Money for Life Applied Principle #8 – Implement the Success Cycle. Step 4: Adjust.
The Success Cycle is made up of four basic steps: Plan, Track, Compare and Adjust. Step 4 is to make adjustments.
“It is nearly impossible to create a perfect plan the first time around. Great planning is a process that includes both time and experience. As you plan, track, and compare, you will be able to see clearly which areas need to be adjusted. These adjustments may include adding spending in some areas and reducing it in others. The entire process does you little good if at the end of your review you are unwilling to make necessary adjustments. Good managers take the information provided from comparison reports and then make appropriate adjustments. These include changes that impact both sales and expenses, ultimately enhancing the overall profitability of the enterprise. Each time you complete the cycle by making necessary adjustments, your plan will become more accurate. You will be surprised and amazed at the adjustments you can make over time.”
Now that we have covered all four steps of the Success Cycle you are ready to move forward. You are now prepared to immediately implement the principles of the Success Cycle so that you can reach your financial fitness objectives.
Contains excerpts from Applied Principle 8, Money for Life, by Steven B Smith