Why Conscious Capitalism Is The Future
When we think about being "conscious" anything, it's easy to fall into the subject of new age spirituality or just focus on leading a conscious lifestyle through regular yoga sessions, composting, and keeping chickens in the backyard. All of these things are great (when aligned with our personal values), and these actions can enhance our day-to-day lives and inspire others to do the same.
But when it comes to the world of business, can the word "conscious" not only play a role, but also help professionals and entrepreneurs alike thrive?
Conscious capitalism is thinking bigger than the bottom line. This approach to business means that money isn't the only goal for the company (gasp!). Yes, money enables a company to keep the lights on, but conscious capitalism is about making ethical decisions that positively impacts the entire ecosystem surrounding the company.The ecosystem is made up of employees, vendors, customers, investors, and the environment. This means investing in the growth of employees and vendors, delivering an outstanding customer experience all the while taking into consideration the company's impact on the environment. Conscious capitalism is becoming committed to the triple bottom line of people, planet and profit.
A business's true purpose is to add value and when we combine that with leading through strong ethics the positive impact we can have outweighs a linear focus of solely making money.
The people in and around our companies matter. The goal of conscious capitalism is to create win-win-win scenarios as John Mackey the former Co-CEO of Whole Foods and Raj Sisodia, a business professor outline in their book, "Conscious Capitalism, Liberating The Heroic Spirit of Business." They speak to research showing that when a company takes this expanded conscious perspective it makes more money than profit-focused companies. This might seem counterintuitive to take the focus solely off the bottom line, but when we can pull our heads up and look at the 10,000 foot view, we can actually have a much greater impact for the betterment of everyone. Without this self-awareness, many businesses may be negatively creating impact without even realizing it.
My company, for example, is a Certified Benefit Company for Good. Think of this as a "mini B-Corp." This structure allows me to build a company based on values that serves people, the planet and, the bottom line. This has not only helped me better frame my vision for the company but it enables me to inspire others to take part in building something that is bigger than just me.
Not only do I live by the idea of conscious capitalism for my business, but I encourage all the clients through my one-on-one work or when teaching through my course to do the same. You don't have to be a certified B-Corp to embody a conscious capitalist framework within your company. When a company is rooted in its core values and purpose, the path forward becomes clear.
Just as we can choose to lead value-driven lifestyles, we can choose to build a values-led company. With a clear mission and vision, a company can become less focused on the transactions and instead focus on delivering value both internally and externally, for the benefit of the whole ecosystem, which then enables the business to thrive.
Why should this matter to you?
By holding the professional space accountable to become more intentional, mindful, and committed to taking care of the people impacted by our businesses, along with the environment, we all can feel more supported in our roles and our businesses make more money. It really is a win-win scenario.
So how can we start to build this framework? It starts by getting clear on your company's purpose and core values. When you have clarity on how you add value to customers and employees alike, you will make stronger decisions that are aligned with your bigger vision and spend less time getting distracted by shiny objects.
Conscious capitalism is thinking bigger than the bottom line.
When you have your core values defined, they act like GPS directions helping to guide you to your next step. For example, when you come to a fork in the road and are presented with two options it will become more clear which way to go. If one of your core values is to "deliver outstanding results," but you are hurrying to push a new free download on your website that doesn't really deliver outstanding results for the consumer, then you are going to know to take the path that allows you to build a free download that does deliver results or perhaps you decide not to do it at all. Again, having clear core brand values will help you choose the most aligned route each time.
From an internal human capital perspective, having clear values empowers you to hire employee candidates and vendors who share the same values which enhances the standard of business and drives the overall impact. From a consumer perspective, understanding that a purchase of a product or service not only improves their lives, but those who work for the company and the environment builds a sense of community around the brand and strengthens these relationships with integrity.
Why The World is Moving this way:
The pandemic has shown us how fragile our current capitalist system really is. Even in the last few months, mother earth has shown how she needed a rest. "The Great Pause" has seen dolphins swimming in the Venice canals and reduced pollution.
A business's true purpose is to add value and when we combine that with leading through strong ethics the positive impact we can have outweighs a linear focus of solely making money.
Mobilizing your brand to build conscious capitalism into the fabric of the company requires aligning everyone towards the same vision anchored in values that live and breath throughout the organization. It also requires constantly reiterating this goal and shared desired impact. The best way to continue to inspire the team is to tell stories by painting a clear picture for what it will look like, feel like, taste like, and the tangible changes required to keep taking strides forward.
Just as we can choose to lead value-driven lifestyles, we can choose to build a values-led company.
Being a conscious business leader means leading with your purpose and being focused on adding value first and trusting that the money will follow. It's about leading with empathy and clarity to build a sustainable community around the brand that can support the company through both the good times and the tougher times.
The world is moving towards a more sustainable future as we've seen the pandemic and civil rights movement highlight the need for real fundamental change. Not only from a supply chain perspective such as having less dependence on other countries for manufacturing but also from an environmental and human equality perspective.
So, what's the answer to my earlier question... But when it comes to the world of business, can the word "conscious" not only play a role, but also help professionals and entrepreneurs alike thrive? The answer is a resound, "YES!" A conscious-driven business can not only thrive but this larger and more intentional way of conducting business is the only to enhance the lives for everyone.
Can you imagine a world we live in where businesses think more holistically and consciously? I think it's time, and I'll continue to do my part to make this future our reality from my own corner of the world.
