Don't be too greedy; Ensure to strike a balance in Business

Many people venture into business with the primary goal of generating profits. After all, the prospect of financial loss can be challenging However, it's essential to recognize the importance of ethics in business practices. While profit can be seen as a gain over goods and services, ethics provides a moral regulation that guides decision-making or the practice of a profession.

As a thrift seller, I've encountered a situation that outlines the significance of balancing profit and ethics. One of my former customers in the thrift business would sell for me at a higher rate, knowing fully well I had just started the business and had not too much idea about the bale of a thrift, but I was shocked to see the significant difference in pricing between her and another seller. The discrepancy was staggering, and it made me question the ethics of her business practices.

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For instance, she would sell a jean trousers for #8,000, and she called it the wholesale rate while the other seller offered the same quality and brand for #3,000. This pricing strategy affected my profit gap, as I couldn't set competitive prices for my customers due to her high pricing. I had to buy ¼ of the bale at a very expensive rate, which cut into my profits. On the other hand, the second customer's pricing allowed me to maintain a reasonable profit margin while still offering a reasonable price to my customers. The difference was #5,000.

After conducting a survey to determine fair prices, I decided to cut off my ties with the former customer and focus on working with the more reasonable seller. I realized that her prioritization of profits over fairness and transparency was not aligned with my business values. By putting ethics first, I've been able to build trust with my customers and maintain a competitive edge in the market.

The former customer's actions ultimately led to her losing me as a customer. Despite her attempts to reconcile, I've chosen not to work with her again. This experience taught me the importance of prioritizing ethics in business. By embracing a suitable approach, business owners can ensure long-term success while maintaining a strong reputation. In my business, I've learned to prioritize fairness and transparency. I've also learned to appreciate the value of building strong relationships with customers who share my business values.

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There was a school creche where I once put my daughter. I was told to put three diapers in her bag, and I used to do so until I discovered the woman in charge was not using the diapers, hence she was reselling them. One day, I pretended not to put any extra diapers, knowing fully well they would change my baby's diaper.

I got to the school to pick up my daughter, and I discovered she was still wearing the same one on her body, so I asked the minder to get me one outside the gate. Then, this woman followed the girl to collect the money and took diapers from her luggage. To cut it short, the woman has been selling all the diapers, and she was caught red-handed. This is weird! I withdrew my child and I stopped patronizing the school, even told some of my colleagues who had the interest of bringing their children to the school.

Businesses can thrive if we can strike a balance between profit and ethics by being fair, transparent, and building customer satisfaction. Striking a balance is when an entrepreneur can build trust and loyalty with their customers👌

My entry to the #hivelearners contest on the topic: Profits or Ethics

The images are sourced.