Internal Controls - Lessons From Business You Can Use For Personal Success

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Internal controls in business consist of people and processes that are in place that ensure the company operates within the laws and regulations, that financial statements are accurate and represent the business operations and results and that the objectives of the company are met.
This is somewhat simplified but you get the idea.
These are more important than ever with the latest financial and economic crisis.
Personal lives are also impacted of course and now more than ever we need to have our own internal controls.
One of these, abiding by laws and regulations is simple for most of us, recognizing that society needs some structure to work safely and efficiently.
Having good records of our financial situation is another internal control good for individuals and not just businesses.
For example budgeting is a useful tool, not only tracking where the money goes but also to help in making sound decisions before the money goes.
Achieving our own goals and objectives also requires good internal controls.
This is where discipline, belief, faith and purpose play a role in moving us forward.
Being able to continue toward a goal, despite appearances to the contrary, is a hallmark of many successful ventures.
In other words having the belief in yourself so strong your vision will be realized.
This is not to say there won't be setbacks and disappointments but these are just indicators or feedback to use to move forward.
Just as a company has a system of checks and balances to monitor progress, an individual can also do the same.
There are many types of quality systems out there that help to prioritize and monitor your progress.
This is something of course that you can do yourself either manually or with software.
It doesn't have to be complicated or time consuming and can be as simple as starting with a list and due dates beside each item.
Mapping is also a great tool if you are visual, can be done quickly on the fly and is great to show all the details that are part of the bigger picture of what it is you are trying to accomplish.
The important thing is to use what works best for you.
Another way an individual can monitor progress is with emotion, which if used correctly can let you know if you are moving in the right direction and make adjustments as required.
Learning to use your emotions to give you feedback and keep you moving forward is not easy to do especially when the emotions are negative or unpleasant.
Rather than letting these emotions stop you completely, they can be used to indicate another approach or adjustment is required, but progress toward your goal should never be in doubt.
The better you can develop these internal controls, the more powerful your toolkit for success will be.
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