I know you probably think I have lost my mind. Passion more important than profit?
Accountants are meant to be all about the money .. sales .. margins .. expenses. And here I am saying that the warm, fuzzy feeling engendered by passion is more important! Pure madness!
Well, I had better explain myself.
There is no doubt that profit is crucial to the prosperity of a business. Your long term strategic planning should be based around the idea of making a profit, without profit the business will surely fail.
So, you may ask, what has changed?
Many economic experts are predicting a tough Christmas for small business. Whilst these people are not always right, I think it is better to err on the side of caution than valor and accept that the weight of opinion indicates they may be right.
Since the GFC in 2008, large sections of the retail, property, manufacturing, tourism and construction industries have struggled. Just when you think there is a light at the end of the tunnel, BOOM, the headlines read, predictions of a second global recession. Business owners are worn out from the last three years creating a feeling that has been referred to as Gloom Fatigue.
Despite this grinding down, exhaustion and the Christmas period just around the corner it is time to buckle down a little longer, take a deep breath and give one more effort!
This is where passion kicks in. You will need to dig deep, find every ounce of commitment to soldier on and do it again. Profit can take a back seat for the moment, but don’t forget about it, you still need to review your budgets and trading results and implement marketing and sales strategies to put money in the bank.
Remember a business can survive a while without profit, a little longer without cash flow, but when the inspiration is gone the end is nigh.
And one last note, you are not alone many business people are feeling the pinch at the moment. Talk to your colleagues, ask them if they are okay, share your thoughts and ask them for theirs and let’s support each other as we all put in one more effort.