Money for Life Applied Principle #8 – Implement the Success Cycle
Just like when you are working on becoming physically, you need to develop a plan. Your plan would need to include eating right and exercising. These things will help you make progress towards your goal of being physically fit.
The same things are true of achieving Financial Fitness. You started this journey by learning the principle of spending less than you make. The next step is to incorporate a system into your personal financial life.
The Success Cycle is one of those systems. “Simply put, the Success Cycle is a system that can be adopted and routinely followed to ensure continued improvement and long-term financial fitness. This system includes four steps: planning, tracking, comparing, and adjusting. “
“While the system seems relatively simple, when these steps are followed continuously, the results can be extraordinary. Successful companies everywhere incorporate this system into their monthly, quarterly, and annual management systems and processes. General Electric, one of the world’s most successful and consistent companies, has perfected the Success Cycle. Successful project managers, contractors, and process management professionals all follow this cycle. What’s more, this cycle can be applied to a very small project spanning a few weeks, or to the construction of a multi-billion-dollar industrial plant spanning a number of years. In either case, successful execution requires that each of the steps in the Success Cycle be taken; steps cannot be shortened or eliminated.”
There is no quick fix. Victory comes through steady and persistent application of the proven envelope principles and the Success Cycle. “Consistent implementation of the Success Cycle will force us to become more patient-to be more like farmers and less like hunters. This will ensure our long-term financial success. If you wish to correctly implement the four steps in the Success Cycle, you need to clearly understand each one.”
Follow along in the next 4 BLOG posts as we discuss each of the 4 steps of the Success Cycle.
Contains excerpts from Applied Principle 8, Money for Life, by Steven B Smith