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Profit Maximisation Not Tenable in Business - Expert Lagos By Iheanyi Alozie Chief Executive Officer of Limbs Consult Limited and Lasumba Resource Person, Dr Lemmy Omoyinmi, has jettisoned the long existing and generally accepted economic theory that business exists to maximise profit, saying that this notion is wrong and no longer tenable because operationally, it is not possible to maximise profit amidst sundry expenses. Rather, he said the main objective and guiding principle behind every business should be to maximise value for customers money and satisfaction, which in turn attracts repeated patronage and ensures sustainability of such a business. Omoyinmi said this at the monthly general assembly and business meeting of Lagos Metropolitan Junior Chamber (LMJC), held recently at Eko Hotel and Suites, Victoria Island, Lagos. In his lecture at the training session on the topic: 'Business Financing in Nigeria for Young Leaders and Entrepreneurs,' he admonished participants as future leaders and entrepreneurs to always be focused towards an objective and to take the right decisions when and where there are alternatives, which he said, abound. He urged them to discard the idea of profit maximisation and focus more on ensureed the sustainability of their business through value creation and customer satisfaction. According to him, profit is always the surplus of revenue over expenses which requires one experiencing upward mobility and the other downward mobility in case of revenue over-expenses. He observed that for a business to thrive, there should be continued expenses over revenue and this does not allow for the maximisation of profit. "The only time you can maximise profit is when you are taking part of the total value you have created and this is not possible in market," he advised, pointing out that all over the world, people are now beginning to rethink and are now asking 'What should be the main objective of any business? While positing that the answer to the question is to ensure value creation and customer satisfaction for repleted patronage and sustainability, which he said is good for any business. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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