Applying business concepts to daily life is a valuable lesson I learned early in my career. By implementing this approach successfully, these concepts can positively impact various aspects of life. My journey on this began with goal setting.
As a young financial analyst years back (oh, I miss those days), we would do planning for the entire organisation, moving across all functions and their elements and planning how we want the following year to be in terms of volume, pricing, costs, expenses, capex etc. This goes through many layers of iterations until it is finally approved and becomes ‘locked’. As we begin the new financial year, we start tracking performances versus the business plan we had locked the previous year! And because we were clear about what we wanted, we always found a way to move everyone in that direction month after month. The ‘how’ can change, but the destination never changes. I’d joke later on, ‘If Coke is not moving we should sell Fanta – we just should hit the volume!!’ 😊
Many business concepts may be used in daily life to improve decision-making, productivity, and overall well-being. And what I just described up there led to the birth of the Goal Book. Just as we develop annual business plans, the Goal Book encourages users to set personal and professional goals with these covering every area of life. Each part of our lives; career, finance, health, education, business, etc. represents each function/department of a business. And as each part of the business contribute to the overall success of the business, every part of our lives contributes to our wholesomeness. Our goal could be to write a book, have a blog, write a professional exam, change career, apply for a scholarship, learn music, start a business, or read twenty books in the year – whatever it is – it has to be with intentionality. This consciousness helps us stay focused and motivated to accomplish what we want.
We cannot be caught winging life!
Other valuable business concepts that you can use in your day-to-day life include;
Financial Literacy: Understand fundamental financial principles and handle your money wisely. Financial security and freedom can be attained via budgeting, saving, and investing.
Risk Management: In order to reduce potential undesirable outcomes, consider risks in various scenarios and make wise decisions.
Time Management: Prioritise your duties, and do your best to avoid distractions, to efficiently manage your time.
Decision Making: When presented with options or a decision-making challenge, use critical thinking and rational decision-making techniques. Think about the benefits and drawbacks, probable results, and long-term effects.
Marketing Yourself: Present yourself and your abilities in a favourable and appealing light, whether in job interviews, social settings, or professional settings.
Adaptability: Accept change and learn to adjust to new situations. Unexpected twists and turns are a part of life, and flexibility will help you overcome obstacles. (see prior post on this here)
Branding: Create a personal brand that embodies your values, abilities, and personality. Display your brand consistently in your actions and relationships.
Delegation: To reduce burnout and enhance productivity, learn to delegate responsibilities when appropriate.
I am sure there is a lot more 😊 what am I missing? Which of these resonates the most?
Please share your thoughts, I am eager to read and learn from you 🙏🏾
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