How to Balance Profit and Purpose in your Business | Erich Merkner

4/22/22, 2:11 PM

How to Balance Profit and Purpose in your Business | Erich Merkner | Business

a

How to Balance Profit and Purpose in your Business by erichmerkner | Apr 22, 2022 | Business, Erich Merkner

As a business owner, it’s crucial to balance profit and purpose. You want to make sure that your business is profitable, but you also want to ensure that it’s doing good. Here are five methods you can use to balance profit and purpose at your business.

Provide a Solution One way to balance profit and purpose is to make sure that your products or services solve a real problem for your customers. If you can find a way to do this, you’ll be able to charge more for your products or services, which will help increase your profits. At the same time, you’ll be helping your customers solve a problem, which is the purpose of your business.

Giving Back to the Community

https://erichmerkner.com/how-to-balance-profit-and-purpose-in-your-business/

1/3

4/22/22, 2:11 PM

How to Balance Profit and Purpose in your Business | Erich Merkner | Business

Another way to balance profit and purpose is to make sure that you’re somehow giving back to the community. This could be through philanthropy, volunteering, or being a good neighbor. When you give back to the community, you’ll find that your customers will be more likely to support your business. This will help increase your profits while also helping you achieve your purpose.

Provide Value You can balance profit and purpose by ensuring that you’re providing value for your customers. This could be in the form of a great product or service or customer service. If you can find a way to provide value for your customers, they’ll be more likely to support your business. This will help increase your profits while also helping you achieve your purpose.

Care for the Environment Another way to balance profit and purpose is to make sure that you’re environmentally friendly. This could be by using recycled materials, energy-efficient methods, or even reducing your carbon footprint. When you’re environmentally friendly, you’ll find that your customers will be more likely to support your business. This will help increase your profits while also helping you achieve your purpose.

Social Responsibility Another way to balance profit and purpose is to make sure that you’re socially responsible.

This could be supporting local charities, hiring diverse employees, or being a good citizen.

When you’re socially responsible, you’ll find that your customers will be more likely to support your business. This will help increase your profits while also helping you achieve your purpose.

As you can see, there are several ways to balance profit and purpose in your business. By using one or more of these methods, you’ll be able to increase your profits while also helping to make the world a better place.

Search

RECENT POSTS How to Balance Profit and Purpose in your Business Tips for Preparing to Start Your Own Small Business

https://erichmerkner.com/how-to-balance-profit-and-purpose-in-your-business/

2/3

4/22/22, 2:11 PM

How to Balance Profit and Purpose in your Business | Erich Merkner | Business

Links Erich Merkner's About.me Erich Merkner's Crunchbase Erich Merkner's LinkedIn Erich Merkner's Quora Erich Merkner's Twitter Erich Merkner's WordPress Erich Merkner's YouTube

     © Erich Merkner | Business 2022

https://erichmerkner.com/how-to-balance-profit-and-purpose-in-your-business/

3/3