Cave Financial Services

Diligence is the Mother of Good Luck

Thu June 19th 2014

Diligence is the mother of good luck – Ben Franklin

Do you have the No 1. skill that helps set you apart from others - the skill of diligence?

The success or failure of a project can hinge upon the decisions you make surrounding it. How do you know you've made the right choices if you haven't looked at all the possible angles? If you want to achieve your goals or open doors to opportunity, a little hard work and investigation goes a long way. This is where diligence comes in – and it's never been easier.

The internet is full of information and advice from industry experts on just about anything you can think of. The trick is in knowing what you don't know and how to find the right answers.

Six Tips for Diligence.

1.Develop a good advice team.

These are made up of professionals, such as lawyers, accountants, mortgage brokers and financial advisers, who you pay for advice. Find people who are familiar with you and your situation and who you trust to tell you the truth about a deal or opportunity.

2.Take your time and plan ahead.

There is no hurry, make sure you have all the information before you dive in.

Look to the future. How does it look five years from now? Ten years? How will changes in circumstance affect it? A rushed decision is often a regretted decision.

3.Keep on questioning

Ask all the questions and then ask them again. Ask the same question of different people and compare the answer. Everyone's perspective is valid.

4.Be flexible and open to change.

It's ok to change your mind or to admit that something isn't going to work. Saying no now may open doors to other opportunities.

5.Be committed and decisive.

Be dedicated to discovering all the angles. Don't put off till tomorrow what you can do today. Once you have all the information, trust that you'll make the right choices and take the steps required to achieve your goals. Make your informed decision and stick to it.

6.Learn from mistakes.

If you do make a mistake it isn't the end of the world - just make sure you learn from it.

The Oxford dictionary definition of diligence is:

'Careful and persistent work or effort.'

So, in the end diligence is about you and your commitment to making the best choices possible.

"What we hope ever to do with ease, we must first learn to do with diligence."

Samuel Johnson.

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