“Wise are those who learn that the bottom line doesn’t always have to be their top priority.”
William Arthur Ward
Wise are those who learn that the bottom line doesn’t always have to be their top priority —William Arthur Ward. For those of us who must work to earn a living, it is wise not to spend foolishly. We all know the value of a dollar earned. We’re aware that our employers expect us to produce what is expected so that, in the long run, the company not only is profitable but survives. In most cases, however, we spend little time concerning ourselves with the employers’ bottom line.
On the other hand, let’s assume for a moment that you do not work for someone else but rather that you own and run your own business. In this situation, you soon learn that if you don’t work, you don’t get paid. In addition, it is likely that you have no sick benefits, nor vacation time. In this regard, the bottom line seems to mean the distinct difference between surviving or going bankrupt.
In your business, you understand that for every penny saved by prudent management means that you will increase your bottom line. As well, you also know that when you are in business, you are not engaged in pro bono work (for example if you are a lawyer), or to give your products or services away for free. To engage in such well-meaning and worthy causes could eventually lead to the death of your business.
Let’s move the story forward a few years. At this point, you are able to make a relatively good living from your small enterprise.
Sure it has meant a lot of long hours often times working through the weekend when others are able to have their weekends off. But, you realize that the harder you work, the more income you’ll make at the end of the year. And, you are keenly attuned to the fact that your business like every business has its ups and downs. In business no matter in years gone by or today, there are no guarantees that what your earnings have been doesn’t mean that they will stay the same.
This type of life that I have been describing sounds kind of bleak, doesn’t it? It would appear that everything we have been talking about pertains to money. Money is necessary: to live on; money to keep the business flourishing despite the downturns in the economy; or, money to invest in new equipment.
To own your own business does not mean you are going to be walking on easy street. As well, owning your own business often means feeling that you have very little personal time or resources to squander. Even though you may be sitting in the evening watching a television show or a movie with the intent to relax, business issues seem to creep back into your conscious level.