There’s a lot of entrepreneurs who are working really hard but aren’t getting the rewards they need out of their business. A part of that is because they’re not doing the right things in their business, but the other part is that they’re not understanding that they should be in three businesses. If you haven’t read part one, go and check that out now. Today we want to explain just why those three businesses are so important, as well as giving you an idea of how they all work together to turn you into a sustainable and profitable entrepreneur.
We want you to picture the three businesses we talked about (your now business, your future business and your assets business) as a Venn diagram. Three circles that are overlapping. Today we want to talk about the crossovers between each of them.
The first overlap is between the Now and the Asset business. This equals your security, both currently and a solid prediction of your security in the future. Naturally, how much time and energy you focus on this is going to fluctuate slightly depending on what phase of the business you’re in, but this is the pretty obvious day to day cash flow and profit, providing that financial security to start directing your energy into those other components.
The second overlap is between your Now and your Future business. This equals your sustainability. You’ve got a great product and service now, but you’ve got to be looking ahead to make sure that stays relevant. What’s wild is that 88% of the fortune 500 companies that started in the 50s don’t exist today. That means there are only 60 businesses left. These 60, these are the companies that were looking ahead, keeping track of the upcoming industry trends, and riding those changes to create products that continue to serve their clients shifting needs.
The third overlap is between the Future and the Asset business. This equals how you’re going to successfully scale your business. This one almost inherently depends on that first overlap of security, because without coming from a place of financial comfort, you’re not going to be able to take the risks needed to stay relevant. In this component, you want to look at what’s happening in the future and have a look at your current assets. How can we farm current profits into investments for future assets?
When all of these overlaps are running smoothly in optimal condition, this is when you can really find success, security and sustainability for both your business and your lifestyle, now and in the future.
We have one more part to this series coming up, and in it we’re going to focus specifically on that connection between your now business and your asset business, and how optimising that will help set you up for a comfy retirement.
If you can’t wait until part three, you can still get your hands on a copy of “Bullet Proof Business” by our founder, David Dugan, for free at the link below!