Financial independence reverses the conventional work-to-retirement balance upside down; rather than working for around 40 to 50 years, and then retiring, financial independence supporters work for only 5-20 years, being intentional and saving aggressively with their financial decisions, ad then “retiring” to follow their hobbies for the upcoming 30 to 60 years.
Kevin David is one such financial independence supporter who has successfully created his realm and is now inspiring and teaching others to become financially independent like him.
What Does Being Financially Independent Mean By Kevin David?
According to Kevin David, being a financially independent person means having enough income, investments, or savings to live life comfortably and meet all the obligations in life without depending on a paycheck. That’s the ultimate purpose of a long-term sound financial plan by Kevin David.
And for this, Kevin David has worked very hard and has taken many risks. When he left his comfortable accountancy job to upgrade himself, he has taken a risk. According to Kevin David, without taking risks, you can never set yourself free.
So, if you want to become financially independent like Kevin David, then you need to follow his path.
Scale Your Business: Kevin David Way to Financial Independence
In the first few years, creating and developing your own business to become financially independent, especially in the wholesale segment, absorbs almost all of your time. Sales growth, going online, and customer service require constant attention.
But if the company is already established and the main business processes are established, it is unreasonable to spend sleep time studying quarterly reports systematically. Lack of rest leads to burnout and depression, not to mention the inability to make rational decisions based on logic and common sense.
How to get away from the need to constantly personally supervise the work of staff? How to free up more time for more important tasks, reboot and rest in the end?
Go beyond yesterday’s thinking and move to a qualitatively new level – scale your business!
Automation
Business process automation is a great starting point for saving time (and therefore money and other company resources). Automation brings a drastic reduction in operating costs: just a couple of minutes gained in the cycle of a repetitive process, multiplied by a dozen employees on a monthly scale, can turn into a full 40-hour week of additional working time.
It is necessary to automate not only cyclical processes but also more complex ones, such as marketing. In addition, there are effective tools for this that have already been adapted to the conditions of the Russian market and tested by hundreds of b2b companies.
Although it’s obvious, we’ll say it anyway: the more you invest in customizing automation and process optimization today, the easier it will be to scale your business tomorrow.
Long-Term Financial Outlook
Survival, in the long run, will be ensured when your income exceeds your expenses. However, if you have already made a profit, do not rush to withdraw these funds from the business.
If you are counting on scaling your business, save money for reinvestment at the same time as sales increase: they will come to the rescue at the moment when the company needs an increase in resources.
Plan expenses for the year ahead and create reserves in advance for each month of fixed expenses. This will allow you to freely dispose of profits while maintaining the security of financial management.
In addition, this way you do not need to look for external investors for scaling urgently, and you can maintain control over most of your company in the future. In the end, you can sell part of the shares or take out a loan at any time.
SaaS technologies
The company’s going online is moving all data to distributed cloud storage and accessing them via the Internet, using subscription software, according to the Software-as-a-Service principle.
The advantages of SaaS are not only remote access from anywhere in the world but also the speed of access to the server, as well as high work efficiency. And most importantly – the simple scalability of the business at the right time.
SaaS technologies are ready-made solutions that allow you to quickly increase staff and immediately provide new staff with online access to the databases and analytics they need to work from any computer.
Without this, the workplace must meet serious requirements for power and disk space, it needs to install and configure special software and download company databases.
Effective sales funnel
Sales and regular customers are what will ensure a constant and stable income for the company. Improve your sales funnel by polishing every step – from cost reduction and product margin increase to after-sales customer service.
Pay even more close attention to your service after receiving the transaction. After all, it is easier to turn customers who have made a purchase once into regular ones: they will cost the company 80% less than attracting new ones who need to be “warmed up”.
An effective sales funnel includes 3 components:
- Awareness – maximum information about you and your products. Provide buyers with quality content to help them choose, with images and detailed descriptions.
- Evaluation – the ability to compare and contrast analogs. Offer a smart catalog search that allows you to compare and evaluate the characteristics of several products, and quickly find an analog in the absence of the desired item.
- Decision making. Use it to upsell, as well as offer related items, bonuses, along with discounts on further purchases to make your customers more loyal.
Improve each phase of the funnel, and bring it to the ideal and automaticity: this will be the basis for scaling your company’s business.
FINAL WORDS
If you follow Kevin David’s path properly, you will certainly succeed in your business. For mastering entrepreneurship, you should try Kevin David’s way to financial independence.
If the above-mentioned tips are not enough for you to understand what you should do to become financially independent, simply join Kevin David’s online class.
With the help of Kevin David’s online courses, you will certainly master entrepreneurship and become financially independent.