Companies Exist to Serve Their Customers

Companies do not exist to make a profit. Companies exist to serve their customers - profit is an indicator of how effectively they achieve that.

Using the Australian Government’s Royal Commission into Banking Misconduct as a case study, I explore how a focus on short-term profit caused significant harm to customers. The consequence of which caught up with the banks leading to major fines and executives losing their jobs.

Key Points:

• Companies should prioritize customers over profit.
• Profit is an indicator of success, not the purpose.
• Ethical companies deserve our support.

#BusinessEthics #CustomerCentric #ProfitVsPurpose #BankingRoyalCommission #CorporateCulture