A note on Profits & Business (even in health care)

1. Profits are not evil. Profits at the cost of your team and community are evil.

2. People and Businesses need to make more than they spend to accumulate emergency reserves.

3. Emergency reserves provide a buffer.

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4. Without a buffer, your team and potentially even your community, can suffer. Loss of wages and loss of ability to spend $$$ on means to safeguard/protect/sanitize/etc. if you don’t have “extra”.

5. Buffer/Reserves are a way to minimize stress in case of emergency.

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6. End of Year “Extra” is often allocated to taxes, reinvestment in people/company and savings.

7. A business that doesn’t profit is unable to weather a storm (COVID) AND is unable to compete for top talent (wages, con Ed, bonus, reinvestment, etc.)

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8. We were able to weather a storm (significant loss in revenue), keep our team and community safe (with zero COVID cases), and keep as much of our team employed at full wages as possible BECAUSE OF profits from previous years.

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9. We now have next to no reserves and that is okay! As a company we did what a company should do for its people. However, we need to continue to push forward to some level of profitability in 2021 because we need emergency funds again.

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10. As a $3+ million company that continues to grow, reserves are critical as we provide employment for a team of close to 30. They need to know that the company is sustainable in all circumstances that arise so they can see long career there!

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In short, we need to understand that profits in business are necessary and not evil. When companies profit at the cost of people and community, THAT is where we should take issue.

This is a staple of Conscious Capitalism.