What Is the Definition of Traditional Business?
A traditional business is typically an organization that is a store, restaurant or agency. These types of businesses offer consumers some kind of service or product.
A traditional business operates to provide its customers and consumers with a product in exchange for compensation. The typical goals of these types of businesses all lead to turning a profit for the owners or operators, meaning that the business makes more money in revenue than it spends. Businesses spend a large amount of money on operational bills and salaries. Non-profit organizations provide services to people with no benefit to the organization. “Traditional business” can also be used as a phrase to describe protocol in certain situations that is widely followed by business.