Don’t be afraid to make money

Frequently business owners are asked about their business’ “purpose” or “why”. Or they are asked what they are in business for. Every business owner has a different answer to these questions. It is the reason we are willing and eager to put our blood, sweat and tears into building the business.

My why is that I want to improve communities through small business success. When a small business achieves, they hire people in the community and when the business owner and their employees are doing well, they stay committed and contribute to the success of the community. It’s a win-win-win in my book. That is what drives me.

I also want to make money. I will not be able to help as many business owners and improve communities if my business is not profitable. Additionally, I have personal dreams and aspirations that require money and I know that focusing on my why will better equip me to achieve my personal dreams.

It is common for business owners to confuse “why” with “profit”. This is not an either-or situation. You have a “why” (improve communities through small business success) and you need to make a profit to achieve that why. Having a purpose does not mean you do not want to earn a profit. You need to earn a profit if you are going to remaining solvent, sustain your and your team’s lives, and achieve your personal goals and dreams. You are a for-profit business entity.

Why are we afraid of making a profit?

There are many reasons people are afraid of making a profit. We all have stories in our head about money and what it does to people or for people or how it hurts people. The stories are varied. You may be apprehensive about making big money because of how you will be perceived by friends, family and/or employees, or you know that hitting a big profit number will require significant growth and managing growth is overwhelming. It may be that your confidence handling money is not strong and you fear you would waste the money or not invest it appropriately. Whatever story you have in your head, know that you are not alone in your fear of success if it comes in the form of profits.

I am here to say, I hope your business makes a boatload of profit. I want you to build an incredibly successful business that is efficient in its delivery, treats people well and continues to grow (yes, invest some of those profits back into the business). I want you to be so wildly successful you have financial advisors and CPAs advising you on how best to manage and allocate your money all in the name of achieving your business and personal goals.

Can you imagine being able to pay for your child to go to the college of their choice, or ensure your parents are comfortable as they age, or that you could travel every year to visit your family in your homeland? Can you imagine if you were able to contribute to your favorite charitable organization in a way that has a sizable impact for the community it supports? This is what making your business profitable could do and you have nothing to apologize for by doing this.

The voices in your head are going to always tell you a money story as you work on the financials of your business. It is time to have a conversation with those voices and let them know what you want to do with the success of your business. Keep that front and center as you look at the numbers and know that you can have a greater impact when your business is profitable.

The reason I am in business is to make communities stronger through the success of small business. If I can make my business a success, then I will be able to do the same in my community. I will have means to support the non-profits that I am passionate about and are making an impact across diverse communities. I also know that if I am wildly successful, I’ll have the means to enjoy the later years of my life while also contributing to my community in different ways than I can now. It is exciting to me and part of my personal vision for myself. It is about using my purpose in what I do to have a greater impact than my business ever could.

How can driving towards your purpose allow you to make an even greater impact?

As you plan for your future, personally and with the business, what do you want to achieve?

• Write down the profit number that will allow you to start making the impact you desire. 

• Monitor your financials for your progress towards your profit goals.

• Make decisions that will allow your business to continue to grow in a healthy way and ultimately achieve the profits you know will allow you to make a greater impact.

When you use your money to expand your impact and make a difference in the community, you are worth celebrating. Your business has allowed you to do greater things in the world than you would have otherwise. That is remarkable and you should be commended for building a business that can allow you to do that. If your business is not there yet, do not panic; you can get there. And I’ll be there to celebrate with you because when you succeed, I know that all of us will be in a better place.