Building and sustaining a business in today's YouEconomy demands discipline and smart financial habits. Drawing from Dave Ramsey's proven expertise—as featured in SUCCESS magazine—here are four essential principles for long-term success.
- Avoid Debt.
"Why would you go into debt to start a business?" Ramsey advises bootstrapping with cash flow for organic growth. "That means you grow a little slower, but you grow more steadily and with less risk." - Prioritize Your Expenses.
Create a list ranking expenses from most to least critical. This keeps your finances on track, even during cash flow dips. - Be Intentional.
"I think the worst thing people do is they don't make money on purpose," Ramsey says. "They are not intentional. You would never buy a car at 22% interest with a payment of $600 when your take home pay is $1,200. It's this lack of purpose and intention that leads people to stupid, debt-spending stuff." - Be Proud.
"Running a business is a very cool thing. You give jobs to people. You are serving the people of the community. It is a noble calling, and it is yours. Run it, do it, lead it."
Related: 5 tips for running a successful business
This article originally appeared in the June 2017 issue of SUCCESS magazine.
