If you ever ask yourself, why don’t I have any money in the bank, you may be suffering from the “hope method.”
If you aren’t budgeting your expenses against your planned sales volume, then you are likely to spend more money than should be.
Worse yet, if you aren’t managing your cash outflows, so they don’t exceed your cash inflows because you hope the cash will be there, then you have serious problems. Do this for too long, and you will go out of business.
Overview
Without the commitment to action, you are likely managing by the “hope method.” Disciplined follow-through starts with a commitment to action, then action, until it’s completed, is one of the most critical ingredients required to improve business performance.
Commitment to act requires obligating oneself to a course of action and then diligently following through on that promise until the required actions have been completed. Without commitment, you are working by the hope method that something needed to get done gets done. The problem is hope is not a method.