Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Business success is putting people before profit


Business success is putting people before profit

For small business owners to succeed in New Zealand there is a cultural requirement to be altruistic, and the difference between success and failure is based on whether you are interested in helping yourself, or helping others.

Business coach – and author of the small business book Business Mechanics, a nuts and bolts guide for small business owners ­– Jerome Jacobs, believes a survey which found Kiwis think the world is getting worse also sends a clear message to business.

The online survey of 1,000 New Zealanders by Australian firm Lonergan Research released this week, found that Kiwis think the world is getting worse because “people were more self-centred and greedy”.

“We don’t need evidence to tell us that Kiwis favour the underdog, that they have a very strong sense of fairness and they actively dislike the idea of exploitation – greed, self-centredness and a pre-occupation with money are not appreciated in New Zealand, and its often the reason why business gets a bad rap.

“People before profit is not a philosophy, it’s an expectation that the public have. For some business owners this is a difficult concept because they want to make money. The irony is that putting people first can actually be profitable.”

Jacobs says a business can move to putting people before profit by creating a mission, or a singular business philosophy, based on the key benefit of whatever service or product you sell.

“You are in business to solve people’s problems and to give them what they want. In exchange they give you money. In other words, ask yourself how your business helps people, and then seek to achieve that solution in every transaction.

“For example, if you sell ice-cream the purpose of your business is to make people happy. If you sell accounting services, the purpose of your business is to provide people with the information they need to make sound decisions.”

He said if a customer is unhappy for whatever reason, give them their money back – no argument.

“You would think it's a no-brainer, but so many business owners resist the idea because they see it as a loss or, ironically, as an unfair exchange in value, which misses the point.

“Business focussed on delivering the benefit you promise, not the bottom line, will end up with a healthy bottom line regardless,” he said.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news