” culprit?
We all know that if you address symptoms and do not fix the cause, the problem won’t be resolved and it will continue… often from one relationship to another. Kind of like a silent serial killer that lurks in the shadows undetected, only to pounce at the most inopportune moment and wreak havoc.
– John Ruskin 1819-1900
Boom. Crash. Catastrophic failure and collapse.
History is littered with corporate failures that involve massive loss of jobs, investor, supplier, and client financial losses. Empires flourish for a while, then go into decline. Some last longer than others.
The larger the failure, the more complex and difficult it can be to trace back to the singular cause. Complexity can cover up the real issues. However, a thorough investigation by people who know what to look for can often reveal lapses in standards, honesty, and ethics long before the terminal collapse.