Profits are Cool, But Have You Ever Made an Impact?
Most of us think of successful businesses in terms of dollar signs. Big profits, rising stock prices, the whole "money talks" mentality. But there's a different way to do business, one that's gaining some serious momentum. I'm talking about creating a values-based businesses – a company that cares about more than just the the bottom line. I honestly believe this is where the future is headed. Businesses that operate this way create real meaning and have the potential to make a serious dent in the world's problems.
Consumers are increasingly prioritizing ethical choices, signaling a significant shift in spending habits. A NielsenIQ global survey found that a substantial 73% of millennials expressed willingness to pay more for sustainable options (NielsenIQ). Also, nearly 85% of global consumers report adapting their purchasing behavior within the past five years towards greater sustainability (IBM). This trend reflects a growing demand for transparency, with over 90% of consumers expecting companies to disclose their environmental and social impact (Accenture).
Businesses are catching on to the fact that people care about the environment and how companies treat their workers. Companies that are good on these fronts (think environmental, social, and governance or ESG) tend to make more money in the long run (McKinsey). Investors are noticing too - a whopping $17.1 trillion was invested in sustainable or impactful ways by 2020 (US SIF Foundation). Consumers are paying attention as well - 60% look for labels like B Corporation or Fair Trade to confirm a brand's commitment to doing good (GlobeScan).
Sounds awesome, let’s break down what this looks like and why it kicks butt.
Values: The Heart and Soul of our Businesses.
A values-based business isn't just about the chasing cash. They're built on a rock-solid set of guiding principles.
Think things like:
Integrity: Being honest, open, and doing the right thing, even when it's hard.
Sustainability: Taking care of the planet, not just exploiting it.
Innovation: Always searching for better, smarter ways to operate.
Customer-Centricity: Making sure the people you serve feel genuinely valued.
These aren't just words for show on the website. These values shape everything – from how products are made, how peepsare hired, how we market ourselves, and where we choose to get involved in our community. When tough choices come up, good values help steer the decision-making in the right direction. You can find some of mine here “Values”.
Beyond the Dollar Signs
Don't get me wrong, making money is still a huge part of running a business. But with the values-based approach, it's not the ONLY goal. These companies get that they have a wider role to play:
Giving Back: They're active in their communities, supporting causes they believe in.
Protecting the Environment: It's about reducing their footprint, championing green practices... because the planet is kind of important.
Long-Term Thinking: It's not about a quick buck; it's about leaving things better than they found them for the next generation.
Benefits? Oh, There Are Plenty!
Focusing on values isn't just some feel-good strategy. It has serious perks for a business:
Top-Notch Talent: People want to work for companies they're proud of. Sharing values builds loyalty and attracts the best.
Awesome Work Culture: When the company lives its values, it creates a happy, trusting, more awesome work environment.
Loyal Customers: Today's shoppers care where their money goes. They'll pick the business that aligns with what they believe in.
Why I'm Amped About This
This shift towards ethical business gets me seriously fired up! Always has, always will. Having worked in non-profits and healthcare administration, where the mission is everything, seeing this change is like a breath of fresh air. Here's why I'm so amped about this and trying to change the online narritive.
Meaning = Motivation: Work is way more satisfying when you're making a difference, not just a paycheck.
Businesses as Force for Good: Imagine a world where businesses are part of the solution, not the problem. Tackling climate change, fighting inequality – that's the power of business done right.
People Over Profits: It's about damn time! We shouldn't be sacrificing the well-being of employees and customers for the bottom line. Ethical businesses prove that people and profits can coexist.
Ready to Get on Board?
If building a values-based business gets you fired up, here's how to start:
Figure Out What You Stand For: What makes you tick? What gets you out of bed in the morning, aside from coffee? Those often become your guiding principles.
Values Everywhere!: Make sure your values show up in how you recruit, train, design products... everything!
Own Your Actions: Leaders need to be the ultimate examples of the values. Empty words mean nothing.
Share the Story: Tell your customers about your values journey. It builds awesome connections.
It's Not Overnight: This is about progress, not perfection. Stay the course, and it pays off.
Building a values-based business isn't a walk in the park ( building a business in general isn’t) , but it's absolutely worth the sweat.We can create companies that crush it financially while also standing for something bigger than the bottom line. Lets create a culture online that is redefining success, proving that profits and purpose can go hand-in-hand. This is the future of business.
xoxo
Kathleen