What Is The Goal of Every Business?

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At a very high level, every business has three goals: generate revenue, maximize profits, and improve client experience. 

Now, what do these three things mean?

•First, whether you are a hotdog stand ora large multinational organization, the goal is simple: generate revenue by selling your products and services

•Second, As you generate the revenue, itis important that you are able to make a profit from the sale of your products and services. That means the amount of money you’re spending; your expenses do not exceed the money you’re making from the sale. You don’t want to sell a hot dog for two dollars when it costs you three dollars to make it.

•Third, client experience, in all likelihood, is probably the most crucial goal of every business. However, the financial people might disagree. For them, it would be Revenue and Profits. Myview is, if you were not providing a pleasant customer experience, as people go through your sales process, you would lose customer loyalty, you would lose customers, and you would incur reputational damage, as the customers talk to each other about the poor experience. Therefore, it is crucial to give customers a memorable experience and encourage them to do business with you again.

So, what does this mean? 

Whether You were running a hotdog stand or managing operations, if your customers are unhappy with the experience you are providing them, they will stop buying from you or using your services. This will have a direct impact on your revenue.This will force you to take action to turn things around, which will increase your costs. This, in turn, can have a direct impact on your profits as profits are influenced by both revenue and costs.