Every business venture was set up with profit making in mind. I believe no one starts a business to make a loss. That would be depressing, won't it? Profit making is the anchor of every business.
But frankly, I think the problem with profit making stems from an excess of it. When a businessman gets a particular goods from the manufacturer at a certain price and then goes ahead to sell it at four or five times the rate is excessive in my opinion.
Ethics in business is also as important as profit making because without good ethics, the business would suffer and lose customers. ** Customer is king** and customer is always rightare slogans I have heard all my life while doing business. Every customer wants to be treated fairly and sincerely. Happy customers make for happy sales which in turn leads to profit making.
Another benefit of ethics in business is that customers are happy especially when these customers get exactly what they want. Not the case of what I ordered versus what I got. Speaking as a customer, I will definitely want to do business with organizations that meet my desires, wants and needs specifications. I would also run away or shun any organization that tries to deal me a dishonest hand in business.
For a business to thrive and keep flourishing, it must be able to offer both business ethics and make reasonable profits too. This calls for a balance of both.
My suggestions for striking a balance between business ethics and profit making are;
Firstly, Refer back to the core value and mission of the business. Most organizations have their mission statements and values typed, framed and hung on the wall at the reception for all to see. This way, if there is a deviation, customers can quickly call them out on it.
Referring back to the values and goals for setting up the business would keep the organization and staff on a clear principled path. There would be no room for unnecessary compromise and shadiness as well.
Secondly, I believe that having a long term profit making strategy would be better than short term profit goals. Short term profit making might seem ideal but the demand and supply curve will not always be in tune. Hence the need to think long and see a broader perspective. This would go a long way to curbing excessive profiting in business. After all, ”slow and steady wins the race”.
Thirdly, I would recommend that an organization gains the trust of their customers. That way no matter the changes in the future, they would still have their customers support and solidarity.
There are various brands that we as customers have come to trust over time because of their credibility, reliability and integrity. Irrespective of the price hike, we still go for those brands happily because of the level of trust invested into that brand.
To conclude, it is wise to consider ethics in business and not do anything shady with customers because that could backfire and cause major losses. I usually shake my head and sigh when I watch videos of angry customers calling out business owners on social media and complaining about their dissatisfaction with the goods they bought or ordered. Those videos would surely ruin the image of the business, which would affect the business greatly.
In as much as business is there for profit, let the profit margin not be so ridiculous that it affects customers. Ethics bring in the customers while profits keep the business running. A balance would lead to a win-win situation for all.
Thank you all for reading.
Images used are mine.