James Schramko here. I want to talk about something that is important, and maybe not discussed very often. We sometimes hear about people talking about the long play and the short play. It’s a good topic at the moment.
The short play is, you’re doing a sort of opportunistic thing, you’re chasing the bright and shiny objects, you’ve been doing the business model of the month, trying to get money in the next few days, you know. That game gets tiring, it doesn’t last.
The long play is another thing altogether. You know, like, if you want to buy yourself a baseball team, if you’re, in 10-20 years from now, on a big sell-out, and you keep reinvesting every cent you’ve got for that, then that definitely takes commitment. It is a flier, you know, it’s a long term risk. It may or may not pan out, and you’re probably entrenched into a way of living for that. But there’s also the midterm, and that’s where you can have a balance of some cash flow now, but also building assets for the future, which is definitely my preference. But the word that I think comes to mind, when I set up my business, and when I’m helping other business owners is sustainability. Whether you do have a short or long-term play in mind, what I like to do is to setup a sustainable routine.
So here are some of the things that I’ve put in place to help that. Firstly, always make sure you’re earning more than you’re spending. Okay, that’s sustainable. I also like to trim my work week to a Tuesday, Wednesday, Thursday, because for me that’s sustainable. If I can have three on and four off, that is sustainable. I like to have long-term recurring relationships with my clients in the form of subscriptions, because that’s sustainable. It’s a lot less effort to keep filling the funnel with brand new customers when I’ve already got my customers. And I’m just continuing to serve them over and over again.
So think about how can you make your business sustainable? How can you make sure that your domain names are renewed? How can you make sure you have a long-term, stable team, who know how you think, who want to be in your business? And you’re not being greedy, you’re not trying to pay them too little. You’re not being an over-demanding or overbearing manager and they leave. So, all of these things create sustainability.
If it was an engine, it will be a normally aspirated engine that could chug along all day long. If you’re running a high-octane boosted, turbocharged, supercharged, nitrous-injected engine, like some of these drag cars, it will often just burst into flames. It’s not sustainable. So think about this – how can you make your business more sustainable?
And if you’ve got any tips or suggestions on how you build your business into something that is really sustainable, then I would love you to make a comment right where you see this video. I will respond to it and I appreciate you in advance for contributing to this conversation.
I’m James Schramko. This is SuperFastBusiness.com
See our products HERE