Companies Exist to Serve Their Customers

Companies do not exist to make a profit. Companies exist to serve their customers - profit is an indicator of how effectively they achieve that.
Using the Australian Government's Royal Commission into Banking Misconduct as a case study, I explore how a focus on short-term profit caused significant harm to customers. The consequence of which caught up with the banks leading to major fines and executives losing their jobs.
Key Points:
* Companies should prioritize customers over profit.
* Profit is an indicator of success, not the purpose.
* Ethical companies deserve our support.
#BusinessEthics #CustomerCentric #ProfitVsPurpose #BankingRoyalCommission #CorporateCulture

[@ymn3112]

I love this
*sideeyes layoffs and closures in the games industry*

[@Stinking82]

3:13 - 3:16 🤣 As they say, a sucker is born everyday.
Brilliant video and brilliant message 👏🏽

[@randyhale8517]

Great insights! I recently built a relationship diagram to visualize for a very large, well known brand how the actions they were taking in the name of profit were actually negatively impacting their ability to create profit. It's all about what an org is optimizing for and what they aren't seeing or are intentionally ignoring.

[@HeresTheThingChannel]

That's it. You just need to look at GE Money for a great example of what the long term cost of short term profit seeking.

[@Gumardee_coins_and_banknotes]

Look after the worker, and they will look after the customer. Seems business look after themselves only these days. NO ONE WANTS TO WORK LOL.