Business Mentor: A blend of purpose and profit

Armando Bartolome

Posted at Oct 03 2020 08:58 AM

A customer checks out COVID19 themed shirts at a shop at the Quiapo Central Market in Manila on September 04, 2020. Since the IATF still prohibits mass gatherings and reunions, the business owners came up with the COVID19 themed shirts idea to make up for the high number of sales that the ‘ber’ months used to generate before the pandemic. George Calvelo, ABS-CBN News

Since the pandemic began, there have been so many people who have become interested in starting their own business. The last 5 months have been a struggle for all of us.

While we all strive towards our individual financial goals, I think that these novice entrepreneurs should start seeing this opportunity from a different perspective. What I am saying is that, aside from aspiring to have better financial performance, business owners, should consider the interests of their employees, customers, and the community, as a whole. This helps an entrepreneur make his/her mark in the industry.

What does having a social commitment do to a business? An entrepreneur creates not just profit, but value for stakeholders and builds a great foundation of the company.

When shareholders and employees feel that they are part of a “family” they tend to participate more for the improvement of the business. It’s just like showing a child how much you care for them—which leads them to try really hard to do what is expected of them. The result is always a win-win situation – you mold the child so that he grows up to be a strong, wise, God-fearing individual.

In business, there is always room to learn new things. Entrepreneurs have the responsibility to create an environment that is conducive to learning so that the end result does not only benefit the people involved but the company, as well.

Companies should embrace a system that involves setting and monitoring social and financial goals, structuring and strengthening the organization to pursue both, seeking employees who can see the same vision, and managing with both goals in mind.

Money can and is the goal of most of us. However, this should not be the only goal when we build a business. There are other factors that we need to bear in mind.

To become a great leader of an organization, there should be equal measures of discipline, creativity, objectivity and levelheadedness. Greediness and insensitivity will pull an entrepreneur down the drain.

Times have become tougher. Be practical and wise in making decisions for your business.

Can you blend profit and purpose with the business that you have? Of course. You just need to work on it. But, you don’t have to do it alone. Lay out all your plans and seek advice from people who may have more business experience than you.

Your Company and the Community
I always feel that I need to give something back because I have been blessed for the past 28 years that I have been in business. You don’t need to announce to the whole world what you want to do. You can make a small gesture to share blessings with others.

There are purpose-driven companies whose goal is not to serve their products, but to serve the people. These companies believe that if they will treat their own people nicely, they would also treat their customers the same way. Customers always want to feel that they are being valued. A single satisfied customer could persuade at least 10 other people with positive feedback about their experience from that company. And what happens next? The word spreads around. It is the least expensive marketing stint which can help any company stay afloat.

Companies should start embracing a higher purpose than merely increasing their gains. It is like living a legacy that could stand for many generations to come – not just growing the business financially but also taking care of the community.

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For more information, you may contact Armando "Butz" Bartolome
by email: [email protected]
FB Page: Butz Bartolome
website: https://www.butzbartolome.com