BOSTON, Dec 27 Reuters) - Business know that they need needs profits, customers, and ethics to be successful, but not all get the sequence right, says Harvard Business eview.
The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters.
“Everyone knows a business needs ethics, customers, and profits, but a lot of companies fail because they get the sequence wrong.
The most common mistake is to put profits first. When you do, numbers become all-important, and you can justify almost any behavior if it makes money.
Instead, start by doing what’s right and make sure everyone in the company does too. Then, focus on customers. The best way to attract and keep them is to treat them well and be incredibly good at what you do.
Once you’ve mastered the first two elements, you can focus on making money.”
- Today’s management tip was adapted from “Four Things I Want You to Remember Me By” by Clif Reichard.
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