What are the responsibilities of a business? How is your business meaning?
What are the responsibilities of a business? How is your business meaning?
How is business?
Those of us in business are regularly asked this question. And while the question is often just a greeting like “how are you,” or “what’s new,” every now and then the person asking really does want to know. How you answer that question says a lot about how you think about your business, the purpose of your business, and what’s truly important to you and your business.
Sure, all for-profit businesses need to make a profit. After all, for-profit is right there in your tax status. But, whether or not you’re making a profit, how much profit and compared to what is, I would contend, only one part of the answer to “how’s business.”
Of course there are some business owners who really want nothing more than to maximize their profits in the short-term and they’re willing to do so at any cost. In these businesses the means – any means – justify the ends. And, if that’s what you’re all about, then I suppose good for you. But, that’s not what I’m talking about here. In my experience, it is those businesses who organize around and work for more than just short-term gains that both stand the test of time and serve a much greater purpose along the way.
There are lots of ways to make money in our world today. How one goes about making that money is the thing. Why we exist, who we serve, what problems we attempt to solve, what greater good we are attempting to generate is what it is all about, at least to me and my colleagues.
If your business has a greater purpose, a reason to exist, and if you serve more than just your shareholders, then the answer to “how’s business” should be more than one based upon revenues or profitability. Again, revenues and profitability are of course necessary, but I would argue that they’re necessary in context? Are you serving your customers and helping them to solve their problems? Are you serving your associates and helping them to create a life and find fulfillment? Are you serving your suppliers in a way that allows them reinvest and grow their ability to serve you? Are you serving your communities by paying your taxes, volunteering, and donating to causes that make your community a place to invest and grow and raise your families? How much of today’s profitability you’re willing to forsake to invest in these other stakeholders (associates, community, customers, suppliers,) speaks volumes.
So, when someone asks me “how’s business,” my answer is wrapped up in all of these questions. My answer, of course, considers how well our revenues and profitability are doing against our plan, but it also considers how well we’re living out our purpose and adhering to our values. So, if you really want to know how my business is be prepared for a story.
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