Have you lost your power in business? No, I don’t mean “are you weak in business”…. Listening to Jenny Leather, a Melbourne born and bred Mother of 3, on the Stretch Your Mind And Body Talk today, I wondered how many of us have let go of our power, or put our power in the hands of others.
Jenny is a successful property investor who found that the old adage “It’s easy to make your first million, it’s not so easy to keep it” is true.
When Jenny and husband first experienced wealth generation, they handed the management of that money over to someone else. This was not necessarily the best thing to do – and Jenny shared that it was like handing over you power to someone else.
The reason that Jenny feels that we do that, is that we are not sure that we have the capability, experience, skills or confidence to do the right thing ourselves and that this generally happens because of the stories we buy into, from our younger years. (Lot’s of symmetry here with Joe Rubino’s Self Esteem System).
To put things in perspective, Jenny did share that the times we tend to learn and grow are the ‘hard times’ – so we do need to experience adversity and be challenged – but it’s how much of our power that we allow to be eroded that’s important.
So how does this relate to business? Jenny spoke about her experience with business, the confusion she felt about all the statutory requirements and ‘things’ that are needed to run a business. Jenny felt completely at sea, having no experience with running a business previously and certainly felt that she handed her power over to someone else.
I’ve been thinking on that all day – what do I feel that I’ve handed my power over in regards to business. Now, I’ld say ‘not much’ but when I started my first business there were several things:
- Financial Management Knowledge
The relationship between my expenses and income
Taxation
Superannuation
GST / VAT - Employee Relations
What did the laws say versus what I felt was ethically correct?
Rostering - Stock Ordering
What did I need to order to meet expected demand?
OK, so they are pretty broad thing that I’ve outlined and it helps to break them down into specific issues however, what happened was that we gave other people responsibility for each of these areas and expected them to do the right thing. The question we failed ask was – What was the Right Thing?
Not understanding what the Right Thing was – it cost us a lot of money in misleading information from our first accountant. Simply because we trusted them to do ‘the right thing’ and we didn’t know what questions to ask.
Once we ‘took control’ we reduced our costs and increased our profits.
Taking Jenny’s advice of ‘look into your heart about why you want to create wealth’ – Are you creating wealth because you want to, or are you doing it because someone else wants you to? – are you running your business for you, or are you doing it for someone or something else? To truly reclaim your power, you need to be generating wealth for you!
Reclaiming Your Power is about changing patterns and making sure you are generating wealth because you want to. Jenny had so much to say, enjoy listening to the show:
Why not share your journey to reclaiming your power below:
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