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    6 Replies Latest reply on May 25, 2014 9:45 AM by Moderator Ilona

    Your Business Needs To Make Money

    LUCKIEST Guide

      It's a simple statement - that your business needs to make money.

      You will be surprised how often it is overlooked.

      After working in the same job for a couple of years employees tend to forget.

      Maybe they see it more as a place they go to keep busy between weekends.

      Some employees forget that your business has only one purpose.

      TO MAKE MONEY

        • Re: Your Business Needs To Make Money
          Moderator Ilona Ranger

          Interesting statement, but I would add that the business needs to provide a service to make that money, The better this service the better the money the business makes. And if the employees do not provide this good or great service there will be no money. So maybe every once in a while the business owner needs to remind them that they have to give great service, give the employees some insensitive like a bonus to look forward to,  and with that ensure that the money keeps coming in. Just a though.

           

          Ilona

            • Re: Your Business Needs To Make Money
              Uncle Leon Tracker

              I'm "edging in" a little late on this conversation.  Hoperfully , not too late.

               

              I believe Luckiest stated the obvious simply, but there was much more in his statement that he didn't say, directly.  With much experience, he may have assumed that we understood what was unwritten "between the lines".

               

              I think he is expressing the need for positive cash flow.  It's really so obvious to most of us, that we sometimes take it for granted.  Everything within a business should be directed at producing a very strong cash flow; and growing that cash flow, stronger and stronger over time.  That isn't greed....it's just good business.

                          -  And how much cash flow is enough ? - More !  

               

              A strong cash flow allows reduction of, and elimination of debt.  It allows the build-up of a "Cash Reserve" account.

               

              A cash reserve account can provide for funds during times of weak income.  It can provide cash for expansion.  It can provide cash for special promotions. etc.

               

              And, at the end of your ownership of the business (a business sale of retirement); it can help you buy a nicer house, a faster airplane, or just have more money to invest.

               

              I'll tell you from personal experience....nothing in retirement is as comfortable as owing nobody nothin'.  Having no debt, and having assets that produce continuing passive income.  It provides for a comnfortable retirement.

               

              And, it all begins with a positive cash flow.  (And without it, ya won't be around very long.)

               

              Uncle Leon sedit

                • Re: Your Business Needs To Make Money
                  Moderator Ilona Ranger

                  Hi Uncle Leon, it is never to late to 'edge in'. Thanks for the great explanation and for sharing it with all off us. The idea off a 'cash reserve account' is brilliant and a great tip for any business owner. Please keep sharing your ideas and tips with us.

                   

                  Ilona

                  • Re: Your Business Needs To Make Money
                    seoservicepro Ranger

                    As with Uncle leon, I think you have to read between the lines. Funny I saw something different. I think Luckiest might have been expressing a little frustration about how employees treat the business.

                     

                    Unfortunately, it's not common that a company is able to create a true team atmosphere or a culture that people want to be a part of.

                     

                    It does fall on the owner to create a vision and to create the team atmosphere and/or culture and to find the right people who want to be part of that.

                     

                    That being said, it isn't easy. Most people applying for a job are just looking for a specific set of duties for a specific salary or hourly pay. They feel the company they work for isn't really their concern. Just doing their job is all they are responsible for.

                     

                    They may be loyal and they may even put in extra time. That's good, but it's still not taking "ownership" of the company and committing to making it successful on the same level as the owner.

                     

                    But again, that goes to how the owner creates their vision and communicates that vision to potential employees. When it's done properly, your employees will all feel responsible for the success of the company and will bring a whole new level of engagement that makes it more than just a job for them and more than just a company to you.

                • Re: Your Business Needs To Make Money
                  chrismarklee Scout

                  To be honest it takes time to make a profit. Start out part time and focus on your marketing plan Grow your business in steps.

                   

                  Chris

                  Owner CEL Financial Services  

                  Tax Return Preparer

                  .