Profit is a mixed bag for most of us small business owners.
It’s very discouraging year after year to pour your blood, sweat and tears into your business, trying to make it better, trying to grow and be profitable, then, at the end of the year to hear from your accountant that you barely broke even—yet again.
Then there is the general public’s perception of small business owners—that we are all rich… that our higher prices are padding our own wallets…that we pay our employees the lowest possible wages and provide the minimum amount of benefits, just so we can jet off to exotic locales, live lavishly and drive fancy vehicles. All it takes is for one customer to question a price and we feel pushed into lowering the price, even as we struggle to meet payroll.
The truth is that many business owners lay awake at night worrying about cash flow, dreading potential layoffs when the economy is bad, and worrying about meeting payroll—so much so that we are often the lowest paid employee on the payroll, and the first to skip a paycheck just to keep the doors open.
Profitable businesses are healthy businesses. When a business is healthy, the owner thrives. When the owner thrives, the employees thrive. When employees thrive, customers are treated well and have a good experience with the business. Continue reading