Your focus and intention today should be on how to create income -- not just on cutting expenses. Cutting expenses will not protect your company or your household from financial problems. It takes thirty minutes to write a budget. The rest of your time should be spent on how to create income and revenue. 99% of your energy, efforts, resources and creativity should be placed on how to increase revenue to your business or household. This is a major mistake being made today by both households and companies whereby all the attention is placed on cutting rather than producing.
The best way to create income for yourself, your family and your company is:
1) Increase your value in the marketplace
2) Create second flows of income
So lets take one at a time. As an individual it is vital that you increase your value in the marketplace and particularly with where you work? If you work for a company you will have to help solve the problems of that company. What is it that all companies want? revenue. Revenue is only created by selling the products and the services of the company. The only way to create prosperity and solvency is through revenue. The typical employee spends his/her day focused on doing "their job" but it is critical that this individual now shift their attention from just doing their job to assisting in whatever is necessary to increase (create) income of the company. The age of just doing your job without adding revenue to the company is over. Anyone that does not take this advice becomes susceptible to being laid off. For all of 2008, the economy lost 2.6 million jobs -- the most since 1945, when nearly 2.8 million jobs were lost. Regardless of your job title; mechanic, receptionist, shipper, executive or whatever, if you don't figure out how to assist in increasing the revenues of the company you work for, you are at risk regardless of your position.
On creating second flows of income; you can only cut your budget so far before you have to figure out how to bring more money into your household or the company. No company or individual should rely on one single source of income.
For your household to survive and prosper in the current economic environment you must figure out how to create second flows of income for yourself and your household. Do not be dependent upon one income. There are literally unlimited, ethical ways to drive second revenues to the household other than your primary job. It may require a second job, doing work for others where you live on the weekends, helping out another business, or starting a home business promoting a product or service that is needed. Multi-Level Marketing is a great way to create second flows of income. Many of you will read this and say, "I already work hard enough and I am not taking on another job!" Understand it is impossible to create financial security much less financial independence with one flow of income.
The day of depending on one job, one income, and I will be all right is over. Take some time at putting creative think into how you can:
1) Bring more value to the company you work for and
2) Find other ways you can bring income into your household
3) Learn everything you can about selling, marketing and promoting yourself.
Your financial well-being depends on your ability to get into the marketplace, meet others, communicate effectively, add value to yourself and create second flows of income!