subject: Maximization of Profit by Non-Financial Activities [print this page] Non-financial activities are also very important to maximize the profit of an organization as the financial activities are, and to achieve the organizational goals these activities plays vital role. Detail discussed as under;
The compensation of the employees is one of most essential aspect of non-financial activities. This covers the area of salary, bonus, wages, healthy and safe working environment, pension and training & development of the employees. Most of large scale businesses depend upon hiring and preserving high quality employees. This practice provides well trained, skilled and fit for job workers.
Best quality customer service is second essential part of these activities. This part covers the best quality service providing to the customer, meeting the required delivery standards and after sale service level. As an organization will provide high quality service to customer, the market share of that organization will automatically will grown up. Because of high quality service, the customer will take a long lasting relationship with organization with high loyalty. Which is most beneficiary for organization to maximize profit.
Healthy relationship with suppliers is also most essential part of these activities as a large scale organization could have large scale buying and in respect of this the organization should maintain good relationship by making timely payments to suppliers. This could encourage the suppliers to supply the product/service timely and with best quality.
Maintaining laws and regulation regarding society is another aspect of these activities. This includes the maintenance of laws & regulation (e.g. healthy & safety) and to reduce the harmful externalities like environmental or sound pollution. This practice could create a good image of organization in public mind.
Non-financial activities plays a vital role in the development and growth of an organization and indirect it maximize the profit of organization.
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Maximization of Profit by Non-Financial Activities
