Business Tip 4: Protecting the Goodwill of Your Business
Goodwill is a Greater Value than All Your Assets Combined
What is the goodwill of a business?
The goodwill of a business is the value of a business as a result of patronage,
reputation, and service beyond its tangible assets. Goodwill is something
that is not built up overnight. Rather, it is something that is founded on
the very vision, mission, and objectives of the business enterprise. Though
the value of goodwill cannot be measured, it is nevertheless seen and evident
in the way the company or business deals with other companies and businesses
and in how they treat clients and customers. Since goodwill is rooted in the
very foundation upon which the business enterprise is built, if properly used,
it can give not only a good image to all those connected with the business
enterprise, but it can also contribute well to the benefit of society through
the type of industry the business enterprise operates.
Concrete applications of goodwill in a business
The following is just a few examples of how you can practice goodwill in
your business industry:
Going the extra mile for the client or customer
Service with a smile
Returning money when customers are accidentally overcharged
Giving back the extra money the customers paid unknowingly
Responding 'as soon as possible' - the ASAP principle
Giving the business associate or the client and customer the benefit of
the doubt
Remembering clients and business associates during Christmas and during
their birthdays - an occasional greeting card is 'pure gold' to them
Attending well to the customer or client - this fills their need to feel
important
Making a formal apology when a business error has been committed
Always using polite and formal language in business communications
Keeping one's word to the client or business associate
Keeping faithful to the small details of servicing the customer and client
Goodwill is like the Christian faith inculturated in the business
Goodwill is like the Christian faith inculturated in the business enterprise.
By inculturation, this means that the values and principles associated with
the Christian faith are integrated into the very system of the business
enterprise: in its management systems, its operations in sales and production,
its management-employee relationship structure, and in the many other systems
and structures of the company or business enterprise. There are certain
elements that seem to conflict with Christian principles such as the reality
of stiff competition in business. However, if you really study this reality,
it can still be 'Christianized' and be made to be a part of the business
enterprise's goodwill. If the focus of competing in business is to be the best
that the enterprise can be without destroying the competition, then that is
goodwill. And if, as a result
of day to day business operations, the competition falls and fails - when
a business makes a gesture to the competition that encourages them to get
'back into the game', and to be the best that they can be again, then the
goodwill that will be produced for your competitor is what will make the
company or business you are managing solidly rooted in the values of its
business industry.
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