We’ve all heard the phrase ‘it all comes down to the bottom line’ and if you own your own business you know only too well that this is what everything boils down to.
It is the ultimate indicator of how you are doing, after all your efforts, it this that says Success or Fail. Business performance or the Bottom Line is measured in money, however Business is made up of people and they run by a totally different unit of measurement altogether … happiness.
Herein lies the problem, if you have ever tried to follow a recipe using two units of measurement, it is doomed to fail, unless you do a conversion first.
We can all agree when people are happy they do well and it benefits those around them. No one thing leads people to happiness, like a recipe it has many ingredients to produce the end result. If people focus on one ingredient or unit of measurement over another it can influence the end result. Ultimately it becomes a success or fail and you find whether it was of value or a waste of money.
Ask anybody who does estimates and quotations and they will say it isn’t easy or straight forward but more often than not they can always tell the person who is solely after the cheapest price. In some ways who can blame them, it fits with the bottom line and the proof is there in black & white.
We all know somebody who has driven miles to collect a bargain, spent days bidding on ebay or countless hours researching prices online to get the best deal. Using the unit of money as a measurement every so often is brilliant, for most of us resources are limited. To do this regularly though takes time, effort, knowledge, and experience. Certainly in business all these things have a value and here you have to do the unit conversion, after all … time is money!
Value for money comes in many guises and key ingredients can suit particular needs at different times. The best way to get this value is to build relationships with your suppliers, especially if they are local, take time to talk, see them and take an interest. They will be better placed to understand your requirements and be more willing to adapt in order to give the result you need, adding to both your happiness and your bottom line.
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This post was written by John Smith