Back in February, billionaire oilman, T. Boone Pickens made an interesting observation in a TED Talk. He pointed out, “The United States uses 20 million barrels of oil a day, while we only produce 8 million of those ourselves.” He goes on to point out that we use 25% of the world’s oil with only 4% of the population. Pickens notes, “This is not sustainable.”
Such failure to live within the “petroleum budget” has caused us to be in tremendous debt as a nation. Your business works on the same set of principles. If you consume more than you produce, debt (and possibly disaster) is on the horizon.
Perhaps the best advice my father ever gave me was, “Spend less than you earn.”
If today finds your books in the red, it might be time to take a hard look at your production versus your consumption and have the courage to live within your means.
How has the current economy affected your attitude toward consumption?
How often do you monitor your budget?
Randy is an author, speaker, executive coach, and the CEO of InteGREAT Leadership. He invests his time encouraging leaders around the world.