[vc_row][vc_column][vc_column_text]A couple of years ago Forbes put out an article about the 10 Habits Successful People Swear By. An instant hit with their audience, this article spurred the creative juices of many other magazine and news outlets to post their opinion of what it takes to be successful. Most of these habits are the same across the board — wake up early, eat breakfast, build a network. What isn’t mentioned are the financial habits found behind successful entrepreneurs. What deliberate daily actions make their business successful? [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”2/3″][vc_column_text]Read below to find out and then reach out to us at Ark Financial for more information on applying these to your life today!

1. Build Your Network into Loyal Relationships and Partnerships.

There are four distinct types of networking styles out there, but one of them is routinely implemented by successful business owners: The Initiator. At cocktail parties and business conferences alike, The Initiator actively networks and takes a balanced approach when seeking new opportunities. Quick to include others in conversation and follow up regularly, this type of networker is thought about often by others for a variety of reasons and effectively stays in the front of mind. How do you take this a step further to ensure success? Effectively, you take a slight financial hit now in order to secure future business by forming business relationships with partners who can help you grow. These curated partnerships potentially lead to long-term loyalty and sustainability for both parties. Successful entrepreneurs understand that financial success is not a short-term proposition.
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Want to know what kind of networker you are? Take this quiz to find out!

2. Have a Good Relationship with Your Money.

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The financially successful are actively involved with their money and they understand what their assets are doing. If they’re not actively involved themselves, they hire a financial planner/advisor to actively manage their money (such as hiring Ark Financial) for them. Budgets are created, spending is tracked, regular contributions to investments are scheduled, and early planning is done to avoid financial pitfalls.

If you have a bad attitude or relationship with finances, getting your cards in order is extremely difficult to do. If you ignore financial problems and hope they’ll eventually go away, they just build on top of each other and grow worse. Instead, actively work to erase negative or inaccurate money thoughts so you too can develop a good relationship with money. Know that you’re not the best option to manage your finances? Do your due diligence to choose a financial advisor without getting ripped off.

3. Understand Your Liabilities.

The successful business owner knows every detail of their business’s financial liabilities. This means they know exactly what they can and can’t be sued over keeping them out of legal hot water. It would indeed be a grand, wonderful world if everything was great all of the time, but at some point your business is going to run into difficulties. It’s completely okay for that to happen, but what’s not okay is not being knowing what you could be liable for at any given time.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”2/3″][vc_column_text]Check out this example from Spencer Barclay, COO of BenefitGuard: “An often overlooked liability of a small business is the company retirement plan. You will find numerous recent lawsuits where a company is being sued by employees for simple mismanagement of the 401(k). In many cases, the company thinks their provider is the one on the hook for this, when in reality, very few providers across the country are actually taking on any fiduciary risk.”
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4. Delegate Your Team AND Your Finances.

There is no way you would be where you are today if you didn’t understand the importance of delegation – After all, you can’t do it all on your own. But it’s the financially successful entrepreneur who approaches delegation differently – rather than just delegating employees and tasks, finances are also delegated. For example: Who should you pay to accomplish a certain task? When a problem arises, some combination of time and money must be spent to fix it. The more spent of one, means the less spent of the other. A successful entrepreneur evaluates each problem and then considers how valuable their time is versus the cost to solve the problem. Ultimately, it comes down to knowing how much your time is worth and where your values lie.

5. Ask Questions to Become Financially Literate.

As Socrates said, “True knowledge exists in knowing that you know nothing.” It’s asking questions and constantly seeking to become more financially literate that is one of the most important habits of the financially successful.
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_single_image image=”2647″ img_size=”large” alignment=”center” css=”.vc_custom_1508929964066{margin-top: 40px !important;}”][/vc_column][vc_column width=”2/3″][vc_column_text]The world of business and personal finance is filled with countless methods, systems, ideas, and strategies for getting things done. With so many paths to follow, the processes can easily become overwhelming.  Take the reins, and don’t let a lack of financial education stop you from developing better money management habits and building your wealth. Even the most financially successful among us started somewhere – including the advisors at Ark Financial. With abundant resource solutions available to you, we hope you get comfortable asking questions to get started.
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6. Know That the Market Comes First.

The market is never wrong and it’s constantly changing (Watch the Market here with Ark Financial). Each successful entrepreneur needs to be aware of the market, put the it before themselves and their ideas, and find comfort in adaptability. As game-changing an idea could be potentially, it first needs to be financially validated by the market to be worth pursuing. Protect yourself from risk, test the market, and don’t put your ego first.
In order to be financially successful, you first have to know where you want to go. This is why business owners set goals and make plans. With the help of their financial advisor, entrepreneurs help them develop their action plan, come up with their set of goals, and create an implementation plan. Without clear goals in mind, business owners can sometimes find it difficult to take action that moves them in the right direction.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”2649″ img_size=”large” alignment=”center” css=”.vc_custom_1508930006427{margin-top: 40px !important;}”][/vc_column][/vc_row]