Wednesday, July 13, 2011

Value Creation and Multiple Income Streams

Each year, I do an exercise called a "One Year Planner."
It has ten objectives I want to achieve to make progress in important areas of my life.
The "OYP" I laid out in May included an objective of developing new income streams.
Why?
Dan Sullivan is co-founder, with his terrific wife - Babs Smith - of The Strategic Coach in Toronto, ON. Dan points out that if one is an entrepreneur who happens to be a CPA, the creative possibilities are much greater than being hemmed-in by the reverse.
In our law firm, we have had several ideas for related businesses, for which we have identifiable demand, that are not professionally legal in nature, and could create value for clients and their other advisors with Unique Processes(tm). Maybe it is time to act on those.
Recently, I have been exposed to ideas that MDs, CPAs, pharmacists, and educators have leveraged into various multiple income streams.
The point is, this is still an economically free society. God made us in His image, and He is creative.
The possibilities are pretty much endless.

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