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One definition of a company is that it is nothing more than a sum of other people's money invested in productive capacity or services which produce a profit greater than the opportunity cost of the capital involved. The managers must be permanently concerned with maximizing value, and not only if there's the threat of a raid. They have to concentrate exclusively on activities that create value, so that the company will regularly divest less profitable operations, acquire other profitable businesses, and restructure itself.

According to the logic of "value-based management", it is not enough to launch a successful new product occasionally, and to revitalize existing mature products by effective marketing programmes. The company has to develop structures that allow it consistently to create added value. These structures will include the way in which it allocates financial and human resources, measures performance, and pays its top managers.

One problem with this approach is that it is unlikely to motivate employees who know that they could at any time be dismissed to reduce costs, or that their section could be sold or "restructured" out of existence if it is considered to be producing insufficient value. Financial objectives will probably only motivate a few people in the head office, and only then if they are paid in proportion to the company's value.

Other management theorists argue that profit is not an objective in itself, but a natural consequence of doing something well. Profit is like health: you need it, and the more the better, but it is not why you exist. You exist to provide a product or service.

5.9. Дайте відповіді на запитання.

5.9.1 Agree or disagree with the definition of a company "that it is nothing more than a sum of other people's money invested with the purpose to produce a profit". Support your answer.

5.9.2. Why does a company have to develop structures that allow it consistently to create added value?

5.9.3. Who is most likely to be motivated to work under "value-based management"?

5.9.4. Why is it difficult to motivate employees under "value-based management"?

5.9.5. In what way is profit similar to health? Why do you need both?

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