EARN money No!
MAKE money
Is your business making you enough money?
Most of us running a business spend our time working to earn money?
Yet we all know that to be really successful we should be making money?
Let me explain how you can shift from earning to making money.
There are only 3 groups of activity that take place in a business:
You can:
- Earn
Win and service clients
- Spend
Admin and support to enable the “earning” activities
- Invest
New things to create value
Earn
The day-to-day stuff of winning clients and fulfilling their needs.
This is earning money – it’s an essential activity for every business.
However this simply exchanging your time for money.
Spend
There are also support activities which must be done such as book-keeping and other office expenses.
These incur costs and reduce the amount of money you earn.
Invest
If all our energy and resources are devoted to the two previous activities of earning and spending, there will be problems in the future.
The key to creating real wealth consistently, the activity that will make serious money, is to set aside time to CREATE NEW IDEAS, then to MAKE PLANS based on these ideas and then SUCCESSFULLY IMPLEMENT them.
It’s the difference between working IN our business and working ON our business.
How to do it?
Put together a small team who you trust. Some of them should be experts in business, others should have deep understanding of your market sector and the rest should know your company and its products & processes.
Arrange for the team to meet once per month to discuss the future of your company. You will find it a source of inspiration and it will help you to confirm the right direction and the right areas to focus on next.
Oh, and you could call this your Board of Directors.
Many businesses miss this great opportunity.
The Board of Directors should be a valuable resource, helping you to grow your business.
Does your Board support you in building your business?
How else could it help you make your company more valuable?
I’d love to hear about how well your Board works.

Nick Winton |