How Mike Tyson Went Bankrupt

Let me tell you how Mike Tyson went bankrupt.

Some sources say that at the height of his career, his net worth was $300M.

And then he started spending money carelessly. He petted tigers, lived in the most expensive mansions and did all kinds of drugs.

His downfall came when his body started betraying him and he had to retire from his boxing career.

He couldn’t afford his lavish lifestyle anymore and had to let a lot of his staff go.

In 2003, he filed for bankruptcy.

Now, he is an actor and has a reported net wealth of $10M.

You may say that Mike was a complete idiot when it came to finances.

That he couldn’t see the implications of his actions. That he purchased things to satisfy his ego and desires.

And you are right.

But when it comes to business, many entrepreneurs are no different.

They too make decisions based on emotions and gut feeling and not on logic.

They too can’t see the implications of their actions.

I have seen many business owners who hire new people only to let them go a few months later.

Or worse, they compromise with their own lifestyle so they can support them.

They fly blind and make one bad decision after another.

And they suffer the same fate of Mike Tyson, only on a smaller scale.

To make better decisions, you need to take emotions out of your business.

You need to make decisions based on numbers and not on gut feeling.

And visualising your data in the form of a dashboard is the best way to do so.

Just like your car has some meters which tell you your speed, distance travelled, fuel left, engine temperature, engine efficiency and other things…

Visualising your data can give you the same view of your business.

Imagine if your car didn’t have those meters and one day, it didn’t start. How would you know what happened?

You may think the engine is broken, but just looking at the meter will tell you that it needs more fuel.

The meters make the decision making process easier.

Having the same kind of meters in your business can help you make better decisions.

They will tell you if you can afford to hire an employee or if you need to make your systems better and efficient.

Now, the question is: What should you measure in your business?

How to implement them in your business?

The good news is we have spent the last 15 years building, testing and perfecting these meters.

We know exactly what you need to measure, how to visualise it, what to do if the numbers start to fall down and how to improve those numbers so you can take your business to the next level.

If you would like to know how to implement these systems in your business, DM me the word “Plan”

Lets’s have a chat to see how we can help. Book HERE

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