People go into business for many reasons. For the most part, it’s usually for money or having the freedom to work on their own. However, what is the main purpose of going into business? I believe the purpose is to help and serve people. Regardless of the business, service is the cornerstone.
We serve people so that we can provide them with value and satisfy their needs. Over time, a business can grow and even serve more people down the road.
In this article, I’m going to review more in-depth the bigger purpose of running a business. As well as that, I’ll discuss three reasons why the mindset of service and helping others is key to growing a business.
UPDATED: OCTOBER 24, 2022
- What Is The Purpose Of Business?
- Customer Satisfaction Determines Your Product’s Effectiveness
- Revenue Will Follow Naturally When People Are Put First
- Maintaining Long-Term Relationships Will Help Your Business Grow
- What If You Have Multiple Customers Sticking With You?
What is the purpose of business?
Business is about serving people because they’re the ones you will be communicating with regularly. Your goal is to develop a long-term relationship with a potential customer. Or for that matter, you can maintain relationships with multiple customers.
Recently, I took a ride to the airport through Uber. The conversation I had with the Uber driver was mostly business-related. But what caught my attention was his concerns about how companies treat their customers these days.
He was concerned about companies putting profits first. Rather than focusing on money, he said it should be about putting people first.
His point was that a lot of businesses don’t emphasize serving people. Instead, the focus should be “people over dollars” first and foremost. Although that’s sad to hear about, I believe he made a great point, and he’s spot-on about it.
Going back to that service mentality, businesses need to put people first regardless. If they can do that, conducting business with others would be more meaningful.
The following reasons will go over why a business should be about service more than anything else.
Customer satisfaction determines your product’s effectiveness
When you develop a product, you may think it’s the best one to put out on the market. You’ve put all of the time and effort into making it good, and you even think it can be worthwhile.
Maybe so, but maybe not. The big question is whether your customers will agree. They may think the other way around.
When you’re serving others, you want to make sure you’re providing a minimum viable product. That can be used as a test (beta version) to determine if your product or service is needed in the marketplace.
What is a minimum viable product?
The minimum viable product (MVP) is a product with key features that customers will be able to test out. Essentially, you’re giving it a trial run to determine whether it’s usable or not.
That’s a key component of developing a well-worth product to use. As you test out that product, it’s important to get proper feedback while in its early stages.
In the meantime, you might want to conduct surveys with your customers. That can be helpful to get different opinions on your product.
Revenue will follow naturally when people come first
Business is better understood when it focuses on the needs of its customers. Putting yourself in the customers’ shoes can help business owners figure out how to solve their problems.
When we empathize with our customers, it’s easier to create products that they’ll want. Your products will be more likely to be used if your customers like what you have to offer.
It’s easy to forget about making money when you have a customer service attitude. People will naturally come first, and then the money will follow.
Maintaining long-term relationships will help your business grow
When working with customers, it’s important to establish a long-term relationship with them. From the very beginning, you have to show that you care about their needs and wants.
If you can “wow” them from day one, you may keep in touch with them regularly. In that case, you’ve converted them into long-term customers.
Establishing long-term relationships can greatly benefit your business because you’ll make recurring income. Maintaining those types of customers can help your business grow for the better.
What if you have multiple customers sticking with you?
Maintaining one customer is great, but what about multiple ones? What if you have more than 10 customers? Or 100 of them?
Whatever the case is, that can be very beneficial. In a worst-case scenario, you might lose one or two customers.
That may impact your business to an extent; however if you still have 100 customers for your business, you’ll do fine. As a result, losing one customer may not be a big deal if you have multiple customers to serve.
But the key point is the following: Whenever interacting with a customer, make an effort to establish a long-term relationship with them. It can benefit your business in the long haul.
Overall, the purpose of running a business is all about service. If you’re willing to help others and provide value, it will help your business grow moving forward.
The reasons mentioned earlier are worthwhile to consider as you grow your business. Listening to your customers, always putting them first, and establishing long-term relationships with them can be helpful.
If you’re interested in creating a business that’s focused on helping others, I would like to help you out. The platform I utilize is one of the best for starting online, and it teaches the foundations of running a business.
If you want to learn more, feel free to give the place a shot to see if it’s the best choice for you. However, I’m confident you’ll like what you see when you use it your first week.
Your Turn: What do you believe is the primary purpose of business?
I would like to get your thoughts on this topic. What do you think is the real purpose of starting a business?
Have you always thought it was all about money? Or do you agree with me that it’s about helping people first?
Do you think differently about it? What can companies do better in serving their customers?
Feel free to share your thoughts by leaving a comment below. I look forward to reading your thoughts, and I’ll respond promptly.
If you got value from this article, please bookmark this website to visit later for new posts every week. Spread the word to others. Sharing is caring! For the latest videos that come out every week, subscribe to the YouTube channel. Also, be sure to check out our new space on Twitter X! YouTube Twitter (X)
Eric is the owner and chief editor of notimekillers.com. He takes great pride in helping people manage their time and grow their businesses. Eric is a firm believer in financial and time freedom, as he believes in financial independence and taking ownership of your time. “Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. You can also connect with Eric via LinkedIn.