Only motive of business is profit: Corrrect?
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Profit or Non Profit?
Profit is a must for any business; but, it need not be the only motive in conducting a business. There should be some other sensible motives or purposes. The careful selection of motives employed should bring a good business turnover and a higher income besides a basic benefit to the society.
BASIC BUSINESS IDEA
A business is not born arbitrarily, with out any reason or human intervention. You start a business, basically with an idea to earn money. But, you know money is available with the people around or within the industry. You need to get the money from the people, of course not by robbing them. It is possible only by exchange of any commodity or service with the money.
You have just commenced the business to supply some useful commodity or service to the people in exchange for money. Thus any business has emerged with some basic purpose or motive to help others in the society or industry.
SUBSIDIARY PURPOSES
To add with this fundamental, some ideals are drawn as subsidiaries to make the people happier to participate in your business. Your basic aim to earn more money could be accomplished only by increasing the participation of the interested people. These supplementary ideals will attract more sections of people to join your business stream.
People have wide needs and wants with in the basic idea of your contribution. Now you have identified some more complementary purposes that could augment the business turnover and the income or the accumulation of profit you aimed for.
START WITH BASIC
To cite an example, you are starting a retail business shop to supply home appliances to the residents and floating population of that area. This is the basic business idea. This could be a spontaneous decision taken after making a survey and studying the needs of the people in the area.
ADD ON SERVICES
But, in course of time, you need to establish a service center or an arrangement to attend repairs and services of all kinds of home appliances being used in the households. This is a business extension idea that adds more life to your profit motive. Your profit is embedded in the other business motives as services to the people.
COOK ON A NEW RECIPE:
Some times you need to find out the interests of the people and your own hobby that may lead into a lively time pass arrangement. You can organize an occasional recreation fiesta or a cooking demonstration as an advertisement cum customer relationship idea. Take people to some picnic spot after a good business turnover created by a "new for old exchange" festival.
ENTER INTO VOLUNTRY SERVICES:
Identify some of the domestic social needs of the people through the residents' associations and provide unique services like collection box' facility to telecom bills or credit card payments. Be prepared to spend some portion of the profit to participate in conducting music concerts, eye camps or donating to orphanages.
MAINTAIN HIGH STANDARD IN BUSINESS
Wise people in business understand that only profit motive brings poor response. A combination of business offers and voluntary services assure more income than the only profit oriented business.
ENHANCE CUSTOMER RELATIONSHIP
People enjoy in shopping over your counters to experience the ambience, hospitality besides the financial benefits. Display of more new merchandise on shopping counters and your free door delivery' scheme could enhance your profits.
Now you will see an automatism in getting more profit and wealth accumulation by serving more people in more ways.
