The New Year is quickly approaching, and in addition to wrapping presents, we are wrapping our heads around what we want to accomplish next year. Make sure to consider your 3 resources when setting your goals.
Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary.
This is an important discussion because if we don’t have the right resources, or enough resources in place to accomplish our goals, we’re going to fail, and we can predict failure before it even starts, it’s just not going to happen. So it’s important to understand your resources, and how they affect your BIGG goals.
Here’s something else to keep in mind. You can assume that that’s going to take two to three times longer than you think, to reach that goal. And you also should plan on it costing two and a half times as much money as you might think.
This is something that gets bantered about for entrepreneurs a lot, and we think it’ good to be reminded that with setting goals, you should should give yourself a little bit of wiggle room.
George shares some insight on strategic planning, and a an interesting bit of advice from a self-made billionaire in the podcast. Click the player above to listen starting at 2:44.
Everything we said so far is regarding resources in a business, but BIGG success is all about personal entrepreneurship, taking ownership of your life to create a better future. So let’s look at how resource allocation applies to us as individuals.
To do that, we’ll go to The Professor’s Whiteboard for 3 resources for achieving your goals…
Time is our most precious resource. Unlike money, you can’t get more of it. Time is truly limited. The key to using this resource is to allocate your time to its highest and best use.(We discussed this in depth in podcast episode #327.)
For example, if your goal is to make a little extra money, you may buy a rental property that needs some TLC. You think a new coat of paint throughout the inside would work wonders. So you get a bid from a painting contractor. Your choices are to accept the bid and be out the money, or to do it yourself and be out the time. If this is your first rental property you’ll likely opt for choice 2. If you keep acquiring properties, at some point you’ll start paying a painting contractor. You are getting a higher and better use of your time when you hire someone else, so you can invest your time in activities that generate more revenue – like buying another rental property.
We tend to define money too tightly. We think of money as the green stuff we have in our wallets. But it goes far beyond that. When you think of money and about wealth, resist the urge to think it doesn’t’ apply to you. It does. You have wealth, maybe not as much as you want; maybe not enough of the kind you want.
For example. we had a discussion along these lines with a colleague recently. She told us she wanted to work out three times a week, But she had set the goal before. She diligently put it on her calendar. And then blew it off! Boy, can the two of us relate. So this time around, she hired a personal trainer. Because she never wants to waste another person’s time, she won’t miss that appointment. But what if you can’t afford a personal trainer? Find a buddy who will meet you at the fitness center. No you are using using your social wealth.
This multifaceted resource, of our 3 resources, often gets overlooked, probably because – as its name suggests – you can’t see it or touch it. We are talking about things like:
- Self confidence
- Goodwill from friends
- Specialized knowledge
- Technical ability
Mary-Lynn shares how reputation helped her get a side-gig in radio that fits her perfectly. Hear the story in the podcast starting at: 11:34
The 5 elements of BIGG success are: time, money, growth, work, and play. Time and money are our two tangible resources. Growth can produce intangible resources that help you reach your goals faster on the journey to BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
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