No matter how good a business owner is or a Philanthropists, a business is founded with the intention of having or making profit and not running at a loss.
In fact, in a matter of a few months, when the business is established and profit is not showing or profit is not coming up as it should, then there will be some internal meetings to troubleshoot whatever the problem is and have a list of suggested ideas on improving the growth of the business.
This is to prove that every business needs profit to proceed and function more in providing their services.
Now talking about business ethics, it is also an important part of running a successful business, having and creating a good reputation and integrity to the stakeholders by setting the standards and policies of running the business.
Can we now say one of these should be picked and the other be left behind when running a business? No we can't! Because both the profit and ethics are important in running a successful business so every business owner either small scale or large scale must ensure to strike a balance between gaining profit and ensuring they're not overriding the supposed ethics to guiding their businesses.
Most business owners value and fight for the profits they want to make and in the process, they get carried away not minding to put into consideration the users or consumers of their products, the suppliers of items they use or even the member of staff that put in their mental and physical strength to ensuring the objectives of the business are carried out.
For instance, a product that became popular due to the quality of the product over the rest in the market space, but due to the inflation in the cost of production, the business owner decided to give orders in ensuring that the quality of the product be decreased. Not only that, the business owner still increase the market price of the product after reducing the quality.
The consumers on getting this product from the market at an increased price believe that the quality that attracted them to this particular product from the rest will still remain intact, but they become disappointed on seeing the drastic change in the quality of the product.
From there, the integrity of the product gets reduced by the end users or consumers, and this may eventually cause a fall in the market demand of the particular product if the decreased quality and increased price persist.
One thing I've come to realize about users or consumers is that, as long as attention is drawn to a product to satisfying their demands, users still tend to go for it even when there's an increase in price because now, they are not only about the product alone but trusting the brand to give a quality product.
So why not retain the quality even if you have to increase the purchase market price price? Must the quality still be reduced to make users end up questioning the change in your product?
All these can be avoided by balancing the equation between your business profit and business ethics. Make your profit but don't lower or destroy your standards just because you want to earn more from profits.
Some business owners might even be greedy and self-centered to the extent of changing their suppliers often and often because they are not disciplined in paying up for their orders. Staff members or people involved in running their businesses are not treated well all in the name of "I pay your salary so I own you" which causes the staff members to leave and replaced with new set of people that gets to start afresh in learning about how the business runs unlike those that have known the in and out already.
Again, all these can be avoided by ensuring compliances to the ethics laid down for the business and not just in mere words or on paper alone.
Either business profit or business ethics, none can be sieved out to run a successful business but with discipline, determination and respect for humanity, a business would surely strike a balance in the equation of both profit and ethics.
I'll be dropping my 🖊️ here on the prompt by Hive Learners community.
Thanks for reading through 🤗
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