PROFIT

PROFIT

                  

  "PROFIT" isn't a buzzword nowadays in all contexts of life?

Whether it a business or a job or even in social life. Profit may be monetary or non-monetary; we can call it a benefit. But profit and benefit are very important aspects of everybody's life.

 At present we talk about profit for the business world. The ultimate goal of existence and start-up of any organization is profit apart from other motives. Whether it is a privately owned organization, public holding corporate or government organization. Even an NGO is also intended to have a certain amount of profit to enhance welfare activities.

 No need to explain that profit can be increased by a reduction in input cost and by increasing sales or service price. But in the current global competition and in the era of the buyers’ market is it easy to increase the price? It is a great challenge faced by all businesses.

 The only way left behind is a reduction in input costs. Here there is a huge scope of reducing cost just by keeping a critical eye on utilizing all the business resources optimally. Focus on optimum utilization and not on maximum. This may include your business resources, human resources, and your own real potential.

 Have ever checked the utilization of following scare resource? Ever checked that same can be utilized in a more effective way without compromising on other factors of the product or services.

•     Material
•     Machine
•     Manpower
•     Money
•     Time
•     Data
•     IT (Information Technology)
•     Your own true potential

 Again in each of the above resources, there is a wide scope of improvement just with active participation and involvement in the process.

 Why Chinese products are cheaper than ours? Why Japanese technology and products are more reliable? The answer is the full utilization of one's true potential. I worked with many Japanese people very closely and hats off to their dedication towards work and respect to their nationality.

 I personally believe, if all of our citizens whether entrepreneurs or employees utilize their own true potential, we can definitely have better and cheaper products that too with increased profitability. In any case, the increased profitability of the organization directly or indirectly affects all the stack holder.

I recommend everyone to check their own potential. Are you really doing the task as per your expertise and capability? Can you handle the more critical task and delegate less important to your teammate? How often you are being messed with multiple tasks? Is it challenging to decide the priority of the pending task? There are many pros. You have to select a task wisely that cannot be handled by others as efficiently as you.

According to my experience, the appropriate allocation of different portfolios and tasks to the right kind of people and a clear guideline is equal to winning half of the battle.