UWR 082 – Profiting versus Profiteering During Coronavirus

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Welcome to Uncover Wealth Radio Episode 082 – In this episode, we will be talking about Profiting versus Profiteering During Coronavirus

Today, Annette Ferguson, who is the host of Uncover Wealth Radio and a pro in helping entrepreneurs take home more money from their business for them and their family to enjoy, is here to tell you all about money, business wealth and creating financial freedom

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Welcome to Uncover Wealth Radio Episode 82, where I am speaking about profiting versus profiteering, particularly during coronavirus. So let’s dive in.

Profiting versus profiteering. They are incredibly different and I want to speak about that particularly in relation to coronavirus and the current economic situation that we have.

It is okay to still be selling in your business. It is okay to still be making a profit in your business. That is completely allowed, that is completely okay and that is still completely ethical.

There is not a problem with you making money right now. There is not a problem as long as you’re delivering value and you are serving. That is how businesses operate and that is making a profit.

Now I know for many, many businesses at the moment, it’s incredibly challenging and incredibly difficult but if you are not in one of those industries where it is challenging and difficult and you are still making money and you’re still making a profit, that is awesome. That is great. That is allowed and that should be celebrated.

What is not good? What is not okay is profiteering. Profiteering is making a profit from ill ways, ill means. You know, those people that are buying up hand sanitizer and then selling it for 50 quid a bottle. That is profiteering.

If you are making massive advantage of people, that is profiteering. That is very, very different. Please don’t get confused between the two because making a profit and selling right now is completely okay and is actually, you should be applauded because that is an awesome thing.

Profiteering, taking advantage of people, hiking up prices when people are in a panic state, that’s not okay. The thing is it’s really important how you make your money, not just how much you make and how you make your money is by profit, not by profiteering.

Hi, I’m Annette Ferguson and thank you so much for tuning in today.

If you enjoyed this episode, please do come and subscribe in iTunes. I would also be incredibly honoured if you want to leave us a review so that others can find this podcast and benefit from what we’re sharing as well.

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Thank you so much for tuning in today to Uncover Wealth Radio.

About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.