Making money is an interesting hobby. There is lots of money all around us, the world is awash with it. There is more money changing hands and making more people wealthy than ever before. And yet, most of us work very hard and have little to show for it at the end of the day.
Here's a simple rule: Making money is hard; being of service is easy.
And here's the brilliant corollary: If you can serve enough people, they will give you money out of gratitude.
Too many business people go directly for the money and find it awfully hard to attract and keep. Money does not want to be trapped or tricked or corralled. Money is a reward for the service we give and in some strange way, it flows to those who serve.
Do you need a good business plan, good people and good products? Of course! But the primary focus must be on providing value and serving your customer. If you do that, and do it with honesty and with style and enthusiasm, the money will follow. It always has and always will.
We all prefer doing business with people we like and trust. We prefer doing business with people who make things easy, who serve us well, and who stand behind their product or service, and do it with an easy smile and grace.
Only rarely is a deal based primarily on price. I routinely drive past businesses (grocery stores, lawyers, repair shops) who might offer a lower price because I prefer to do business where I feel comfortable and have confidence in the service I'll receive. I bet you do the same thing and you want to use that to your advantage.
Find a way to provide extraordinary service and the money will follow. That's been my experience and I trust it. I think it'll work for you, too.
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If you would like coaching to improve your bottom line and the quality of "life" you experience in both work and play, contact me. Let's make the future far more profitable (and fun!) than the past. I'm at: Coach@philiphumbert.com
Does The Market Need You?
About ten years ago, a friend of mine built one of the best photography studios in our area. They had a magnificent facility, the best cameras and lights, the most elaborate dark-room and "back office" I have ever seen, along with talented photographers.
They did at least one cover for a national magazine and business looked great. And yet within a few years they closed their doors. Why?Digital photography. As my friend said, "We had the best typewriter factory in town." They were doing amazing work, and yet the market left them in the dust. Given their investment and their business model, they couldn't adjust so they folded their tent and quit.This week I talked with a talented and passionate medical professional who's working harder than ever, and making less and less.
Recent changes in the economic realities of medicine are forcing her out of business. Now, I don't want to be overly pessimistic, but in coaching hundreds of small business owners and leaders, I'm often startled at how many fail to ask the most basic question of all: Does the market need (and want) what I'm selling?
Obviously marketing, service and pricing play a huge role in the success of any business. Talent and passion are vital. Efficient systems and quality assurance are a must, but before any of that, there is the fundamental question, Who will buy what I'm selling?Are there enough potential customers out there? Can you reach them? Can they afford to buy? Will they pay enough to cover your costs of doing business and generate a profit?Many business leaders focus on what I call, "arranging the deck chairs on the Titanic." By focusing too much on the internal workings of their business, they are in danger of ignoring the "macro-economic" forces around them.Successful entrepreneurs monitor both the internal operations of their business, and the external environment around them.
A great coach can help you answer these vital questions. It can help you "see the forest for the trees" and focus on the key elements to build your business, whether that's the "macro-economic" forces during these tough economic times, or on the internal processes you use. For info and a free consultation, drop me an email at: Coach@philiphumbert.com
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