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