There are two extremes in thinking that lead to the profitability of a company. One is to focus entirely on the bottom line. The other is to focus on improving the lives of your stakeholders (customers, employees, suppliers and prospects.)
When taken to extreme, focusing solely on the bottom line, lives can be ruined and lost. Focusing on how to squeeze our every penny of profit out of every transaction is a dangerous game. A horrific recent example is when 1,100 lives were lost and countless more destroyed, in the Bangladesh factory collapse.
On the other end of the spectrum, decisions are based solely on a different set of questions that involve how to make the world a better place for our customers and our community?
In the age of social media, behavior is public. It’s one of the reasons that good behavior pays. Companies like Target, Whole Foods, Tom’s Shoes and Zappos succeed, partly because they thing about other things besides the bottom line.
Where are you on the continuum? Where should businesses strive to be?