How Can I Make More Money?
How Can I Make More Money?
Things in business can often get confusing. After all, isn’t every business in business to make money? So shouldn’t that be the #1 focus?
Well, perhaps surprisingly to some, the answer is a definitive NO!
Now this may sound like a surprising response from a business coach. I mean, aren’t we in the business of helping our clients increase their profitability and thus “make more money?”
Well, yes, but it doesn’t sound like this: “we’ve got to help you make more money.” Let me share a story with you to illustrate my point.
Jack and I have an inside joke about a guy named Chuck. Our buddy Chuck is a facilities manager for a company, which basically means he’s the “sheriff” in town when it comes to policing how the facility is being used.
Well, we utilize this facility quite a bit as part of our business and we bring a lot of people through this facility. Once in a while we’ll ask the staff if we can use a private room for an hour or two. Keep in mind, this is a room that is otherwise not being used. This usually works out just fine until Chuck gets involved.
The conversation goes a little something like this:
Chuck: “Hey, what are you doing in here?”
Us: “Well, we spoke to Sally and she said we could use this room for some privacy for the next hour. We promised to return everything to its original condition so it’ll be like we were never here.”
Chuck: “She’s not supposed to do that. You have to pay to use these rooms. We’re trying to make some money around here!“
Whenever we need a good laugh, I’ll mention the phrase “we’re trying to make some money around here” to Jack and we’ll both smile just like I am now while writing this.
Our poor friend Chuck is missing the point. While we fully understand that they’re in business to make a profit, Chuck has completely lost sight for just HOW that “making money” thing happens.
It’s not his fault of course. Chuck’s just trying to do his job. I’m sure one of Chuck’s supervisors reminded Chuck of the fact that they’re in business to make money at some point and it has obviously stuck in his head. Can you imagine how good Chuck would be if his supervisor had actually shared with him just “how” they make money?
Can you imagine having dinner at your favorite restaurant and the manager coming by your table during the meal and saying, “Are you almost finished, we’re trying to make some money around here and we’d like to use this table two more times again tonight?”
Sounds crazy right? I mean, that would probably be the last time you’d go to that restaurant.
If you’re in business, don’t worry, your customers know you’re in business to make money. The key for you and your staff is to not make them feel that way.
This is where those phrases like customer service come in. The way to really make money is to constantly deliver value to your customers. Depending on your business, what the customer views as “valuable” will differ.
For instance, if you’re in a retail business, one of the things that customers may perceive as valuable is that you and your staff greet them by name when they enter your store. It makes them feel welcome and special. Of course they realize you know their name because they frequent your store often and that your business has made a profit on them over time. Just realize they aren’t showing up to make you money. They show up to get their needs satisfied.
That’s the trick. All customers know that you’re in business to make money. The way you get them to invest their money in your business might vary, but one sure way to make this happen is to have the focus be on the customer and their wants and needs.
Your customer wants your product or service. They want to buy it in their own way. They want you to focus on them. Not the fact that “you’re here to make money.”
Here are a couple of ways to figure out how to make more money by focusing on your customer:
1. Ask Your Customers: guess what? Your customers will typically tell you what they want if you just ask them. Ask them what you’re doing right and what you’re doing wrong. People love to have their voices heard.
2. Define What You’re Selling: we often get lost in our product or service when people ask us what we do. For instance, an Italian restaurant might say “we sell the best pasta in town.” But your customers aren’t just buying pasta. They could do that just about anywhere. They’re buying the entire dining experience at your restaurant. This includes the way the restaurant is laid out, how they’re greeted when they enter the restaurant, the music being played, the way the tables are arranged, the friendliness of the staff, the speed of the service, the options available, the price, and of course the pasta!
3. Make Sure Your Staff Knows: while it’s important for your staff to be reminded that you’re in business to make money, it’s more important for them to remember “how” your business makes money. That the customer needs to perceive value in everything that is delivered. Engage your staff in trying to figure out exactly what it is that you’re selling. You might be surprised what you hear.
If you’re doing the right things in your business, the money will follow. If you’re primary focus is on the money itself vs. delivering true value, then the making money part will be a constant struggle and quite frankly, will be tremendously unfulfilling.
Do you know somebody who sounds like Chuck? If so, can you please help him out? We’ll all be better off!
How Can I Make More Money - To learn more about this author, visit Adam Sonnhalter's Website.
Like this article? Share it with your friends
“Money, its a gas. Grab that cash with both hands and make a stash.” by Pink Floyd
Things in business can often get confusing. After all, isn’t every business in business to make money? So shouldn’t that be the #1 focus?
Well, perhaps surprisingly to some, the answer is a definitive NO!
Now this may sound like a surprising response from a business coach. I mean, aren’t we in the business of helping our clients increase their profitability and thus “make more money?”
Well, yes, but it doesn’t sound like this: “we’ve got to help you make more money.” Let me share a story with you to illustrate my point.
Jack and I have an inside joke about a guy named Chuck. Our buddy Chuck is a facilities manager for a company, which basically means he’s the “sheriff” in town when it comes to policing how the facility is being used.
Well, we utilize this facility quite a bit as part of our business and we bring a lot of people through this facility. Once in a while we’ll ask the staff if we can use a private room for an hour or two. Keep in mind, this is a room that is otherwise not being used. This usually works out just fine until Chuck gets involved.
The conversation goes a little something like this:
Chuck: “Hey, what are you doing in here?”
Us: “Well, we spoke to Sally and she said we could use this room for some privacy for the next hour. We promised to return everything to its original condition so it’ll be like we were never here.”
Chuck: “She’s not supposed to do that. You have to pay to use these rooms. We’re trying to make some money around here!“
Whenever we need a good laugh, I’ll mention the phrase “we’re trying to make some money around here” to Jack and we’ll both smile just like I am now while writing this.
Our poor friend Chuck is missing the point. While we fully understand that they’re in business to make a profit, Chuck has completely lost sight for just HOW that “making money” thing happens.
It’s not his fault of course. Chuck’s just trying to do his job. I’m sure one of Chuck’s supervisors reminded Chuck of the fact that they’re in business to make money at some point and it has obviously stuck in his head. Can you imagine how good Chuck would be if his supervisor had actually shared with him just “how” they make money?
Can you imagine having dinner at your favorite restaurant and the manager coming by your table during the meal and saying, “Are you almost finished, we’re trying to make some money around here and we’d like to use this table two more times again tonight?”
Sounds crazy right? I mean, that would probably be the last time you’d go to that restaurant.
If you’re in business, don’t worry, your customers know you’re in business to make money. The key for you and your staff is to not make them feel that way.
This is where those phrases like customer service come in. The way to really make money is to constantly deliver value to your customers. Depending on your business, what the customer views as “valuable” will differ.
For instance, if you’re in a retail business, one of the things that customers may perceive as valuable is that you and your staff greet them by name when they enter your store. It makes them feel welcome and special. Of course they realize you know their name because they frequent your store often and that your business has made a profit on them over time. Just realize they aren’t showing up to make you money. They show up to get their needs satisfied.
That’s the trick. All customers know that you’re in business to make money. The way you get them to invest their money in your business might vary, but one sure way to make this happen is to have the focus be on the customer and their wants and needs.
Your customer wants your product or service. They want to buy it in their own way. They want you to focus on them. Not the fact that “you’re here to make money.”
Here are a couple of ways to figure out how to make more money by focusing on your customer:
1. Ask Your Customers: guess what? Your customers will typically tell you what they want if you just ask them. Ask them what you’re doing right and what you’re doing wrong. People love to have their voices heard.
2. Define What You’re Selling: we often get lost in our product or service when people ask us what we do. For instance, an Italian restaurant might say “we sell the best pasta in town.” But your customers aren’t just buying pasta. They could do that just about anywhere. They’re buying the entire dining experience at your restaurant. This includes the way the restaurant is laid out, how they’re greeted when they enter the restaurant, the music being played, the way the tables are arranged, the friendliness of the staff, the speed of the service, the options available, the price, and of course the pasta!
3. Make Sure Your Staff Knows: while it’s important for your staff to be reminded that you’re in business to make money, it’s more important for them to remember “how” your business makes money. That the customer needs to perceive value in everything that is delivered. Engage your staff in trying to figure out exactly what it is that you’re selling. You might be surprised what you hear.
If you’re doing the right things in your business, the money will follow. If you’re primary focus is on the money itself vs. delivering true value, then the making money part will be a constant struggle and quite frankly, will be tremendously unfulfilling.
Do you know somebody who sounds like Chuck? If so, can you please help him out? We’ll all be better off!
How Can I Make More Money - To learn more about this author, visit Adam Sonnhalter's Website.
Like this article? Share it with your friends
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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