Service Professions – Part 2 – Should we focus on financials first?

In the first part of this series, we looked at what our real priorities are in business, or what motivates us in making business decisions.

Many businesses fall for the trap of making decisions (whether consciously or unconsciously) based on the financials first. Is this the correct way to run a business? It certainly seems logical, as the financials are what matters the most, right? After all, they mean you can keep paying your staff, keep paying your expenses, and keep the operation going. So aren’t they the most important thing?

The answer is yes, they are undoubtedly very, very important. In fact, you cannot run business without them. However if business is motivated and led by financial decision making or financial preferences or lifestyle choices, then there is a flaw in the system. The flaw is that this type of decision making always compromises on what is essentially the most important asset and aspect of your business – people.

If we put money first, we will invariably create situations where people come second (or further down the priority list). Money-driven decisions certainly sound logical and seem right, as it always makes sense to respect the bottom line and we must do so, however what we often do not realise is that if we make it all about money, we actually can make our business loose out, because we compromise on people.

Compromising on people directly affects the quality of our product or service. Hence it has a direct effect on the bottom line.

In other words, if our business decisions are driven by money, we think we are doing the right thing by our business to ensure it keeps going. However, if we are not careful, and if we compromise in any way on the people our business is all about, then the very thing we are focusing on can have a negative impact on our business’ wellbeing and in turn its financial health. Isn’t that the very opposite of what we truly want?

What we often forget or ignore is that if we look after all of our people, which includes our staff and all of our clients/customers, then this has a direct and solid effect on our bottom line.

Put simply, if we make our focus about quality then then this will shine out in the way people feel about our business, which affects repeat business, referrals and whether/how much people want to come to us. All of this reflects in our bottom line. If we ensure true quality of treatment of our staff, along with making the focus of the organisation (in every aspect) about the quality of the service, all of this makes for a better product or experience for those who come to us as clients/customers.

The fact is:
Focus on people and the true quality of your product and/or service and the bottom line will look after itself.

When we worry about financials or want the security that they provide we may actually be shooting ourselves in the foot and cutting off the amazing expansion and opportunity that could be there for us in our business, if we simply make it all about the quality we offer. This is the case whether we are Massage Therapists, office workers or whatever type of business we are in.

In Part 3 of this series, we look at the way we make decisions in business that mean we are putting financial security or lifestyle first, and that sometimes this may happen in subtle ways.

 

This article was first published in Evolve College’s Studymassage News.