There is more to the Bottom Line Than the Bottom Line.
All too often, entrepreneurs and business owners are focused on the financial aspects of their business, which can result in many undesirable qualities. Yes, it’s true that you do need to know what is going on with your finances and keep a handle on costs and profits, but that is not the real reason you went into business. Is it? Did you decide to launch your business simply because you wanted to get rich, or did you do it because it was an idea that you were passionate about and enjoyed?
If you answered with the latter, then perhaps it is time to reignite that original “spark” that drove you to get into business in the first place. That is where the title of this article comes into play.
“There is more to the Bottom Line Than the Bottom Line.”
Think about this phrase for a moment and decide what truly drives you. If it is money, then even the smallest lull or drop in the bottom line of your business may escalate anxiety or worry. If profits and sales and acquisitions are all you think about, then you will not rest very easy at night.
There should be personal rewards that come with success, rather than just emphasizing the profits and losses. Having short sighted perception of your financial and personal goals will lead to burnout and lack of passion for what you do. So, sometimes you have to go back to the very beginning and assess what inspired you to get into this line of work to begin with?
By placing a new focus on the things that truly matter, such as spending more time with your family, or feeling good about the people you work with, or even the fact that you get to do something you love every day, the success will become inevitable. You can avoid the “feast or famine” mentality or the worry, regret and resentment over failures. Instead of beating yourself up over the mistakes you have made, you can feel good when you look in the mirror.
These are just a few ways you can put less focus into your bottom line and more into what truly matters when it comes to business:
- Find ways you can help others through your business. This will make you feel good, whether you are helping employees or non-profit organizations externally.
- Spend less and eliminate things you no longer need or that are no longer serving you well.
- Evaluate the time you spend with your family vs. the time you spend working. When your kids are all grown, will they remember the time you spent together or will they remember those long weekends you were gone to conferences and trade shows or working late hours all the time?
- Does your business model allow you to conserve and preserve? This could relate to health, the environment or energy. Doing things to save will not only help your bottom line, they will make you (and your customers) feel better about your business model.
- Delegate more. By letting go of more control, you will develop a renewed sense of freedom, while helping colleagues develop new leadership skills.
- Always maintain integrity. If customers or staff members ask you to go beyond your personal boundaries of ethics, morality and integrity, it is not worth it. Remember you still have to hold yourself accountable for your business whenever you look in the mirror. The bottom line is not worth sacrificing any amount of integrity!
From time to time, we all must evaluate our bottom line in business, but the focus should not be solely money or wealth. If financial gain is your primary goal in life, then you may become a very unhappy person inside. Look deep within your soul and remember what is most important.