1423: Rethink the Bottom Line. Rethink Business by Joshua Becker of Becoming Minimalist on Entrepreneurship

[00:00:00] [SPEAKER_00]: This is Optimal Work Daily. Rethink the Bottom Line. Rethink Business by Joshua Becker of

[00:00:06] [SPEAKER_00]: Becoming Minimalist.com. And I'm Dan, I'm your host and I'm here reading to you every single

[00:00:11] [SPEAKER_00]: day to help you optimize your life. And if you've got any topic requests for us, don't hesitate to

[00:00:16] [SPEAKER_00]: share those. Visit oldpodcast.com and give us your ideas. That's oldpodcast.com. For now,

[00:00:23] [SPEAKER_00]: let's get to today's post as we optimize your life. Rethink the Bottom Line. Rethink Business

[00:00:33] [SPEAKER_00]: by Joshua Becker of Becoming Minimalist.com. There is more joy found in owning less than can

[00:00:41] [SPEAKER_00]: be found in pursuing more. This is a mantra I have learned to be true over the past number of years.

[00:00:47] [SPEAKER_00]: Deciding intentionally to own fewer possessions has brought great benefit into my life. Less

[00:00:52] [SPEAKER_00]: cleaning, less debt, less stress, more freedom, more purpose, more opportunity to pursue lasting

[00:00:59] [SPEAKER_00]: impact. Its truth has begun to spill into other aspects of my life. It has brought fullness to

[00:01:05] [SPEAKER_00]: my understanding of happiness, generosity and busyness. It has changed my thoughts on consumerism,

[00:01:11] [SPEAKER_00]: on technology and the words I choose. It has affected how I view work, money and success.

[00:01:18] [SPEAKER_00]: Owning less is an exercise in freedom that brings significant impact into our work and

[00:01:23] [SPEAKER_00]: our business. It can positively impact how we view each of them. In fact, correctly understood,

[00:01:29] [SPEAKER_00]: it allows us to entirely rethink business and how we conduct it. When we start to rethink our

[00:01:34] [SPEAKER_00]: bottom line, our entire methodology of business and entrepreneurship begins to change, and for the

[00:01:40] [SPEAKER_00]: better. But before we begin to consider some of the benefits of rethinking business, let me cut

[00:01:45] [SPEAKER_00]: off a few objections. First, I am not anti-capitalist as some may likely infer. I am all for free market

[00:01:52] [SPEAKER_00]: systems that reward those who work hard. But there are better rewards to pursue than financial gain.

[00:01:58] [SPEAKER_00]: Second, I fully realize the benefit of profitability in business. Profits allow

[00:02:03] [SPEAKER_00]: businesses to keep their doors open and employ workers, who in turn feed their families. I am

[00:02:08] [SPEAKER_00]: not against profitability, but profitability alone as the ultimate goal in business is short-sighted.

[00:02:14] [SPEAKER_00]: Third, I understand the responsibility to shareholders and investors. If investors or

[00:02:20] [SPEAKER_00]: partners put up resources and own a stake in our business based on certain expectations,

[00:02:24] [SPEAKER_00]: we must work to fulfill those expectations. But whether we are an employee, a small business

[00:02:29] [SPEAKER_00]: owner, a partner or a chairman of the board, we can still work to create a new culture in

[00:02:34] [SPEAKER_00]: our organization and in our economy. I've been noticing lately how minimalism, intentionally

[00:02:39] [SPEAKER_00]: living with less, can impact our loftiest goals in business. When we become content with less,

[00:02:45] [SPEAKER_00]: our lives are open to new pursuits. And as our expenses lessen, we are freed to pursue

[00:02:50] [SPEAKER_00]: entrepreneurial passions. After all, if the fear of money can be removed, the greatest obstacle

[00:02:56] [SPEAKER_00]: to chasing our dreams can be easily overcome. But more than that, minimalism also begins to

[00:03:02] [SPEAKER_00]: impact how we conduct our business. If we see the benefit of owning less and are content with a

[00:03:08] [SPEAKER_00]: simple life because of the joy it offers, our need for an ever-growing bottom line begins to

[00:03:12] [SPEAKER_00]: diminish. If we have enough money to meet our needs, we discover new opportunity to evaluate

[00:03:18] [SPEAKER_00]: our bottom line. In short, we become freed to pursue other pursuits than financial gain.

[00:03:23] [SPEAKER_00]: And if we begin to rethink our bottom line, we are also freed to rethink how we conduct our entire

[00:03:28] [SPEAKER_00]: business. We can begin to experience a more fulfilling way to build it and lead it. When

[00:03:34] [SPEAKER_00]: we begin to rethink our bottom line and value more than ever-increasing profitability, we are

[00:03:40] [SPEAKER_00]: freed to 1. Pursue passion projects, not just profit projects. When the bottom line goal is

[00:03:47] [SPEAKER_00]: measured only in dollars, we are held hostage to profit projects. Sure, there may be some

[00:03:52] [SPEAKER_00]: overlap between the jobs or projects we desire to take and those that provide the most revenue.

[00:03:57] [SPEAKER_00]: But oftentimes, when forced with the option, a business motivated by profits alone will choose

[00:04:02] [SPEAKER_00]: the latter. 2. Find work-life balance. Once our financial needs are met, we can begin meeting other

[00:04:09] [SPEAKER_00]: significant needs in our lives. We can find time for rest. We can find time for serving others.

[00:04:15] [SPEAKER_00]: We can close the laptop guilt-free. And we can be the parent our children desire.

[00:04:21] [SPEAKER_00]: 3. Place people over profits. As the importance of our bottom line begins to fade,

[00:04:27] [SPEAKER_00]: we can begin caring for other people's bottom lines, particularly our employees.

[00:04:31] [SPEAKER_00]: We can pay wages above the industry average. We can offer generous benefits to improve their

[00:04:37] [SPEAKER_00]: quality of life, like vacation, insurance, family priorities. We can treat others with respect and

[00:04:43] [SPEAKER_00]: dignity. And when we do, we attract higher-quality employees and retain them most competent.

[00:04:48] [SPEAKER_00]: This in turn increases our joy of working each day. Thanks to Bob Moore of Bob's Red Mill for

[00:04:54] [SPEAKER_00]: modeling this for all of us. 4. Invest in our local community. We can serve and support our

[00:05:01] [SPEAKER_00]: community through our business's services and money. Likely, we can save some dollars and cut

[00:05:06] [SPEAKER_00]: some expenses by shopping around for larger economies of scale. But if we are content with

[00:05:11] [SPEAKER_00]: less, we can support our local marketplace and invest in our local community instead.

[00:05:15] [SPEAKER_00]: Oh, and we can also buy some t-shirts for the local t-ball team too.

[00:05:20] [SPEAKER_00]: 5. Preserve the environment. Building and functioning in an environmentally conscious

[00:05:25] [SPEAKER_00]: way is not always the most cost-effective, especially in the short run. But in the long

[00:05:29] [SPEAKER_00]: run, it's always the best choice, even if you are not around to see its impact.

[00:05:35] [SPEAKER_00]: 6. Promote social causes. There are so many wonderful organizations doing amazingly important

[00:05:40] [SPEAKER_00]: work in our world today. They are striving to bring justice, education, water, and opportunity

[00:05:46] [SPEAKER_00]: to those who have had it denied to them. Our profits can be such a blessing to them, especially

[00:05:51] [SPEAKER_00]: as we begin to realize we don't need to keep all of them. 7. Build leaders. There's a well-known

[00:05:57] [SPEAKER_00]: saying that goes like this, there are two secrets to success. One, never tell everything you know.

[00:06:04] [SPEAKER_00]: I get it, I really do. I understand the humor, but I also understand that too many people believe it

[00:06:09] [SPEAKER_00]: and follow it closely. As a result, knowledge is rarely transferred and leaders are rarely built up.

[00:06:15] [SPEAKER_00]: When the only goal is an ever-increasing bottom line, there's less incentive to train,

[00:06:20] [SPEAKER_00]: equip, and encourage others. But when the goal of a business can expand beyond mere dollars,

[00:06:25] [SPEAKER_00]: the opportunity to train future leaders and bless them in their endeavors grows.

[00:06:30] [SPEAKER_00]: 8. Deliver fairness. There is an important joy and fulfillment found in providing a fair product

[00:06:36] [SPEAKER_00]: for a fair price. It's easier to lay our head on the pillow at night knowing we worked diligently

[00:06:41] [SPEAKER_00]: to the best of our ability, providing honest contribution to those who placed their trust in us.

[00:06:47] [SPEAKER_00]: And 9. Embrace honesty and integrity. Those who want to get rich are tempted greatly

[00:06:53] [SPEAKER_00]: and often fall into all kinds of foolish things. But contentment offers great peace

[00:06:59] [SPEAKER_00]: and allows us to live our lives and lead our businesses with honesty and integrity.

[00:07:04] [SPEAKER_00]: May we be reminded today there is more joy found in owning less than can be found in pursuing more.

[00:07:10] [SPEAKER_00]: And may we embrace honesty, integrity, and character in all of our business dealings because

[00:07:14] [SPEAKER_00]: of it. Now, I'm a realist. I know one article is not going to change the climate of an entire

[00:07:20] [SPEAKER_00]: economy. But it certainly has the power to change at least one business. And whether you are an

[00:07:25] [SPEAKER_00]: artist, a farmer, or a small retail business owner, you have the power to bring about a cultural

[00:07:30] [SPEAKER_00]: change in your business. I encourage you to do so. In turn, you will discover a great joy.

[00:07:36] [SPEAKER_00]: And as you begin rethinking your bottom line, may countless others take notice.

[00:07:45] [SPEAKER_00]: You just listened to the post titled, Rethink the Bottom Line,

[00:07:48] [SPEAKER_00]: Rethink Business by Joshua Becker of becomingminimalist.com.

[00:07:53] [SPEAKER_00]: This show is sponsored by BetterHelp. We all have non-negotiables. Maybe you never skip leg day or

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[00:08:52] [SPEAKER_00]: That's betterhelp, H-E-L-P dot com slash work daily. And I want to say thanks to Joshua. He is a great

[00:09:00] [SPEAKER_00]: guy. I actually got to meet him at a personal finance conference called FinCon a while back,

[00:09:04] [SPEAKER_00]: and it was just a pleasure to get to chat with him. He created a non-profit called The Hope Effect,

[00:09:09] [SPEAKER_00]: which is changing orphan care by providing family-based solutions. And Joshua's website,

[00:09:15] [SPEAKER_00]: if you haven't checked it out, is Becoming Minimalist. It is super popular. It's all

[00:09:19] [SPEAKER_00]: about minimalism and inspiring others to pursue their greatest passions by owning fewer possessions.

[00:09:24] [SPEAKER_00]: He's also the creator of the Clutter Free app, which you can check out at clutterfree.com.

[00:09:30] [SPEAKER_00]: And because of all of his minimalism and personal development-related content,

[00:09:34] [SPEAKER_00]: he's narrated pretty frequently over on Optimal Living Daily. So as I mentioned at the top of

[00:09:38] [SPEAKER_00]: the show, definitely check out that podcast if you haven't already. All right, that should do

[00:09:43] [SPEAKER_00]: it for today. Hope you have a happy Friday and great start to your weekend, and I thank you as

[00:09:47] [SPEAKER_00]: always for being a subscriber to the show. And I'll see you back here tomorrow, where your optimal life

[00:09:52] [SPEAKER_00]: awaits.