Tweet

How Can I Make More Money?

Written by: Adam Sonnhalter

Article Overview: "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!

How Can I Make More Money?

"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!

Related Articles
  Leadership means not buying applause and money
  What Is Success?
  How Your Budget Can Help You During The Tough Financial Times
  Common Money Management Mistakes That You Need to Avoid
  Quiz: How Healthy Is Your Relationship with Money?

Article Tags: how can i make more money



Related Forum Posts
Re: Quote of the Day - "The only people witho - Thanks for sharing this Evan, there are some very powerful quotes in there, I particularly like this one:- You are now at a crossroads. This is your opportunity to make the most important decision you will ever make. Forget your past. Who are you now? Who have you decided you really are now? Don't think about who you have been. Who are you now? Who have you decided to become? Make this decision consciously. Make it carefully. Make it powerfully. regards, Mal.
Re: Which would you start: a Blog or Online Community? - It is a difficult decision to make. Lets start it this way - What are you more interested in? Money? or Friends? or Both? If its purely Money, then Blog might be an appropriate answer. But consider this - It will be people (visitors) that will bring traffic to your blog and then Money will follow. This will be possible after a time and during this time it will be your friends who will be the starters. If you are looking for friends only, then its true that not many will be interested in knowing how you have beaten them in the game or the other way round. So it will be preferable to have a Forum where they can share ideas with you and others. But you can share your insider knowledge with them and invite comments from your Blog. You can also put up information on what others (including your friends) don't know about Tennis. The blog you create can provide News, Inside Information and also Techniques that can be used by the new entrants in the world of Tennis.
Making Money in 2011 - Hello forum members! As we draw closer to the new year I thought it would be appropriate to change the title of our forum category "Making Money in 2010" to "Making Money in 2011" - I'm looking forward to some interesting discussions and wish everyone a prosperous New Year!
QuickBooks vs. Microsoft Money vs....? - I have always used Microsoft Money to run my business - accounting, invoicing, etc. It came with my computer when I got it and integrated well with my online banking system so everything is a breeze. It only takes 30-60 minutes every quarter to do the bookkeeping (keep in mind that I have a very simple business - no inventory, very little invoicing, I do all my payments by credit card, etc). Is QuickBooks or Money the best accounting tool for small business owners? Or is there something even better?
Re: What or Who Sparks Your Business Interest - It's interesting to see what the different motivations are by Age Category. I've noticed this around me: 20 to 29yr olds: Motivator: Money 30 to 39yr olds: Motivator: Success/Ambition 40 to 49yr olds: Motivator: Family comes first 50 to 59yr olds: Motivator: Leaving a legacy i've only gone that far in my analysis. Of course this is a braid generalization but I find that it helps direct my marketing to individuals in different age brackets. The product/service can be the same but the Marketing message (Benefit Statement) to a 20 year will revolve around "Money" vs. a 30-something would be on their "Self Image"


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

What Type of Business Should I Start?

Resistance to Change and How to Deal With It

Sales Courage and Resilience

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.