Business is a complicated field. Every business strives to make a profit, but is that really what is most important? Every business should, first and foremost, seek to satisfy a need of its customers. Whether you’re selling your own product or offering a service, catering to the customer should be your primary concern. Helping your business grow is important as well, but getting too greedy can cause some very negative consequences for your business.
- Employees Feel Unappreciated
When your business is overcome by greed and profiteering, your employees no longer feel good about what they do. Happy employees work for companies that they like to support. When greed becomes the driving force behind a business, employees feel uninspired and unappreciated. They can see what is going on behind the scenes, and they often disagree with the way the business is run. On top of that, the increased profits rarely benefit them directly, making it difficult to stay motivated.
- Customers Feel Frustrated
Today’s customers choose where to spend their dollars by weighing several issues. The best deal is not always the best seller, because an increasing number of people are making their shopping decisions based largely on moral standpoints. Customers appreciate a business with a conscience, and when their favored companies turn away from their values, feelings of frustration and betrayal set in. Letting greed run your business is a surefire way to alienate your customers, and they are your most important resource.
- Thinking Becomes Irrational
Greed is nothing more than the pursuit of wealth above all other concerns. This leads to irrational thinking in which you may confuse your priorities and set yourself up for disaster. Running a successful business requires a level head and a cool temperament. When you get too greedy, those qualities vanish into thin air. If greed is controlling your decision making process, you won’t be able to implement your business plan strategically. Many business owners have allowed themselves to be blinded by dollar signs, and it often leads to ultimate failure.
- Short Term Gains Become Long Term Losses
You may feel like your business is making leaps and bounds with huge profit gains in a short period of time, but don’t be fooled. Businesses need sustainable growth to survive, not short bursts of activity. Banking on the immediate success of a new product or a fresh marketing campaign to carry your business may not be the smartest decision. Even more serious problems arise when businesses bite off more than they can chew. If relentlessly pursuing higher profits leads you to take on more orders than you can handle, your business is at risk of folding like a sheet of paper.
- Losing Sight of Your Values
It may be human nature to pursue greater wealth when the opportunities arise, but money is not the only important concern in business. Think about why you started your business in the first place, and how difficult it was as a beginning entrepreneur. Greed and profiteering are bad for the economy, especially on the local scale. Remember where you’ve come from, and think twice before you let greed take over your business.