The relationship between luck and financial success

As Spring showers have brought rainbow filled skies and clovers and flowers to bloom, one can find themselves contemplating the meaning of “luck.” What is “luck” and why do some people seem to have “good luck” versus others who are constantly hit with “bad luck”? Does “luck” even exist??

It has long been said that “Good luck is when opportunity meets preparation, while bad luck is when lack of preparation meets reality.” This very simple explanation of what “luck” really is can also be attributed to financial success.

Great business owners are always prepared to make the most out of any opportunity they stumble across. Conversely, companies that fall by the wayside tend to do so because of a lack of proper planning. What may seem like “luck” to an outsider is - more often than not - just being prepared!

Being prepared can mean many things depending on the company. Usually, it comes in the form of having a well-executed plan that outlines the company’s strategy and how they plan to accomplish their goals. Another essential piece of preparation is having a rock-solid budget. A budget is a road map that outlines where you believe your resources are going to be allocated throughout a given year. By having a good idea of how your company is expected to perform will allow you to pounce on any opportunity that comes your way!

With that said, business owners should not rely on finding a leprechaun to turn around their “luck” – all they need to do is be prepared for the next opportunity!