BP#29 of 300. The owners have at least $3 million in their retirement fund, within 10 years.
Most everyone laughs when they see this best practice, yet it is often one of the real keys to building a successful AND sustainable business. Putting this as a critical goal for your business changes WHAT you and your team do, and WHEN you do it. It makes everything more urgent and more important to get results NOW, not just stay busy and hope it all works out in the future. This is one of the keys to achieving our goals 10 or 20 years faster.
In addition to growing the business 5X-ASAP another great strategy is to use the “$3 Million More” process to build a $1 million-to-$4 million protected and guaranteed asset in about 10 years. This unique strategy was developed by Shawn Kieley, of Perfect Financial, and uses a powerful financial management strategy, to leverage existing business or personal cashflow, before we spend it. This is unlike other investment systems, where we have to put in money that is left over, and then park it for a long time, and pray it's still there later.
As an example, if our business cash flow is typically $500,000 a year, then it is often enough to acquire an additional $1 million, in as little as 10 years. For businesses with annual revenues of $2 million or more, it can be as high as $4 million, in about 10 years. This is in addition to any other investments, not a substitute. It can also work with family cash flow, but the results vary depending on budget.
Lastly, too many entrepreneurs neglect the simple fact that no one is going to help us retire. We are responsible for every last dime we need to live the way we want now and in the future. The older we are, the more urgent it is to get reliable results. Counting on the sale of the business to fund retirement, we must ensure that the business is worth enough, that it doesn’t decline in value, and that there’s a real market for it when we want or need to sell it. Until we have $3 million and more, reserved for retirement, then we have all the more reason to make sure we are building a business that can earn another million dollars, as soon as possible.
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When can a few bucks make you millions? If you said buying lottery tickets, then good luck! We say reading "BEST PRACTICES OF HIGH PERFORMANCE ENTREPRENEURS" can help make you millions in profit faster, WHEN...you aggressively implement these "Best Practices" proven to accelerate growth. This isn’t an academic study or theoretical presentation. It‘s a step-by-step process that's been used to create some of the "Fastest-Growing Businesses" in the country. See the list below for results of real businesses, just like yours. Read the book and take the Hot300 assessment, and see what it takes for you to build one of the fastest growing businesses in the country, starting now!
Hot100 and 5X Awards Tally
REAL EXAMPLES OF SUCCESS!
A few of many examples: (The growth and sustainability of these businesses is not a guarantee your business will achieve similar results, but it's a good start.)
Business Services Startup
Women-Owned Personal Services
Trade Construction Company
Social Mission Business Service
Custom Business Software
And many, many, other success stories, to help accelerate your success.