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

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news