Does it matter to society if your business is abundantly profitable verses just “getting by”? Is it possible that increasing your profitability will have a positive impact on our society?
The answer to both questions is a huge “Yes!”.
The more customers you serve and the more profit you make, the more resources you have to positively impact society, and to be strategic about how you will impact society.
……but HOW does this Impact society?
Many people believe that the only way they can impact society is to give to philanthropic organizations. While giving to philanthropic organizations is impactful, there are many ways business owners and leaders can positively impact society by strategically using your profits.
Let's consider some of the ways.
First, profits allow you to impact society by hiring employees and treating your employees well. Getting a good return on your investment allows you to pay your employees good wages. This in turn allows them to do more for their families as well as to make purchases which will increase our economy, thus prospering other businesses and families.
Without profits it is not possible to do positive things like giving wage increases, providing robust training and development for employees or to provide benefit programs which will meet the needs of employees and their families.
Second, generating a profit allows you to have ample facilities and staffing to better serve your customers, and this in turn empowers your customers to have a positive effect on society. Think about the ways your product positively affects your customers. If you're a bank, you are lending money which helps your customers grow their businesses, and you are providing checking and savings accounts which help families and businesses to thrive and do the things they want and need to do. If you operate a restaurant, you are facilitating enjoyable food, a relaxing or energizing environment, and good fellowship for business and family discussions. Your product or service is helping your customers to positively impact society. By serving your customers you receive a profit, but you also empower your customers to impact society.
Third, generating a profit also allows you as a business owner to have a better, more rewarding life. I’ve yet to meet a business owner who aspired to work long hours, rarely spend time with their friends and loved ones, and worry about having enough money to cover payroll. Strategically planning your business and making a profit allows the business owner to have the right amount of well trained staff to keep the business going while the owner enjoys their family and friends, to have cash flow to cover payroll and other expenses, and to focus on the aspects of their job and personal activities they enjoy most.
And of course, as a bonus, making a profit also allows business owners to contribute more money and resources to churches and non-profit organizations which address spiritual and special needs of our community.
As your and other businesses make a profit, your employees, their families, and our communities prosper and have a better life - everyone wins!
Want to discuss explore how you can make more profits and have a more lasting impact in your business and personal life? Schedule a call with the ‘schedule a call’ icon and introduce yourself to Keith.
Keith Steincamp CPA CMA CSCA is a business profitability and growth strategist and is CEO of Achieve Business Advisory, PLLC. Keith helps small and mid-sized business owners ensure they are maximizing their profitability and achieving the quality of life goals to which they aspire. Keith has over twenty years experience with leading Fortune 200 service providers, as well as with start-up and family-owned businesses.
Business Profitability & Growth Advisor; Contract CFO
CEO – Achieve Business Advisory, PLLC
(405) 317-4161 achievebusinessadvisory.com
Copyright 2022 Keith Steincamp CPA Achieve Business Advisory, PLLC