If you make the monthy statement, you will get following 3 ideas. These ideas are very important for good performance for growth of you net worth and your business net worth.
1. How Much Re-Invested of Each Type of Income in Same Field of Your Business
This question, you will find when you will make the total of net income from different sources and you will ask same question from yourself
For example, your income is from following sources
1. eBooks
2. Books
3. Personal Training Fees
4. Professional Advice Fees
5. Dividend
6. Interest
7. Advertising earning
Now, after deducting each of expenses, you will get net income figure.
Now, ask yourself
Did I re-invest specific part in same business for growth of same income
If you have this net income in the end of month, then you can ask this Question
If yes
Then Ask How Much
If it is 30%, that is ok, not, then focus on it if you really want to growth your business
Personal Recommendation
From 4 years, I am investor in share market regular and I got about 1% dividend on my net income and rest company re-invest 99% in same business. This apply on all business and you have also business. If you want to grow your own net worth or own business, minimum start from 30% re-invest.
If you have book business, re-invest in same book business, it may be investment for ads for growth your brand or invest in HR or investment more infrastructure.
If you got dividend, you re-invest your dividend to buy same company's share and with this, your portfolio grow
2. Where is Your Net Income from Your Cash or Bank Account
When you match both income and expenses, it will show the net profit or net income and your bank balance will be same if you are on cash basis of your accounting. Now, if bank balance is less than net profit, you have to ASK one big question
Where is your net income?
Now, you will focus and you may remember some immergency expenses which you forgot to record on daily basis.
3. How Can I Do Best for More Performance in Business
Just Compare Previous Income and Expenses
Income and expenses are like your good and bad habits. If you are growing your income from past income it means, some good habit of focus are increasing and expenses are decreasing, it means, you are succeeding in cost and it is also good habit.
Note if there good return on anything from past months, Now, focus, How can improve yourself to do best for more performance in growing specific income.
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