Redefining the Bottom Line
“A business that makes nothing but money is a poor business.”
-Henry Ford
American industrialist &
Pioneer of the assembly-line production method
(1863-1947)
Corporate profit is important. No profit? No Corporation! That’s the bottom line.
As far as it goes, that’s absolutely correct. But we suggest looking deeper. Is there more?
Consider. Business relationships are ultimately, human relationships. Qualities that make people like other people are the same qualities that inspire loyalty in customers. A true friend wouldn’t tap you for $500 and then disappear. A true provider wouldn’t take your money and fail to follow up. Integrity is a quality just as valuable in a business as in a friend. If we extend the analogy just a bit we discover that another characteristic of a true friend — having a genuine concern for our well being — isn’t usually found in business. We suggest it should be.
If the “bottom line” is all that counts; then human concerns may be an unnecessary luxury that divert resources from the balance sheet. But this lack of warmth compels about the same loyalty to a business that it would to the former friend who took your $500. Loyalty doesn’t show on the financial balance sheet, but it makes a huge difference in your longevity through the seasons of a business.
We suggest adding more “dimension” to your balance sheet. Perhaps a business or a transaction can be evaluated across a larger number of indices:
1. Got a deal, made the agreement.
2. Made a profit.
3. Liked the deal and satisfied with the agreement.
4. Both felt good about the process.
5. Both sides liked each other.
6. Both are optimistic, even willing to work together again!
Now there’s a deeper look at the bottom line, and a business that makes more than mere money.
1. Personal
What’s your life about? How deep is your personal balance sheet? Recognize that there may come a time when all you have to rely upon is the good will you have engendered over time. Make sure your accounts are in good standing!
2. At Home
The culture and the media speak for the most part to the lowest in our national character. Schools have been reduced to “teaching to the tests…” If your parenting method is “Do as I say!”; you may have to retrace some ground. The idea that life is a multi-dimensional experience takes time to take root — and requires a lot of parental nurturing. Send the family off every day knowing that a deeper perspective is as valuable as an M.B.A.
3. At Work
It’s about money of course, but can you bring a depth to the balance sheet by the way you make room for fun, trust and integrity to find their way into the fabric of business? Having added depth to the company or department, can you also deepen the game for your suppliers and your community as well?
To build a more substantial balance sheet, you have to expand your perspective. Profit is about what you’ve taken in and kept of course, but a deeper perspective may include what you’ve contributed to the lives, families and community which touch upon your business.
Remember, “It’s a poor business that makes nothing but money!”
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