The goal of every businessman or businesswoman is to make profit; that's the main reason why they're delving into such business—so they can make more money, to the point of attaining financial freedom. Understandably, business owners are often encouraged to make sure their business meets the needs of the community, as that will go on to improve the chance of their business thriving. But then, there has been this aspect of business that has raised eyebrows over the years, and I'd love to talk about it. Basically, it has to do with if business owners should put ethics into consideration when naming a price for their goods or if they should mainly have profit as their main goal.
Image was taken and edited on canva library
As stated above, the truth is that every business owner wants profit, and that's why they began the business in the first place, and so if they prioritize profit in their business, we won't say it's a bad thing at all; after all, it's their source of livelihood, which provides for all their needs, and if they don't charge well because they're trying to be ethical, they might ultimately go on to lose not only their gain in the business but also their investments as well. Beside If you notice, most people who clamor for this are workers who earn monthly wages. If you ask them to be ethical with their wage demands, that's when you'll hear their list of reasons why they feel their wages need to be increased.
Does that mean I'm supporting business owners to only prioritize profit? Absolutely not, I'm only stating the obvious and the need for them not to overall prioritize ethics to the point of watching their business fold up; humans will definitely patronize you when you sell for cheap. If your business runs down, they'll still be the ones who'll criticize you, so be wise in all you do. My mum is a businessperson, and I understand the concept to some extent. Even though I sometimes feel like they ought to reduce the value of items according to the rate they buy them, I can't help but understand that doing so can warrant loss and inability to restock if the value shoots up again, and in a country like ours, we know no value of an item is stable.
Image was taken and edited on canva library
But that doesn't mean you should just focus on profit alone without considering your customers and how the amount you sold those items for would affect them. We should not be just bent on making exorbitant profit for ourselves without putting our client into consideration. In fact, doing that can lead to customers abstaining from your business and seeking other ones where the good or service is cheaper. I'm not saying you should charge less than the amount the goods and service are worth, and neither am I saying you should charge the exact amount they're worth; what I'm saying is that you shouldn't make your profit demand too big to the point where it affects your clients.
In a nutshell, we should find a way to strike a balance in the middle, whereby we're not missing out on profit and yet we're ethical with our business deals. Doing this will bring about not only more business offers but also give you peace of mind knowing fully well that your customers are satisfied and so are you. So that's about it for now. I hope you find this worthwhile. Thanks so much for your time. Have a productive week ahead.
Image was taken and edited on canva library
Thank you.