Business – is it all about the money? Although this may be a debatable question, many people have strong opinions on both ends of the debate whether business should be all about the dollar. While some believe that business is all about money, others may think it is the other factors that make business so special and not just the money it brings along with it. Business can be economical or something that just came out there because of one’s passion for something. Undoubtedly, money from the business helps businessmen in many ways, but it is in fact not always about the money. There is a lot more to a business than just the money one earns from it.
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Business – is it all about the money?
Money can be one of the many factors that can actually help drive the business. It is an important aspect, because if you are not making money, then what are you doing? Are you really operating a charity or should you even get out of bed in the morning? There is no shame in admitting you’re in it for the money.
However, money is often not the only thing. What makes a business so special is the people working wholeheartedly to make sure the business is successful in the future. It also takes more than just money to build a business. A business can’t come up overnight, a lot of hard work and determination must go into it, alongside capital, to make it a successful business. I believe that a business owner needs to be passionate about what they are doing. More than 80% of the businessmen and businesswomen around the world have agreed to the fact that business is definitely not all about the money.
Legacy
For many people, building a business is about the legacy it leaves behind. They want people to have a good impression of the person who was behind the business. In order to aid this, they help people as much as possible and contribute to the society in every way possible. Their business to them is a form of legacy that they want people to remember for a long time into the future. The legacy may be something they want to leave for their children as well.
Strong Values
Building a company that withholds strong values is much more important than focusing on making profits. Stick to your values and you’ll never be disappointed. If the only thing you can think of is making money, then that will put an end to your creativity, and mind it, for a start-up world, creativity is a MUST! If you are considering a start-up, you need to shift your sole focus from the revenue you’ll make to looking after the concerns of your employees. (Don’t lose the focus altogether though). One thing that start-ups often do is try to do it all by themselves to save money and have more profit; although they might not have the skill, knowledge or ability. We’ve all heard the expression “You have to spend it to make it”.
Employees, Services, Assets
Tackling the problems faced by your company should remain your top priority. Besides this, the betterment of the employees, services provided to clients and investing in things that will benefit the company should not cause you to hesitate at any point (as long as your due diligence has been done). If you ever feel like there is something wrong, or you have an unhappy employee, make sure you go talk to them about it. It is best to tackle situations as they come up and not wait until the problem worsens.
Focus on things like keeping your employees happy. This will keep them motivated and they will deliver the best work when treated well and their concerns are addressed and taken care of. Encourage salespeople to take ownership of their work and give them the control over making certain decisions in order to deliver the outcomes that you need. This will give them a certain amount of freedom which will drive them to work better.
Ensure that you keep reminding your employees of the broader vision and let them know that they are an integral part in helping you achieve the desired outcomes. Make them feel like they are a part of a company wherein their presence is highly valued. This will make them feel important and cause them to show better results in the workplace. Look after your staff well, they will look after your customers well, and your customers will take care of the profits.
Creativity
Think outside of the box. Be creative and come up with solutions that will help your company a great deal. Once you shift your focus from the money itself, you can invest more time into actually coming up with creative solutions to problems. It is extremely important that you deliver solutions for your company that will help generate more revenues.
Think strategically and do suitable market research. Whilst passion in business is important, before you implement a new product or service, be sure to not only ask yourself if this will generate interest (and money) through strong market research. Plan your business growth (or product expansion), be strategic and do your research and due diligence in order to not only have a business you love which you are passionate about, but which yes, will also make you money.
Invest in what is needed. Don’t be stingy when it comes to spending on things that will actually make a difference to the way your company operates. This is because, in the long run, it may prove to be very helpful for you and in the growth of your company.
Business is not all about the money!
Thus, business is most definitely not all about the money. It is about the smart choices and creative solutions that you come up with. It is about how you tackle critical situations and handle them with ease. Always work towards having a business that is successful in terms other than just the money that it makes. Yes, money is one factor, and an important one, but remember that it is not the ONLY factor!
For more business tips email me at donna@donna-stone.com.au.
