Whenever we comes across the #business word, then only profits or the amount of money it generates comes into our mind. Infact many people find business as a sole way to get richer. In many instances people leave their well paid jobs to start a business in pursuit to earn money. But running a business is not an easy task and no one can get richer overnight by doing any business. Business has always been looked as a profit oriented but to run a business successfully, it needs to pass through various parameter.
There are two established bread and milk shops in my area. Let's name them Shop A and Shop B. Both selling similar items including cookies, chips, and other packaged foods.
SHOP "A" has more space in his shops and deal with few extra items, like bottled water , cakes and pastries. Rest all the items in their store were identical. Shop A is managed by a 40 years old adult and his 25 years old son.
Shop B is run and managed by 23 years old boy who is studying as and his injury prone Dad.
In my short stay so far in this area, I have noticed a huge difference in the operation of the both the shops. If we take comparison of both, then 'Shop B' has more customers visit during the day than 'Shop A'. Every time I visit his shop to fetch something, I find few customers at his counter. It sounds strange that a bigger Shop managed by an adult is fading away with customers. But the fact is there are many things which put these two shops apart. 'Shop B' begins their daily activities pretty early in the day. They set up the Shop around 6AM and close it around 8PM. While 'Shop A' has no timing to begin to open but they put down the shutter at 8PM sharp when the market closes. I have seen the shop close even at 10 AM or in the afternoon too. Their Shop is not well arranged and the owner does not treat the customer well. Even I caught his son sleeping many a times, and the owner eating inside the shops (not considered good in Indian context). But 'Shop B' runs smoothly, and everything managed in well mannered way. They respect their customers and always smile while entertaining them. They build a good repo with the customers. No doubt their profits is much better than 'Shop A'.
This clearly highlights the fact that, while both doing the same business eyeing for profits. Shop B follows more discipline and ethical to their day to day activity. A business runs with ethics and principle always successful in the long run. While profit is essential for any business to survive and grow, a purely profit-driven approach without ethical considerations can lead to negative consequences in the long run. In the above shared scenario, 'Shop A' being bigger store with more items to sell has more prospects to earn profits. But lacking behind in the race due to improper business ethics. A person who undertook a work need to complete it on priority. 'Shop A' has no other source of income but the improper management make them to lose big in profit front. They are doing as to earn profits from selling the products only. No matter if the customers visit them or not or shops Open on time or not.
Supporting ethical considerations.
In any kind of business, developing an ethical considerations are increasingly important for building trust, attracting and retaining customers and employees, and ensuring long-term sustainability. Businesses have a responsibility to contribute positively to society, and ethical practices are a key component of this. Ethical practices build trust with customers, employees, and investors, leading to stronger brand loyalty, employee retention, and investor confidence. I have found everything in Shop B that is important for being successful. They have a friendly atmosphere, customer can approach them with trust and faith. There are many other customers who are increasingly aware of ethical implications at his shop and prefer to support his businesses by visiting them again and again.
Supporting Profit oriented
No doubt, a business does not operates profits if not in profits. Profit is necessary for a business to cover its expenses, invest in future growth, and reward stakeholders. As we get bonus shares and dividend from time to time. Profit allows businesses to allocate resources effectively to meet customer needs and innovate.
However, to be a successful business model they should strive to balance both profit and ethics. Businesses can establish ethical frameworks that guide decision-making and ensure that profit motives do not overshadow ethical considerations. In a nutshell, it can be concluded that, Profit is a necessary driver for business, it should not be the sole motive. Integrating ethical considerations into business practices is essential for long-term success, building a positive reputation, and creating a positive impact on society.
In good faith - Peace!!
