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7.2.1 Separate Business and Personal Goals

Blurring the lines between personal and professional objectives may require you to trade off one part of your financial situation for another. Maybe you want to expand your inventory, but you also want to contribute money to your child’s plan’s. Which is given precedence?

Of course, you’re establishing the company to generate revenue in order to further your own financial objectives. However, failing to distinguish between your personal and professional goals could harm both.

Though it’s equally important, as we’ll describe, to separate your finances, we’re not just talking about having different bank accounts. We’re discussing setting goals and creating visions. Ask yourself:

Personal: What are my top priorities right now? Get more exercise, for instance, or pick up a new skill. What do my five and ten-year plans entail? What are the priorities for my family?

Business: What are my top priorities right now? Examples include bringing on a new employee and developing a strategy to increase consumer base. Where do I envision my company in five years? What are the top priorities for developing new products or services?