Focus on increasing your income

Many people may never want to build a business but we all need to have some form of income generation and as a wise man said to me once: “It’s better to struggle when you are young.” He was referring to the fact that I wanted to leave university because I didn’t have enough money and thought I needed a job. Sometimes we can be in such a hurry to get things that we lose a whole of life time perspective.

Also it’s easy to settle into a job and stop learning. Steven Covey talks about the principle of Production (P) and Production Capability (PC) in his book ‘The seven habits of highly successful people’. He maintains that both are necessary in order to gain true perspective in development of many areas in life.

ANALOGY Using the Lawn Mower

Using the lawn mower to actually mow a lawn is like production (P). The task at hand is to get the lawns mowed and that’s what you do. However if the blades on the lawn mower are damaged or very blunt then it may take a lot longer to mow the lawns. Taking time to sharpen or replace the blades is like production capability (PC). If this is done on a regular basis, mowing the lawns will become faster and easier BUT it still requires time to do it. Regular repairs and maintenance will ensure the lawnmower doesn’t break down when you are in a hurry to get the lawns done.

Many people fail to work on their Production Capability when it comes to a business or career. While things are going well they just keep at it, working as hard as they can but never taking the time to learn, study and develop their capability. We could all do well to focus on our production capability because this is what will put us in the right place to ‘develop our business’ whether it is a business or just enhancing our earning capability.

How much time do I put into financial Production Capability (PC)? When was the last time I did some formal study or development of my career or business?

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