ALT-1 Why it Matters to Fulfill Obligations in Business
Failing to accomplish business obligations may result in the complete loss of the business itself. Here are the important factors which reveal why fulfilling your business obligations is always a must:
Reputation
Failing to fulfill your obligations will damage the image of the business. The market wants to purchase products/services from a business which they can trust. How can the market feel secured when you fail to fulfill your obligations and responsibilities to them? You must establish and maintain a good reputation or you will start losing money.
You have competitors
You have direct and indirect competitors who are doing their best to cover a bigger share of your market. If you fail to meet your obligations, your competitors will win the competition and your business will soon lose its profit. In order have a better edge in winning the competition, you have to be able to highly satisfy the demands (needs and wants) of your target market and always fulfill your every obligation.
The market has a right
Being a business, you have the duty to serve the market; it (the market) has the legal right to be offered only products/services which have passed the quality standards. Moreover, the people spend money to purchase products/services and your obligations as a business are all ought to be fulfilled. Remember: No matter how small it may be, it is still an obligation which rightly demands your professional accomplishment.
You need to keep your customers
Customers are the ones who pay. Hence, they are the key element which allows the business to make profit. However, if you continuously fail to meet your obligations, you will gradually lose your customers; they will just go to your competitors – this will pave a way for a potential quick downfall of the business.
To meet the objectives of the business
Your business serves the market and fulfills all its obligations also for its own gain. After all, every business still has obligations toward itself: to meet all its objectives in order to make money. If you fail to accomplish your obligations, you will (more likely) also fail at making money.
Business life cycle: Death
Like human beings, businesses also have a life cycle. While there are a number of businesses that have successfully survived (and are still existing) the test of time, almost immortal; it is still not a guarantee that they are already 100% risk-free from losing money. If you fail to accomplish your obligations, your business might quickly reach its termination stage without even making a decent amount of income. This is true especially for new businesses which have not yet established a good market base.
Always make sure to fulfill your business obligations because failure to do so may mean the loss of your complete venture.
