The purpose of business is…?
To make a profit, of course! Oh wait. Maybe it’s to provide the best product or service the world has ever seen. Hmm. How about, to build a place where collective missions can flourish?
According to business success strategist Philip Humbert, it’s none of those. Read on.
Strictly Business: The Purpose of Business
I hear lots of discussion about purpose and mission statements for business. Some tell me the purpose of any business is to make a profit. Others focus on the quality of the product or on teamwork and morale. Obviously, all of that is wonderful and to some extent necessary. But it misses the point.
The purpose of every business is to serve a satisfied customer. Period.
In the end, satisfied customers create the profits. Satisfied customers create repeat business, which is vastly more profitable than finding a new customer for every transaction. Satisfied customers allow for pride, satisfaction and the constant improvement of our goods and services. Only satisfied customers will ultimately keep the doors open and allow the business to “work.”
Sure, a great marketing plan is desirable. Of course, making a profit is necessary over time.
But in the end, only satisfied customers make everything else possible.
So, what are your customers really looking for? What benefit or convenience, what quality or experience is most vital to them? Ask them! Let your customers tell you what makes your business special. Let them tell you how and why you stand out from your competition. Let them tell you why they buy from you and keep coming back.
Too often, business leaders spend too much time examining details when a simple lunch or phone call to your best customers could tell you precisely how to grow the business. In the end, systems and business plans, tools and equipment are good, but only to the degree that your customers are smiling. Everything else is detail.
Copyright 2008, All rights reserved. Philip Humbert.
Contact him at www.philiphumbert.com or Coach@philiphumbert.com. Sign up for his free TIPS e-newsletter.