{"id":39678,"date":"2019-10-10T20:52:48","date_gmt":"2019-10-10T20:52:48","guid":{"rendered":"http:\/\/localhost:8888\/cregital\/disha\/2019\/10\/10\/beyond-the-bottom-line\/"},"modified":"2019-10-10T20:52:48","modified_gmt":"2019-10-10T20:52:48","slug":"beyond-the-bottom-line","status":"publish","type":"post","link":"https:\/\/msmehub.org\/staging\/6671\/beyond-the-bottom-line\/","title":{"rendered":"Beyond the bottom line"},"content":{"rendered":"<\/p>\n<p><span style=\"font-size:12.0pt;\nline-height:107%;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;\"><\/span><\/p>\n<p>People venture into businesses for several reasons<br \/>\nincluding &#8220;freedom&#8221;, &#8220;control&#8221;, &#8220;last resort\/making<br \/>\nends meet&#8221;, &#8220;profitability&#8221;, &#8220;need to fill a gap&#8221;,<br \/>\n&#8220;providing solution to an identified problem&#8221;, among others. However,<br \/>\nwhatever the motive or drive behind the startup, everything tends to converge<br \/>\ninto profitability in the final analysis. Of course, this is with exception to<br \/>\nhumanitarian or charity organizations.<\/p>\n<p>The quest for profitability is on the rise among<br \/>\nbusinesses operating in developing countries and in pursuit of the humongous<br \/>\nbottom lines, such critical factors as&nbsp;<strong>people<\/strong>,&nbsp;<strong>environment<\/strong>&nbsp;and&nbsp;<strong>business sustainability<\/strong>&nbsp;are<br \/>\noften sacrificed in the long-run. Let&#8217;s examine the impact of the insatiable<br \/>\nappetite for profits on the entire business ecosystem and thereafter look at what businesses should be doing instead.<\/p>\n<p><strong>People:&nbsp;<\/strong><\/p>\n<p>Employees and customers are the major victims of the craze<br \/>\nand continuous crave for huge profits. For instance, it was reported in several<br \/>\nmedia how four (4) factory workers were killed by molten iron at a smelting<br \/>\nplant in Ogun State in April 2019 because of poor working conditions. It is<br \/>\nalso common knowledge that in the process of chasing &#8216;over&#8217; profit, contractors<br \/>\noften use substandard materials, which is the prime cause of collapsed<br \/>\nbuildings. How about the production and distribution of substandard or fake<br \/>\ndrugs and beverages? The sour taste left on the lips of many families as a<br \/>\nresult is better imagined than experienced.&nbsp;<\/p>\n<p>The service industry is not left out. In a bid to attracting more students and consequently rake in excessive profits, some schools have<br \/>\nresorted to aiding and abetting examination malpractices. The repercussions<br \/>\nare evident in every nook and cranny of Nigeria.<\/p>\n<p><strong>Society &#038; environment:&nbsp;<\/strong><\/p>\n<p>The harm, directly or indirectly, done to society and the<br \/>\nenvironment by businesses as a result of the unrestrained drive for profits is<br \/>\nboth enormous and highly irreversible in most cases. Imagine the possible<br \/>\neffect of selling expired tyres to unsuspecting customers. Just think about the<br \/>\nlevel of damage caused by emptying sludge and industrial effluent into our<br \/>\nwater bodies by companies. Look at the devastating effect of excessive logging<br \/>\non our planet. Some businesses flagrantly disobey relevant laws, not minding<br \/>\nthe impact of their actions on families and the environment, just to make more<br \/>\nprofits.<\/p>\n<p><strong>Organization&#8217;s sustainability:&nbsp;<\/strong><\/p>\n<p>Businesses whose only focus is on bottom line often<br \/>\nneglect important aspects of business continuity such as staff training and<br \/>\ngeneral welfare, processes and procedures, integrity, among others. When this<br \/>\nhappens, the business will end up eating itself sooner than later.<\/p>\n<p>In all of these, profitability is an integral<br \/>\npart of any business. However, profit should never be pursued at the expense of<br \/>\npeople, society &#038; environment, and the organization&#8217;s sustainability.<br \/>\nBusinesses should be able to innovate and create, then the profits would<br \/>\nnaturally follow. As&nbsp;<strong>Mark<br \/>\nZuckerberg<\/strong>&nbsp;puts it &#8220;I think if you do something<br \/>\nthat&#8217;s good, you get rewarded, but I do think some of the wealth that can be<br \/>\naccumulated is unreasonable.&#8221;<\/p>\n<p>Consequently, I want to implore business owners<br \/>\nand entrepreneurs to inculcate contribution to causes such as Universal Basic<br \/>\nEducation, fighting extreme poverty and hunger, tackling pollution and climate<br \/>\nchange, combating violence and insecurity, among others in their business<br \/>\nculture. In this regard, I would like to appreciate&nbsp;<strong>Bill Gates<\/strong>,&nbsp;<strong>Sir Richard Branson<\/strong>,&nbsp;<strong>Fola Adeola<\/strong>,&nbsp;<strong>Tony Elumelu<\/strong>, just to mention a<br \/>\nfew, for their efforts and contributions towards making the world a better<br \/>\nplace while doing business.<\/p>\n<p>&nbsp;<\/p>\n<p><em><span style=\"font-size: 14px;\">Chris<br \/>\nEmoghene can be reached via emochris12@yahoo.com<\/span><\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beyond the bottom line&#8230;<\/p>\n","protected":false},"author":1150,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[348],"tags":[1036,591,1039,1037],"class_list":["post-39678","post","type-post","status-publish","format-standard","hentry","category-operations","tag-bottomline","tag-business-sustainability","tag-environment","tag-profit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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