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7 Habits You Must Build To Be Wealthy

7 Habits You Must Build To Be Wealthy

So, you want to be wealthy? That is definitely on the agenda for you. And yet, you are not quite there, are you? And you keep wondering when your time will come or maybe, you are beginning to think, you just won’t get there. Are you lacking something? Were you not born into the right family? Is there some trait you are just not aware of, yet? Why not you?

It gets like this at times, doesn’t it? The voice in your head gets a little louder and you begin to despair and wonder when your time is going to come. You are following the rules or so you think but maybe you are missing some of the habits. They seem too soft; they seem too unnecessary because you are looking for something solid to hang onto. A tip, a trick, a technique, a business hack that will turn everything around when you implement it but the truth is, my friend, that most of your success is going to come as a result of a few key habits that you implement and here is a starting point for you, if getting rich is to be a certainty in your life.

1. You Must Be Consistent

Too many wannabe wealthy people think that things have to work immediately, within three seconds, if they are ever going to work. So, they learn a new way to promote their business, they implement it for the said three seconds (a slight exaggeration!) and then they wait for the riches to pour in and then, nothing happens so they stop and change direction or quit.

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Getting rich happens when you stay on path for a long period of time. It happens when you realise that it is the day in, day out consistent following of a plan that gets you to your goal. Regardless of what the media may say, there are no overnight successes, there is only someone who consistently put one foot in front of the other daily, with eyes focused on the goal for as long as it took to get where they set out to go.You can be that person, too.

2. You must have boundaries

How much of your time is currently spent satisfying the needs and desires of the people in your world who do not have the same mission as you? How much time do you spend (and I must be blunt) people-pleasing? So much time is spent by the vast majority of people, keeping everyone happy. And it is usually at the expense of their own dreams, their own calling and mission. If you do want to be wealthy then you need to build the habit of controlling the access that other people have to you and this matters whether they are loved ones or customers or whoever.

Of course, there will be varying levels of access with a few key intimate family or friend relationships but overall, understand you are on a mission and therefore, you cannot spend all your time trying to be liked. Your goal is to serve as many people as possible, not please them. So, be a person with boundaries.

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3. You must get around like-minded people

How on earth are you going to create wealth and get rich if you and everyone around you is more likely to think that ‘lack’ is a normal way of life? Yes, you may have been brought up in an environment where most people lived a bland life. Yes, they may have assumed that they would get a job and stay in that job, just about getting by, until they died. However, if you have decided that you are going to get wealthy, then it is time to seek out a new crowd.

You become like the people you hang out with. So, again, in addition to having boundaries when it comes to certain people, dare to uplevel the relationships in your life. Choose to get around people who think it is normal to succeed. Let their thinking seep into your mind and heart and let it become your norm, too. You can be, do and have whatever you want and it helps to be surrounded by others who believe the same.

4. You must invest in your personal growth

Do you understand that you are your greatest asset? Whatever you invest in yourself, is not an expense, it literally is an asset and will continually produce results for you, time and time again. The books you read, the courses you attend, the coaching you get, all have the ability to accelerate your speed to becoming wealthy. Do not be one of those people who think that every teacher, coach, mentor out there is just trying to scam you. That is a poverty mindset. Every learning experience is just that, a learning experience. It is you, the student, who chooses what you take out of the experience. Implement Kaizen – the practice of continuous improvement.

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5. You must get comfortable with being uncomfortable

If it were possible to be wealthy while doing only the things that come easy and are comfortable to you, then you would already be rich. Form a habit of expanding yourself. Form a habit of stretching yourself by taking on more things that you normally wouldn’t do. Of course, be wise about this but do not be content to remain the same, unchallenged and unprovoked. It gets you nowhere fast. Instead, choose to do the things that you avoid. Choose to try a whole lot of new things in order to see what will actually work for you.Get comfortable with the uncomfortable.

6. You must get a journal

Yes, I am prejudiced about this. I think everyone should have a written journal – a place to record one’s thoughts, one’s desires, one’s crazy feelings and more. A safe place to peel off the layers and discover what is really going on beneath the hood. Yes, I do think you must have one. And more than that, you must get into the habit of writing in it daily, preferably during a form of quiet time first thing in the morning. I am being prescriptive, I know and yet, it will help you accelerate your personal growth. The daily routine of writing in the journal will keep you clear, keep you aware and keep you on track. The main key here is to raise your awareness. You cannot get rich and wealthy while living a passive, ‘whatever comes’, life. Get Deliberate.

7. You must believe you can do only what you love

A big obstacle for a lot of wannabe wealthy people is the thought that the only pathway to wealth is to be someone they don’t like, do things they don’t want to do and yes, they get to have it all but the cost seems too high. And, of course, it is. And yet, most of the people who do create vast amounts of wealth are not doing it while doing things they hate to do. There may be areas of their business that they dislike and mostly, they outsource those bits. Overall, those with true wealth enjoy their business and enjoy who they are. And for those who don’t, they tend to self-sabotage. We see this all the time in the media. To end this article, you must see that you always get what you expect to get, so if you expect wealth and getting rich to mean you must be someone you don’t like, you will not allow yourself to succeed.

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Why not choose to believe and take actions that align with who you want to be as a rich, wealthy person? Little by little, stop doing the things you do not enjoy and begin doing more of what you love.

Choose to create a life and a business you want, because you can.

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Rosemary Nonny Knight

Business & Life Strategist

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Last Updated on January 6, 2021

14 Ideas on How to Measure Productivity to Make Progress

14 Ideas on How to Measure Productivity to Make Progress

Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

Knowing this information we can now better determine what course of action to take with salesperson #1.

Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

How to Measure Productivity With Management Techniques

Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

1. Identify Long and Short-Term Goals

Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

2. Break Down Goals Into Smaller Weekly Objectives

Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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Productivity = number of new customers ÷ number of sales calls made

3. Create a System

Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

You can do the same thing and just adapt it to your business.

Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

4. Evaluate, Evaluate, Evaluate!

We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

Just remember that you and your management style contribute directly to your employees’ productivity.

5. Use a Ratings Scale

Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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It’s also a good way to track long-term progress and growth in areas that need improvement.

6. Hire “Mystery Shoppers”

This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

7. Offer Feedback Forms

Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

8. Track Cost Effectiveness

This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

Having this information is very useful in forecasting expenses and estimating budgets.

9. Use Self-Evaluations

Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

10. Monitor Time Management

This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

Time Management Tips to Improve Productivity

    The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

    While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

    11. Analyze New Customer Acquisition

    We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

    Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

    For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

    Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

    Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

    From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

    12. Utilize Peer Feedback

    This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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    Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

    Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

    It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

    13. Encourage Innovation and Don’t Penalize Failure

    When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

    Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

    Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

    14. Use an External Evaluator

    Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

    They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

    While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

    Final Thoughts

    These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

    The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

    The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

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    Featured photo credit: William Iven via unsplash.com

    Reference

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