Ever trying walking up stairs with just one leg? (Okay, I’m going to assume you are not a single amputee; if you are, then you already totally get the message I’m trying to convey here).
Here’s a simple exercise that illustrates the point I want to make:
- Get up from your chair right now and walk to the nearest set of stairs.
- Now walk up the stairs, say 10 steps or so, then turn around and walk back down.
No big deal, right?
Now, lift your left foot so that your heel is nearly touching your buttocks and you are standing and balancing totally on your right foot.Okay, round 2:
- While maintaining your balance, hop up the stairs as far as you can go (without hurting yourself!)
Totally different experience, almost ludicrous, isn’t it?
But you know, this isn’t much different from how many entrepreneurs attempt to build their businesses:
They focus so heavily on getting more clients, customers, and fans that they avoid keeping track of how much money they are bringing in and spending.
Many of you have heard me refer to my colleague, Joan Sotkin, who wrote a book called Build Your Money Muscles. I’ve read it, applied it, and recommend it highly. But let’s get back to your exercise of walking up the stairs with two, then one leg.
You see, muscle is composed of fast-twitch and slow-twitch fibers. When you walked up the stairs in exercise #1, your slow-twitch fibers were firing. If you sprinted up the stairs, your fast-twitch fibers would have kicked in. Both are important to use and develop. In exercise #2, you only had the benefit of the slow-twitch muscle fibers in only one leg, so you had less than half the power.
Similarly, there are two types of “money muscles” that every entrepreneur must train and develop:
1) Money-making muscles
2) Money-managing muscles
Let’s talk about “money-making muscles” first.
Making money is one of those urgent things that get in your face. It’s exciting and there are lots of training programs out there on how to make money faster, easier, with less work. (Heck, I just finished giving away my $600 program on “rapid revenue acceleration” for free to almost 300 entrepreneurs.) The prospect of making money with more intelligence and proficiency is alluring. It’s almost a “no-brainer” for us to continue working on our money-making muscles.
Now let’s address your “money-managing muscles.”
We all know managing our money is important, and yet this essential practice often gets overshadowed by the “instant gratification” of money-making tactics.
Have you heard the saying, “The universe will only give you as much money as you can handle?” Said differently, the universe will not give you more money than you can manage. I’ve seen the truth of that first-hand, repeatedly!
Therefore, if you are going to make more money (on a consistent basis), you must build your “money-managing muscles” and become an excellent money manager.
But Do I Really Have To?
Here’s the thing: When we lack confidence and comfort in managing money, we subconsciously (and consciously) won’t feel strong and capable of making more money.
The resulting self-doubt erodes the quality, quantity, and focus of the actions we must take to make more money, as well as the consistency and accuracy of how we manage it.
So yes, you really have to! Just like getting up a flight of stairs is easier using two legs, both making money and managing money are inextricably tied. It’s the yin/yang balance that’s needed in every business.
If you’re ready to start building your “money-managing muscles,” I invite you to join my business partner, Dan Bowser, and I in a conversation and exploration of what it takes to build your money management skills and habits.
We’ll share our collective experience of working with micro-businesses, multi-million dollar companies, and Fortune 50 giants. And we’ll help you get pointed in the right direction with your own business money managing systems and best practices.
Remember, few very entrepreneurs are doing this well or at all. This is your chance to strengthen your core, so both of your legs are available as you climb the stairs of success.
Register below and start building both sets of your “money muscles:” Money-making AND money-managing.