Business is the backbone of many economies today and that is because there’s always the inflow and outflow of funds. The main goal of every business owner is to make profit. I mean, no one starts a business with the goal to lose all his money in the process because if they wanted to, they would have just made their way to a strip club or something. Getting a business up and running is really no joke and most businesses struggle a lot in the phase. But once they break even and profits start coming it, that’s just it.
When we speak of profit, that’s the main thing that every business running. But then, someone companies tend to focus so much on the profit and forget about the quality of goods and services they are rendering out. As someone who’s been in business for years one, one thing I know is at it as much as profit matters, without customers, there’s no business. Everything you do in your business should be aimed towards providing high quality goods and services to your customers because a happy customer is a returning one. Before putting my company’s products on the shelves out there, we had to go around and conduct a market research, know our customer base, what they look out for in terms of both quality and pricing. You built connections and made sure to beat up our prices to serve everyone. Today, we don’t need to talk much, everyone knows where to find us and that’s how we do this business thing on our end.
From pricing, the quality of your goods, your customer service, everything matters and most companies forget that once the company stands on its feet. You start to see low quality goods in the market, bad customer service and high pricing. Along the line, customers are going to get fed up of that and when a new competitor hits the market, be sure to say goodbye to to ur customer base. When it comes to business, there’s a very thin line between profit and ethics and once you don’t thread carefully, you’d find yourself holding on to one over the other.
As much as profit is good, being ethical in all you do is equally important. Once a company starts focusing more on their profits, things start to go wrong in one way or the other and you start seeing a pattern of unethical actions going on. The company doesn’t take accountability for their actions or mistakes,they start to find ways to not comply with rules and regulations of their standardization procedures because they know that their products wouldn’t meet the requirements, they fail to go along with their cooperate social responsibility which eventually counts as tax evasion in some settings and to top it all , their customers service is nothing to write home about.
Being able to balance ethics with profit isn’t an easy task and is also a very delicate play. As much as it might look very easy, there’s a lot that needs to be done to keep things in check. It’s either you’re finding a perfect balance between these two of leaning more towards one side or the other. But at the end of the day, every business should make they find a fine balance between profits and ethic’s because they go hand in hand.
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