Business and Money in an IELTS Essay - How to WriteUpdated on 27 July, 2022
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Study Abroad Expert
The business and money IELTS essay can be written easily, provided you stick to the narrative and follow basic guidelines. You have to spend roughly 40 minutes writing this essay, with the minimum word count being 250 words. There is no upper limit for the same. The question will ask you to present your argument in writing to a particular business and money-related statement.
Question- Do you agree or disagree with the following statement?
Businesses should do anything they can to make a profit.
I do not agree that businesses should do whatever they can to make a profit. I put forward my opinion based on the following ideas. Firstly, every business or institution should have a code of ethics or morality. This primarily indicates that the company should be treating all its customers/clients with respect to their individual or institutional rights. It is a given that companies may sometimes fail to earn a chunk of their profits in certain cases. However, client security is non-negotiable and should be ensured at the outset. Otherwise, these customers or clients will shift to competitors and not return to the original company or business. You can find an example of such a case some years ago when Rose Chemicals (name changed) manufactured a new kind of herbal soap without testing suitably. Hence, this led to severe side effects, rashes, and hives for many users, and many of them filed complaints in several courts across the world. The company CEO took the vital decision to recall all herbal soap products from the manufacturing line and distributors while paying compensation to aggrieved customers for their future treatment and harassment. This led to the company losing a major chunk of its business revenues in a particular year. However, it led to its image being salvaged and helping retain its core customer base. The decision was a tough one. The CEO of the organization acted courageously while understanding that failure to act would cost the company more in the future owing to the lack of clients and revenues altogether and loss of brand image and goodwill.
Secondly, for succeeding in a competitive contemporary business environment, many organizations have to take on each other at various levels. Many companies lose out on profits through reducing product prices. They do not aim for higher profits but create long-term satisfaction for clients. They do this because they want products to be sold and inventory to be cleared while satisfying customers and retaining them for the long haul. They also keep offering free delivery, incentives, coupons, free service, discounts, free online access, returns, etc. This makes older customers happier while also drawing newer ones in the bargain.
To conclude, a business where the sole objective is profit will not succeed in the long run, especially in today’s fast-evolving business landscape. Companies that put their customers and ethics first will ultimately gain and double their profits manifold in the long run. (406 words)
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I agree with the statement that businesses should be doing anything they can to make a profit. I put forward my opinion based on several points. While there may be scenarios where companies may have to forego profits on account of several reasons, I believe that the abiding goal and motto of the business should be to earn profits in whichever way they deem fit in the circumstances. Businesses should always look at the silver lining and ways to maximize profits. Let me give you an example of what I am trying to opine. Suppose company A and company B are both rivals in the same business that offers organic fruits and vegetables to customers at their dedicated stores and outlets. Now, with the coronavirus-induced lockdown and restrictions at several levels by the authorities, both companies were initially suffering due to a lack of profits from their physical stores. With lower footfalls, both companies were forced to innovate. Company A announced delivery options for customers at a specific cost, hiring delivery executives on salaries based on minimum projections of per-day orders. Company B announced that customers need not come to stores and instead hired delivery executives to deliver goods to customers at no extra cost. Free delivery would be given to customers, and the executives' salaries would be borne by the company itself. A goodwill gesture, yes, but with skyrocketing demand due to the lockdown, Company A ended up earning higher profits from its delivery model, which created a new income channel and buffered for any depletion of in-store orders. Company B ended up foregoing profits instead of paying for delivery and value-added services from its pocket. With its earnings, Company A paid all salaries, retained all staff members, and contributed toward sanitization and other community welfare measures. At the same time, Company B ultimately had to lay off workers or slash their salaries in the interim to tide over things. Which company did better? Company A, of course.
Secondly, I feel that the business can be financially stable without profits and no hiring activity. It is important to keep the entire value chain running for any business, and hence a profit-oriented outlook is what is most important. Companies should always engage with their stakeholders to find out newer products/services that work, tapping unused resources to generate income and using money judiciously for future stability and expansion.
To conclude, companies should do everything they can to make profits, of course, within the bounds of the law and legal provisions. However, it is a competitive landscape out there. They should put their basic needs first, i.e. the ability to keep serving customers, keep monetary inflows coming in and keep retaining and maintaining employees and employment levels overall. (457 words)
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Writing a business essay is not too difficult provided you follow the available templates and practice writing beforehand. You should always assess the subject of the essay first and irrespective of the scope of the topic, point out your own opinion first before proceeding further. Discuss the topic and your opinions in detail in a couple of paragraphs while also illustrating your points with examples.
Use specific vocabulary and keep it to the point without exaggeration or fluff. Use direction words for your essay along with limiting words that help you narrow down the main topic.
The IELTS examination has several essay topics that have been assigned over the years. One of these essay types is the business essay or the business and money essay. This may be conveniently written if you stick to logical points and follow the guidelines. You will have to write at least 250 words in 40 minutes for the essay. You will have to present an opinion or argument on the question that is given.
For instance, one question could be- Do you agree or disagree with the following statement? Businesses should do anything they can to make a profit.
The IELTS examination has various sections and types of essays. One of them is the business and money essay. There are varying topics which require perceptive answers from your end. You will be given topics like whether you agree or disagree with the notion that businesses should always focus only on profit and so on. This is just an example. You will have to submit your own opinion while highlighting your argument with instances and examples as well.
You may sometimes get a question where it states that - Some people think that the only way to judge someone’s success in business is by the amount of money they make. Is this a true indicator of the success of a business and in what ways could success in a business be measured? It is another example that you can follow.
When you are writing a conclusion for your business and money essay, make sure that you first talk about the core topic of the essay once again and then state your opinion regarding the same in a succinct manner. Then end off with a good phrase or memorable quotation or any relevant line which sums up what you wish to say about the given topic of the essay. Your conclusion should sum up what you wrote earlier without being lengthy.
The basic structure to follow is the following:
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