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

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news