Why is it essential for a business to think beyond profit?
There is no doubt when you run a business, profit comes to anyone’s mind first, but it should not stop there.
Must think about a couple of things when you run your business
- Is my business helping others?
- Do I enjoy doing my business?
- Do I love what I do? Why am I doing this?
- Will it help the economy by solving the unemployment problem?
- Will I get recognition in society with my business?
- Having a business purpose beyond profit
Let me tell you what I do, and I am a writer writing eBooks, Books, and online courses. Besides, I do some accounting work to earn my living. First, I adore what I do; I live on my own most evenings; I feel sad, and when I write this, my sadness disappears, and I am in the 7th year of my business. When I started it, I spent long hours doing things that mainly included my learning time as I was entirely new to the industry.
Start, I never thought about money; I always thought about the acceptance from the industry that I am in today. Honestly, money was not in my mind at all. I spent the money I had on learning the business, and I started to think about money when I ran out of my savings.
So I think I am also wrong in neglecting the thoughts about making money when you set up a business; you need to have a plan for how you will make money from it because we all need money to live. So the priority in running a business is making a profit. But if you have the passion, only you will have a long-term vision.
If you set it up and run it right, any business can make you money, but the question here is whether you have the passion for what you do. Then only you will make long-term plans and make the business a big one and help the society around you. Think beyond profits; program about giving back to the community who gave so much love and support to develop your business to this level.
- Profit is a sign of success.
- You can lose profit at any time
- You might lose your business with the changes in the economy.
- Profit doesn’t motivate the salaried staff who make success happen
- Customers don’t appreciate being seen just for their revenue
- Consumers are increasingly focusing on values and contribution to society when choosing who to do business with
Businesses with a strong sense of purpose are more successful.
Purpose-driven companies are more ambitious; they attract the best talent, inspire more successful innovation, make faster decisions, are more trusted, have greater loyalty, and attract more investment. All that creates a better impact for clients, and the business has a vital purpose; it creates a sustainable and scalable organizational culture.
Purpose means you intend to do something that has meaning for yourself and the world beyond yourself. Our goal in our life has a very personal significance and contribution something positive to the others in the society, and it is where we give our actions to accomplish.
Whatever the level of work that people do, it is essential that they feel that it has a meaning and the time they spend on it. If you are not passionate about what you do, you cannot enjoy that and feel pointless after working day by day.
A strong sense of purpose is central to our psychological wellbeing: it keeps us motivated, encourages us to meet challenges head-on, and acts as a buffer against excessive pressure and stress.
