Profit as an indicator of success. I am amazed at how dumb this is.
More profit is easy. Just cut corners or costs. Ethical or not, do it, you’ll have higher profits. Feel successful now? I hope not. But so many businesses do just exactly those things and then tout how successful they are. Really?
But success this way is short lived once everyone finds out. The public sees scandal, customers feel ripped off, etc., etc.
What’s a better measure?
If I were investing, I would place much more stock (no pun intended) in customer satisfaction and success. If I am investing, I want a return, not just once but for a long time. The only way you get that is to please customers and make them successful consistently. Happy customers come back. Coming back means recurring revenue. And that, investors, means returns keep coming.
Profits. They might make you feel good, they might keep your business going, but they are not the best marker of success because they can be cheated – and unfortunately are regularly. Try customer success, that’s where you should put your money.
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