Why did you start your business? I bet it wasn’t to go broke. I bet it wasn’t to work 16-hour days, to see how long you could go without sleep, or to have a constant turn-over of employees. You probably started your business to create a lifestyle and a legacy you could be proud of.
A big part of that lifestyle is making money. Even better than just making a miniscule profit, is developing a business that will actually make you wealthy and allow you to share your wealth the less fortunate.
So let’s start thinking of money as more than just a means to an end. In previous posts, we talked about how price is a communicator. Your ability to turn a profit and build wealth communicates something as well. It communicates how good you really are at what you do. Not just as an artist or technician, but as a wise administrator and steward.
If you have exceeded your customers’ expectations, they want to say thank you. What better way for them to say thank you than with a thank you note with a dollar sign and signed by the US Treasury. Unfortunately, most contractors don’t ask for enough gratitude and don’t manage the “thank you notes” they do get.
We sometimes have a tainted view of money. Many see it as dirty, a necessary evil, or even the root of all evil. It’s important to note that the biblical reference to money as the root of all evil states that the “LOVE” of money is the root of all evil; not the money itself. The desire for abundance and wealth is not evil. It’s difficult to share with others when you barely have enough for your own needs. It’s when we take that money and hoard it for ourselves. It’s when we don’t use it for good purposes. It’s when we use it to harm others that it can become a negative thing.
In days gone-by, the way you showed your appreciation was with a small tip or something of value. Now we expect everything as a “common courtesy.” Free is something we anticipate with every purchase and for every interaction.
Watch the reaction on your server’s face when you give them a healthy tip. See what happens when you readily accept a bid and don’t dicker over the price with your roofer. Money talks and it says a lot about how much you appreciate someone – especially if they deserve it.
Not just collecting what your worth, but also creating greater value out of limited resources is a source of wealth. There is no way to cost-cut your way to prosperity. However, you have to be diligent about not wasting your resources in the process.
Simple philosophy. If you do not have a healthy philosophy and approach to money, you will never be able to amass or keep much of it.
David Bryant Mitchell is a business coach and consultant that works with business owners and managers to create momentum in their business with strategies and tactics that they can implement today. These strategies are based on the five foundations of business: Marketing, Leadership, Operations, Finance and Systems.