Rick Franza: Redefining the purpose of a corporation
The traditional purpose of a corporation has been, first and foremost, to maximize profits to increase shareholder value. While such a purpose has, in many ways, served companies and their investors well over many years, such a purpose can have some detrimental effects.
On the positive side, it protects the shareholders who invest their financial resources in the firm. By seeking to maximize profits, the corporation’s leadership (e.g., the CEO) ensures shareholders receive appropriate returns.
However, a singular focus on maximizing profit has the potential to negatively affect the corporation and many of its stakeholders. A short-term outlook also can lead firms to cut costs on customer service, employee wages and purchases from suppliers, all of which are likely to impact long-term success.
• Delivering value to customers; meeting or exceeding customer expectations.
Learn more about how to meet and exceed customer expectations
This article was published in The Augusta Chronicle.
Read the full text of the article here.
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