Obviously if you are an entrepreneur or business owner, you must make a profit if you want to stay in business. However, as the saying goes, money doesn’t buy happiness. Focusing on money alone also won’t make your business the best it can be. Studies have shown that when businesses focus only on profits, they are not as successful as they could be.
In other words, there are reasons why earning more shouldn’t be your main business focus. Here are some other things you should focus on instead.
Growth
If your business is not focused on growth, it may not be around very long. You need to keep the customers or clients you currently have and focus on how to continue to grow to serve more people.
There are several different things that can help you achieve this goal. Advertising so you can be more visible to the public is one way. Another is to make sure you are offering a product or service that is unique. You might also be able to offer more than one product or package so you can appeal to people on more than one price level. All of these tactics can help you generate growth which will help improve the profitability of your business.
Employee Satisfaction
Although there are some employees who whine about every little thing, some of which are petty and insignificant, if you listen you will also hear some valid complaints.
For example, one of the complaints of many employees is a lack of sufficient training. If you invest in providing adequate training for your employees it will not only cut down on errors, it will also improve moral in the process. Most employees want to do a good job. If you give them the right tools to do their job, their performance and your business success will outweigh the amount you spent on training.
You must also treat your staff members as though they are important, because they are important. When you speak to your employees with respect and back them up in front of others, it shows they are valuable to you. When employees feel valued, they will go above and beyond in their efforts to do a good job for you. This can increase overall profits.
Improving Products and Services
Have you ever bought a product or service that was so outstanding you told everyone you knew about it? I have.
It’s true that when a customer has a bad experience they will tell at least 10 people about it. But, if a customer has a good experience, they may not remark on it or even think about it all that much because they got what they needed. However, if your product is superior, your customers will also tell people about it because they want to share the amazing thing they found.
It makes sense then that if you want to earn more, you should put your efforts into improving your product or services. When you have a superior product, your customers will build the business for you. They’ll become repeat customers, and their tell others about your business. Profits will follow.
Customer Service
Great customer service is another area of focus that will make your business successful and profitable.
If the a business doesn’t care enough to treat their customer’s right, it won’t matter whether or not they have a superior product. Customers will not put up with being treated badly by a business. They have other choices where they can spend their money. Take the necessary steps to ensure that your customers are treated with respect and you will gain their loyalty and trust, as well as their money.
As you can see, there are reasons why earning more shouldn’t be your main business focus.
