Balance is important in Business

Money is the most important thing for us, and all of us are making efforts to make as much money as possible because in every aspect of life, we need money. For the sake of making money, many of us do not hesitate to take life. Although it should not be like that, it’s how it is, and we can’t control the mentality of all people. Doing business is the best way to make money. In business, it’s necessary to make money, but there are ethics of business. When doing business, what should be the priority between business ethics and profit?

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I know that everyone comes to business to make a profit, and trying their best to make more money is very natural. Just imagine if you are a shopkeeper, and naturally, you will have customers. Your intention must be to make maximum profit, but at the same time, you need to be concerned about the market price of other shops. You can be smart, but you can’t take the customers as fools. If you want to do business, you need the support of customers because if there are no customers, your business won’t last long. Let me share an experience of mine.

After coming to town, there was a shop in front of the building. I was in the closest shop here, and people used to buy products from him. He was a distant relative, and naturally I always wanted to buy things from him. I never doubted he charged high prices for being somehow related. I used to buy all the things from him. One day I ordered him to buy all the necessary things, and for some reason I went to another shop. Because of my curiosity, I asked the price of a product. Hearing the price, I asked about the price of other products that I ordered from my distant relative’s shop. The surprising thing is that the price of all products was 7%-10% less. It was a huge amount, and immediately I returned to the shop and cancelled all the orders. I let him know the reason for cancelling the order. He has no words to defend himself, and after that, I didn’t buy a single thing from him, and I come in front of him every time I purchase anything from other shops. I just want to let him realize he should not do the same thing. Later, I informed others whom I know, and they also stopped buying products from his shop. The selling of his shop decreased a lot. His extreme greed is the cause of the situation. He is not getting enough profit, and his greed is reasonable for it. It would not happen if he followed the business ethics. So, from this point on, business ethics is very important. If anyone needs to do business in the long term, he must have business ethics.

Again, too much honesty can bring loss or not enough profit. It’s not necessary to say the original buying price of products. In that case, customers may not want to buy things at market price. Everyone wants to save some money when it’s possible. In this case, I think it’s not wrong to say a fake price is related to market price. Saying the wrong price may not be ethical, but he needs to do so to convince the customer. If he wants to expand his business, he may consider selling products at a low price initially. But later, when he starts to spread the business, he can charge the regular price. I believe it’s essential to earn the trust of customers to expand business. It’s not a betrayal of customers unless he charges high prices to them. So, too much honesty in business is not so good because people try to take advantage of it, and people only think about themselves.

But again, we can’t fully ignore ethics. It’s because in the long term, business ethics play a very important role. In business, sometimes your verbal words and actions matter a lot. If you do business with ethics, others will be interested in doing business with you. So, still, it’s confusing which is more important between profit and ethics. I think both are important, and depending on the situation, you need to choose which one we should choose. You need to balance both profit and ethics when doing business. If you fail to balance it, you are destined to be doomed.