Maslow's Hierarchy of Needs has always been an interesting philosophy to me. In case you don't know who Maslow is, here is a summary, and if you would like more information about Maslow here is an interesting article that I found, McLeod, S. A. (2020, March 20). Maslow's hierarchy of needs. Simply Psychology. https://www.simplypsychology.org/maslow.html. Maslow was a psychologist who had a motivational theory in psychology; when people have the need to achieve certain things, they will be more motivated to get it do what needs to be done to get those needs met. Some needs are more important than others.
I first heard about Maslow's Hierarchy back its college, and when I started my business, it got me thinking about a hierarchy for my business philosophy. This was my conclusion:
Maslow's - Food Water, Warmth, and Rest
Pina Biz - Owner's Pay, Profit First and Savings
This is the most important need in my opinion. As an Accountant, I find so many Business Owners who don't put themselves first and always feeding back into the business.
Once you get your Budget (Personal and Business) completed we can look at how to Pay Yourself, put money away for Profit First and into a Savings Account. By paying ourselves first, we are providing the Food, Water, Warmth and Rest that we need.
Maslow's - Security and Safety
Pina Biz - Business and Marketing Plans
How are Business and Marketing plans a Safety need? In my opinion these two plans are going to give you the blueprint to your business and how it's run, providing you with a sense of security that your company can be successful.
Creating a One Page Business Plan (that is correct One Page), we don't need to create a 20 page plan that is going to sit on a book shelf; we need a One Page Business Plan that will be posted on your wall so you can see every day to help you achieve your goals.
Now we make a Marketing Plan: Taking our Annual Goals that is from my One Page Business Plan to create monthly goals to get my message out to everyone in different marketing ways.
Maslow's - Relationship and Friends
Pina Biz - Networking and Mastermind Groups
I had a business coach early on in my business career who told me that if I am not out in the community nobody will know who I am or what services that I provide.
In "The Law of Success" Napoleon Hill says "Surround yourself with like-minded people, people whom you know you can trust on an intellectual perspective and that can give you noteworthy insights and sparks which you can draw inspiration from."
While this social distancing is affecting us, I'm actually networking more now than I ever did before.
Maslow's - Confidence, achievements
Pina Biz - Understanding Your Financials
This one might be a little hard to compare, but having the confidence that you understand your Financials is a huge achievement. There are many business owners, who only care about two things. 1. What is the bottom line and do I have to pay taxes. 2. How much do I have in my bank account? If you want to accomplish Needs 1 and 5, you need to understand your Financials.
By understanding your financials, you will understand what is working in your company's income streams and what is not working. You will also understand how much wasteful spending there is. You will see a pattern, were the red flags are, and what needs to change.
Maslow's - Achieving one's full potential
Piña Biz - Taking a Vacation
After going through all 4 of the previous steps the final step is that you have hit your full potential and you have earned to take some time off and enjoy a vacation. To go on vacation is one of the most fulfilling times in one's life, either going on a cruise or explore another country, or just lying on the beach for a week. It's a time to get refreshed, relax and enjoy, you deserve it.