Few would question the idea that greed is not a pathway to joy and fulfillment. It is known to make one bitter and unhappy. There is a fine line between being thrifty and being greedy, and when it comes to entrepreneurs, that line often falls somewhere between working for money only, and actually working at what you do because you like it.
“The man who does not work for the love of work but only for money is not likely to neither make money nor find much fun in life.” – Charles M. Schwab
Schwab got it right. Happiness and fun are not all that are at stake here. Did you know that your very business could suffer or thrive based on why you do it? Being in any business solely for the money can stunt profits and lead to its eventual demise. Here are three examples of how this can happen.
Subpar Product or Service
If you love something, you generally want to show it off. You want it to be its best and want others to love it, too. If you love your product or service, you will make certain it is the best it can be, even if that means spending a little extra money to begin with. It will pay off in the end and you can be proud of what you offer.
If you are only in it for the money, it will be easy to let quality slip without really realizing it as long as the customers are still buying. This can happen when, for example, there is little competition. Just because yours is the only game in town doesn’t mean it shouldn’t be the best it can be. People will still buy mediocre pizza if it is the only pizza in town, but that doesn’t mean you should make mediocre pizza. Profits will be much healthier with an excellent product.
Poor Customer Service
It is sometimes easy to ignore customers, but if that is the case, you may never realize how much better things could be. Further, if you have something that enough people want despite customer service that is barely acceptable, just imagine how many more would come if you offer stellar customer service!
If you love money so much that you are afraid to spend it, your business will never grow. At some point, If you need to hire more people but do not want to pay them, the business will never grow. Worse than that, it will actually begin to falter. Do not be too cheap to spend if spending is what needs to be done.
Don’t be afraid to borrow to expand your space or add employees who can help generate more revenue. Sites such as Biz2Credit.com connect small business borrowers with banks, credit unions, and alternative lenders that offer products to fit their needs perfectly. Products such as building loans, equipment loans, and small business lines of credit can allow a business you love to grow and thrive.
Few actually hate their own business so much that they kill it on purpose. The problem comes when you don’t love it enough and you become comfortable with how things are. If you love something you push it to be the best it can be, and this is as true of a business owned as it is anything else.
This article was submitted by Faith Stewart. Faith Stewart has a BBA with a major in accounting and spent 10 years working in the various aspects of accounting and finance before pursuing her passion for writing.