7 Steps to Profit Like a Corporation
Corporations are some of the most value prodding and well managed entities. So why don’t people try to incorporate these characteristics and become a self corporation. Well you can – it will not only help to give an outside perspective that can take some of the emotion out of decisions but will also help you make better choices for your future.
How to begin operating like a Corporation:
You need to develop your own currency – this will be a way to measure opportunity costs, rewards, penalties, etc. My favorite personal currency is time. It can function just like a currency, such that when you complete a task you can reward yourself with time to go to happy hour; vice versa for a punishment.
2) Mission Statement.
It is important to give yourself a clear goal. The way a corporation does this is by creating a Mission Statement. It allows corporations to always know what the end purpose will be and what all tasks should in some way help to accomplish. Create a high level goal that you want you as the corporation to reach. For the sake of simplicity an example could be more economic wealth. You can always use this approach and set up periodic corporations when you have a goal or mission statement in mind.
3) Put your options clearly on the table.
You should be looking at everything as if you are trying to maximize value for cost. Clearly analyze and determine how much each option would cost and what value you will see out of it. This will give you the ability to view the opportunity cost of each option your corporation – better allowing you to see which one would be better a better allocation of time.
4) Have a backup plan.
Most corporations have fail safes in case things go wrong – your personal corporation should too. Look for ways to develop a plan B in case your first plan to reach your goals doesn’t work out, you have other means to achieve it.
Consultants are a great way to get outside perspectives on your corporation. Do not be afraid to ask friends and family for advice. This is a corporation and corporations hire consultants all the time for their advice. So like a corporation you can present the mission with the available options to someone and ask for their advice and then factor this into your decision.
6) Pay your employees.
Don’t forget to pay your employees or they may quit. A key to a long lasting and powerful corporation is happy and healthy employees. So make sure you give them their compensation. In this case your currency is time and you will be the employees. When the mission is reached or a critical step has been competed – give those employees a bonus – some FREE time to do as they please and enjoy their success.
Make sure you review the performance and are always looking for ways to cut cost and improve efficiency.
Like a corporation you will now be able to look at things from an outside unbiased perspective and help make the best decision based on opportunity cost of your time – helping you to get the most bang for your buck.
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