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Most economic models have always used the assumption that businesses’ ultimate purpose is profit maximization. At the onset, these models have not considered that the purpose of a business was conceived out of an entrepreneur’s passion; hence, making profits a byproduct. Profit is an output and not the purpose of a business. Think of it this way, engineers make money, but their objective is to build economical yet safe infrastructures; doctors make money, but their pursuit is to heal; lawyers make money, but their mission is to serve justice; and, accountants make money, but their role is to ensure fair presentation of financial information and in the process, they protect business stakeholders’ interests.

THERE is always something exciting about the Christmas season, particularly for employees in the private sector. Millennial employees know this all too well — come Christmas, there is an abundance of memes about 13th month pay making the rounds in social media. For employers, there is likewise an inkling to welcome the new year with a positive mindset. For one, another year means a chance to turn over a new leaf and imbibe a fresh, new perspective to grow corporate operations.

One of the biggest sources of disruption businesses had to face was the constant evolution of technology and how quickly, if at all, they ought to adopt new tools. Now that society has taken a step towards recovery, it is almost comforting to find that we are in familiar territory.

THEY say a small leak will sink a great ship. But this is not about leaks, nor anything related to sea vessels. It speaks about spending that, when not properly recorded and accounted for, can put a dent on savings over time. Personal money management does not require a sophisticated process and usually, sticking to an expenses plan and setting the right financial goals do the trick. However, for cost management intended for businesses, a different ball game is needed.

As the Philippine economy steps on nascent recovery from the COVID-19 pandemic, the headline inflation remains high at 4.6% in October 2021 from 4.8% in September 2021. Except for June 2021, headline inflation rests well above the 2% to 4% target band of the Bangko Sentral ng Pilipinas (BSP). Could this high inflation just be transitory or the beginning of a longer-term problem? This is one the most important questions for the global economy now as central bankers and policymakers are divided.

As the saying goes, when one door closes, another one opens. There is no doubt that the pandemic severely impacted the Philippine Stock Exchange, causing it to dip by 8.6% year-on-year and reach a low of 4,000-level in 2020. But the situation is not as bleak as the numbers present it.

Picture this: you do a random search on Google for a nice new pair of shoes you have long decided to buy. At the top of the results page, you see a whole set of shoes, lined up along with their brand names and prices. Sometimes, you can even see products with freebies or, say, a promo code or a buy-one-get-one deal. You click on one specific pair of shoes, and you are automatically directed to a shopping site. Once you have added the shoes to your cart and typed in your payment and shipping info, there is only one thing left to do. You click the “Check Out” button.

There is a world of difference pre-pandemic and the so-called “post-pandemic”, and for companies, these differences go all the way to the top. Proactivity is now required of board directors as they strive to simultaneously address business-model disruptions against a slowing global economy, and digitalization against effective management of cyber risks, among numerous other issues.