In a world still driven by consumption and served by entrepreneurs who, whether we like it or not, generally find ourselves practicing Friedman economics, where is the place for service?
Let’s consider Friedman a little bit more closely. The summation of his economic theory: “The main responsibility of a business is to maximise their revenue and increase returns to shareholders.”
Sounds like pure capitalism, and yet, we do need to make a profit to be able to continue running our business, to serve our customers, and to eat.
Service is vital to staying in business over the long term. The unfortunate result of a purely Friedmanesque view is the sacrificing of human orientated service elements in the business, instead of growing and strengthening the ability to serve.
Why care about service?
Well, who keeps you in business?
The answer should be obvious and if you don’t get it, dwindling returns and murderous margins probably serve you right.
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