There are two aspects that contribute to the health and well-being of every company: the goods and services sold and goodwill.
While it’s obvious how the sale of goods and services contributes to your company’s well-being, it’s important not to overlook the value of goodwill.
A company that understands the value of goodwill recognizes that not every aspect of a business can be a profit center. Whether it’s providing service to support a product, maintaining older products to retain customers, or being a generous donor to community charities, building goodwill is an important step in helping your employees, your customers, and yourself acknowledge who you really are.
However, you still need to understand how these goodwill activities contribute to the success of your company. Most often, such activities are recognized as part of making and sustaining your brand - and that, in turn, is reflected in your bottom line.
Marilyn Holt, CMC
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