Profit Is Not the Answer

We’ve all heard it said, “Money can’t buy happiness.”  But I’ve also heard it said that, “Money is way ahead of whatever is in second place.”

I’ve been in business for more than fifty years. Had you asked me during my first ten years, “what is the goal of your business?” I would have answered, “profit.” Back then my goal was profit, pure and simple.

Over the next forty years, however, my views have gradually changed.  I’ve met many people who have focused their lives on the pursuit of profit, and they are not happy.

I’d like to ask each of them the question, “How much is enough?” But I think their answer would probably be, “More.”  I respectfully disagree.

Recently the CEO of a company with more than six trillion dollars under management wrote a letter to the top executive of all of the companies in which they had invested, advising them that they would be evaluated not just on their profits, but also on their contribution to their communities. He made it clear that those companies would do well (in terms of profits) if they were also doing good (helping their communities).

I would take that a bit farther.

I think it’s also a very good business idea to take care of your employees.  After all, they are the folks who show up every day and handle your business.  Without them you would be kaput   If employees feel treated badly, at best they will be less productive and at worst they will quit.  Most businesses seriously underestimate the cost of finding, hiring, and training replacements.

This is why I try to show appreciation by buying lunch, giving bonuses from time to time, and offering “personal” days off.

But even if you don’t own your own business, I still believe that you can enhance your life by taking care of yourself and those around you. Spend more time with your families, take a bit more vacation every year, enjoy sitting down to dinner with your children or loved ones most days, and spend much of your weekends with them engaging in shared activities that bring happiness into your lives. These activities ultimately matter more than profit.

I would write more, but one of my sons has asked for more of my time, and I’m off to have lunch with him.

Alan