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| Olumide Emmanuel,CEO Common Sense |
Experts Reveal Practical Steps To Follow In Achieving Financial Breakthrough In The New Year
At this time, when the New Year has just rolled in, it is natural that we want to prepare ourselves to achieve our heart desired financial breakthrough before the year ends.
To achieve financial increase in 2016 requires knowing what exactly to put in place and work
with, and who else is in a better position to tell you what this is than people who are experts in helping others to succeed in life from personal experience and many years of studies.
To get you well prepared for financial success in 2016, SuccessDigest, your success companion brings you the views of top financial experts and entrepreneurs on how you can make more money and achieve financial breakthrough in the New Year.
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The threesome of Pastor Olumide Emmanuel, CEO, Common Sense Group, Evang. Godwin Oyefeso, CEO, SuccessEdge International Limited, and Mrs. Tolulope Ajose, CEO, Xtra Sparklean Ventures reveal what you need to do right now to make 2016 your best financially rewarding year ever! Enjoy the interview we had with them recently.
What Does Financial Goals Entail Generally?
Olumide says, “Financial goals generally refer to the milestones or agenda that an individual or group sets for themselves with reference to their desired financial destination within a particular period.”
Godwin agrees and adds, “Before financial goals can be achieved, you need to have a better knowledge of what a goal is. Firstly, what is a goal? A goal simply means knowing what to do, putting it on paper and standing by it till it is achieved.
“It is important to know that there are short term goal, medium term goal, and long term goal, and the powers that make our desire, vision, and reality are in our environment and within us. So, it is what is within you that prompt you to decide to write something down. So, once you are able to know how to set a goal, putting finances in place or achieving financial goal will not be a difficult task.”
Tolulope says, “Setting a financial goal for a business is an indication of the kind of position a company desires to have in the coming year. Having a financial goal is a must for an organization that has a vision. The goal must be realistic and achievable with an action plan. Also, one must consider where one is presently financially; it is from this stage that the projection starts from. This is because growth must be gradual and progressive – a goal is not a wish, it is a desire backed up by plan and I dare say with alternative plans in place.”
What Does It Entail For 2016?
Olumide says, “For 2016, it will mean the goal that an individual has set for him or herself to attain by end of 2016. For instance, if an individual says that in 2016 he wants to increase his income by certain amount, so it becomes his financial goal for 2016.”
Tolulope also says the goal should be broken down into achievable bits. A one year goal should be broken down into quarterly goals. She continues, “Setting a financial goal for a business is best done with the help of a financial consultant. The present financial position of the company must be known. It is from this standpoint that projections will be made and a budget drawn for the next year. As business people, we have to know our costs and find a way to reducing it. We must find a way to reduce our expenses and increase our sales. This way, the outflow and inflow of money into the business is monitored.”
How Can People Meet Their Financial Goals In 2016?
Olumide says, “For anyone to meet their financial goals in life or in a particular timeframe few things must be in place. The goal must be S.M.A.R.T and as simple as A.B.C
S - The goal must be specific.
M - The goal must be measurable.
A - The goal must be achievable.
R - The goal must be realistic.
T - The goal must be time bound.
As simple as A.B.C also means the goals must be:
A – Achievable.
B – Believable.
C – Concrete.
“The next thing to be done to achieve the goal will be to develop a plan of action. Plans are strategies and steps you put in place for the achievement of a goal. Finally, you go to work because one thousand good intentions are not as powerful as one action - act on your plans and stick with it for your goals to become a reality.”
Godwin says, “In setting goals, it must necessarily be SMART – being Specific, Measurable, Attainable, Realistic and Time Bound. So, your goal must be focused on where you want to be at every particular level in your life’s journey. You can always look at the goal and determine how far you have come and how much more you have to go. In effect, what that means is that your goal must move you along and will also confirm your mission as you go.
“The characteristics of a well set goal should be Realistic, Meaningful and Networking in nature, it must be Well Defined; your goal must Excites you, it may need Fine Tuning or Adjustment, but your goal should not Isolate you.
“Being Realistic is as life is, very practical and realistic. So, your goal must be attainable as well as designed to build gradually, and it must not be an ordinary goal. For instance, someone earning N10,000 per month and wants to buy a car worth of N2.5 million to N5 million at the end of the year – this is not a realistic goal, as you have to plan in relation to what is coming your way.
“Your goal must be Well Defined. There is nothing like generalization, rather, specific is the word here. In anything you want to do, just be specific and streamline everything, as you and your goal must be specific. For instance, in the year 2016, you want to attain a particular financial level, as you are earning a particular salary and you know it can’t help you – you can actually set aside your Saturday to develop your talent in some other areas which can give you money, then your financial status can improve.
“Your goal must Excite You, as nobody knows more than yourself and nobody can ever understand your dream or passion more than you. So, in a nut shell, if it does not interest others, it must interest and excite you. Let your financial goals excite you!
“Change may occur in your goal as you are on your journey to success. What it means is that, let’s say you set a goal to save certain amount of money at the end of every month, but because of the economic situation you could not achieve it. Rather than getting frustrated and abandoning the goal completely, you can reduce the amount you planned to save initially. If you had planned to save N20,000, you can reduce it to N10,000. So, your goal needs adjustment and fine tuning as you go along in its implementation.
“Another one is that your goal should not Isolate you. Sometimes, people set goals and focus so much on where they want to go and never consider what they want to become. Simply put, you are to set goals by the understanding that you know what you want and also where you want to go.”
Taking a serious look, Tolulope says the economy of the country and government policies that can affect our businesses should also be closely monitored as these are external forces that determine the success of our financial goals. She further adds, “Strategies should be put in place to ensure that these factors do not topple us. As earlier said, there must be an alternative plan, so as not to find ourselves in a tight position. Business is like a game of chess, you have to devise more than one strategy to achieve your goal, so that one doesn’t get checkmated suddenly.
“Constant improvement on products and services is also a vital aspect because the competition is getting fiercer by the day.”
What Exactly Are The Practical Steps To Achieving One’s Goals?
Olumide says, “The practical steps to be taken have been itemized above already – just set the goal, develop a plan on how to achieve it and get to work to make it happen. Since we are talking of financial goals, it will be wise to break the goals into months and quarters so as to evaluate and make adjustment along the way before it is too late. For instance, you plan to get N30 million income in 2016, it means you should get around N3 million per month, and if by the end of first quarter you don't get N9 million, you know you need to make some adjustment and re-strategize.”
Godwin says, “There are some steps to successful goal setting. Firstly, goals should be clearly stated, by indicating in clear terms what you want to achieve. Be specific and firm in setting the goal. Know your target and concentrate your effort on reaching the goal.
“Secondly, goals should be inspiring, as if you set a goal that is too easily attainable, it will not motivate you to do more than is needed. You have to set a high financial goal, as it is the dream you have that will inspire you to keep moving ahead, and to work harder to achieve it.
“Thirdly, goals should be action based. It is until you take action to reach your goals, your goals are no more than dreams. An action plan must be set, as you know that action requires activity – when you are setting goal you must be active.
“Take mental, physical, and emotional action – you must be prepared to think about your goals at every spare time or moment and not just dreaming about them; not only must you think, but you must as well strive to convert your thoughts into action. No matter what comes the way of people who are ready to succeed – sickness, disaster or poverty, they never turn their back and eyes from their goals until they have achieved them.
“Fourthly, goals should be measurable – it is not always possible to qualify your goals, as some can be measured financially or numerically. But one very important thing about achievers is that, they recognize that once one goal is met, another goal is set, which will make them to continue to improve.
“Fifthly, goals should be well documented. Many people make resolutions in the beginning of the year, but most new resolutions fade and fail in the New Year – goals are fit to fade and fail soon after they are made, unless there is commitment on the part of those who set the goals.
“So, make a list of your long term goals, then break them into intermediary and short terms, write them in large letters and place them where you can see them every day. For instance, there was a time I wrote on the front of my door that I want to write two books every year. So, when I slept and woke, that is what I see and it helped me to push on harder.
“Sixthly, goals should be shared with other people, but this must be done prayerfully, as there are people that when you tell them about your goal, they will go behind to copy your plan. Tell somebody you respect about your goal, so that they can encourage and help you renew your commitment.
“Seventhly, goals should be flexible. There are times when circumstances change and the goal you have set is no longer tenable; economic condition may not be favourable anymore for starting that new enterprise that you have planned to launch; inadequate investment may make the goal obsolete; or you may discover that you have made some errors in your research for setting the goal and it is no longer feasible. If you are faced with such situations at the point of implementing the goal, it does not necessarily mean that the goal must be abandoned. It may just require some new thinking or more studies.
“Some would say because I am poor, I cannot make goals – no, if you are able to set goals when things are not easy, it is better because it will help you to move forward in getting things done when you become bigger.
“So, the most important thing in achieving ones financial goal is implementing it. Once you set a goal, write them down, commit yourself to attaining them and put those goals into action. The best way to put action into your plan is to schedule specific time to perform the action listed. Start with short term plan which represents the current situation, unlike the long term plan which may take years to be reached. You cannot wait to put each of the said lists into effect.”
Also, Tolulope further highlights the practical steps as:
Firstly, you have to know your financial state. Secondly, set your financial goals. Thirdly, you need to write them down. Fourthly, you must have an action plan and alternative plans. Fifthly, break the goals down into quarterly workable goals.
Sixthly, watch your costs and increase your revenue. Seventhly, make sure you acquaint yourself with government policies that may favour or negatively affect your business. Another one is to devise winning strategies and lastly, planning ahead and saving up for major expenses is very important.
How Can One’s Finances Be Increased In 2016?
Olumide says, “To increase your finances in 2016, you have only two options. Firstly, reduce your expenditure, as most people don't consider this as an option for increasing their finances because people like to waste and spend money. You can make more money available for yourself without any new income just by reducing your expenditure. If you look well, you will realize some areas of your life, where you can cut cost.
Secondly, explore new sources of income, as apart from trying to increase your income from existing sources, exploring new sources of income is another way to increase your finances in 2016. What possible income sources are available to you that have not previously thought about? Now is the time to explore them.”
How Can A Business Person Rise From Zero Financial Level To Hero Financial Level?
Olumide says, “Any business person that wants to rise from zero to hero should just do what is expected of them, in the sense of having a quality product or service that offers value; publicize and market effectively to your target market; develop an effective customer service plan; manage your cash flow effectively; continue to creatively increase your sales and turnover and don't be in a hurry to blow. With these few steps being followed consistently, you can't go wrong.”
Tolulope also says, “It is by evaluating their present situation, drawing up a plan of action, discipline, sales, saving and re-ploughing profits.”
What Is The Stand Of Habit In Achieving Financial Goals?
Olumide states, “There are three major steps to wealth creation at any level and your habit plays a role in the three levels.
“Financial intelligence is step one and it requires a habit of continual learning. Financial planning is step two and it requires a habit of continual saving and investment. Financial discipline is step three and it requires a habit of delaying gratification and sticking with your financial plans without distraction. So, habit is the key at all levels.”
Godwin says, “Habit can be destructive and can at the same time be an encouraging factor. If you are a kind of person who sleeps, you can cut the schedule of your sleeping. This is because most people who achieve success in life don’t sleep too much, as greater revelation is received while others are sleeping. So, a person who wants to achieve his goals must be discipline – in terms of the way you talk and relate with people, and in your intake.
“Can you imagine someone who wants to write a book in the night and before he sleeps, he eats eba, definitely in the next six to eight hours, he will not wake up. But as a way of your habit, you can take light food and in the next two hours of sleeping, you will wake up to write your book. So, as an important factor, you must cut down some habits or do away with some things if you really want to achieve your goals in life.”
Tolulope cited negative financial habits like consuming more than you produce, eating up the capital, borrowing to consume, among others that can destroy a business; and advised they should be replaced with working hard and being smart at selling, saving for big projects and re-ploughing profits.
What Should Someone Who Has Been Struggling Do To Turn Around His/her Business In The New Year?
Olumide suggests, “Anyone struggling in business can experience a turnaround just by doing a self analysis based on the few steps I noted earlier and make the necessary adjustment.
“Do you have a quality product or service? Is your product or service still relevant or has technology and competition reduced your market share? You can’t be selling typewriter in today’s world and expect a turn around. Do you have an effective publicity plan and is it working, or does it need adjustment? Do you have a winning marketing team, because publicity is making noise, but marketing is making sales? Are your customers satisfied or is your customer service Poor? Are you managing the money that comes in well or are there misplaced priorities? Are you being creative and innovative to grow your business, etc?
“You need to examine yourself and then make adjustment where necessary. You may need to bring in consultants to help you turn things around.”
Godwin dwells on the case study of a man called Michael Jordan, a great basketball player, who strongly believes in goal setting and working to achieve it. He says, “When Jordan was asked about the secret of success, he said he could not name a single thing, other than that he always has an ultimate goal of being the best, approaching everything step by step using short term goals.
“Set realistic goals, focus on them, ask questions, read, and listen as you are trying to get somewhere. Never look at the consequence of failing, because when you do, you always think of negative result. Be discipline, set realistic goals, continue in what best you are doing and make adjustment when necessary.”
Tolulope simply says, “The person should first ask for direction – is he in the right business? Is there a demand for the products or services? Can the demand be created? Also, the financial habits should be changed; generate more money than one spends and income should be more than expenditure.”
Is It Possible For People With Business Ideas To Start With Little Or No Capital In 2016?
Olumide says, “In my bestselling book, “The School of Money," an entire chapter deals with the question you just asked, it lists over 200 businesses that can be done with little or no money.
“How much money do you need to be a comedian, barber, washman, driver, among others? You don't need money to pursue your passion or solve the problems you see around you. Money comes and flows in exchange for value and problems solved. When people think of what they don't have, they become blind to what they already have. When people talk of capital, all they think of is money even though they already have other forms of capital in place. If you care to know, idea is capital, skill and knowledge is capital, integrity and goodwill is capital, network and relationship is capital, and so on.”
Godwin says, “Yes, it is possible and there are lots of businesses one can do with little or no capital. There are lots of businesses that can be done without electricity and even without a shop along the street and you can still make it. All that is needed is not to be ashamed of the business.
Tolulope also agrees that little capital with a good marketing and sales plan will work!
What Prompted You To Become A Human Development And Motivational Expert/When Did You Start?
Olumide says, “I started the journey of transformation a little over two decades ago, but my journey of wealth creation started in 1997 and that was prompted by my own personal financial crises that brought me to a place of frustration. My frustration led me to search out what it takes to change my financial story and the discoveries I made changed my life which motivated me to make it my mission to help others in any way I can and that has led to where we are today.”
Godwin says, “My desire to become successful in life is based on reading. I read a lot of books, and I realized that no man can make you except God makes you. As a motivational speaker, I derive lots of pleasure in reading and I apply what I read into action.”
Tolulope says, “I was prompted into the detergent and soap manufacturing business by the need I saw for quality indigenous cleaning products.”
What Have Been Your Achievements So Far?
Olumide says, “In our own little way, we have helped empower millions of people all over the world with financial intelligence; helped thousands of People become land and homeowners; helped hundreds of people become millionaires and some financially free, and we continue to do all we can to empower and equip people.”
Godwin says, “As part of achievements, I would say my being well informed has taken me beyond the level of training to a business or capacity building person and business coach in lots of business areas. I’m into export, which is technical in nature and has taken us to a lot of countries.”
Tolulope also says, “We have been able to sustain our business in a tough environment for these past years. We have also been able to generate more businesses from the major business we are doing. We have SkillAlert Concept, a training arm of the business which is veering into youth empowerment in addition to soap training.
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What Is Your Advice For Business People In 2016?
Olumide says, “In 2016, everyone should make their personal development and the achievement of their goals a major project and ensure they don't allow distraction along the way. The greatness of a man is in the course he lives for and the price he is willing to pay to achieve it. Keep your dream alive and I will see you at the top.”
Tolulope says, “My advice is to be true to ourselves as business people. We should evaluate the problems our businesses are having and creatively think of generating more income.”
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