Show me a business owner who says that they are not “concerned” with money, and I will show you a liar.
Every business decision made always leads back to the bottom line – money. Be it direct or indirect. All efforts can be diagramed with a direct line drawn back to the source – making financial decisions = money and money = GROWTH.
Hiring new employees leads to servicing more customers effectively.
Servicing more customers = increased customer spending + # of customers being served = more money.
Firing employees or business spending = cutting cost to save money.
Revenue uptick opportunities will always align with business decisions for increasing/decreasing [money] cost for growth.
Growth = Profit. Profit = Choices. Choices = Flexibility. Flexibility = Business Agility.
Business Agility = Creative ways for you to expand your business based on allowable financial resources.
All roads lead back to money. Loyalty rewards/gift cards – creates the repeat customer as well as ticket lift – as this helps drive traffic back to your business to spend more than the value of the gift card balance, ultimately increasing conversion as well as the average transaction. Not to mention *that gift card is a walking miniature billboard tucked neatly in a wallet, purse or pocket…and that shrunken billboard is another way to brand your business whether you think it obsolete or dated. These days, you’ll obviously find more digital gift cards than the actual retro-plastic thingy that millenials would scoff at.
We really do need to stop treating money like it’s a 4-letter word. You are in the business of making money. That money made allows you to take care of what is important to you – your family and your business. Your kids and your employees.
Sometimes your employees act like your kids. ☺
You are in the business of making a profit. Don’t beat yourself up about that. Despite the product or your service, you got into business because you saw a problem that you wanted to fix, you believed that you created something that no one else had or you fought hard enough to be dogged enough to force change on an industry that needed to be shaken up by your voice followed by your bold action. No matter what business entity you are, your purpose is to make as much money as you can so that you can change the things around you for the better.
Even non-profit organizations are FOR-profit businesses.
Make sure you are working towards growth factors in order to outline your success. Your success will dictate all the things that you want to follow, and the future that you want to carve out.
Remember this foolish-yet-witty-made-up-proverb: “If a tree falls in a forest, and no one is around to know about your business, making you zero profit, does it make a sound?”
Those dollars, don’t make cents.