Oh, how corporations have changed since the 1980s! Forty years ago, most companies were all about “money and profit” without much regard for their community, the environment, and impact on the Earth. As Gordon Gekko said in the movie “Wall Street,” greed, for lack of a better word, is good.
These days, however, more corporations are focused on doing the right thing. They are much more environmentally, politically, and community conscious. Profits still matter, but executives will sacrifice some of their margins for the greater good. Greed alone is no longer the driver of corporations.
Take the Russian attack on Ukraine, for example. American companies closed up shop and left Russia in droves causing tremendous loss of revenues and profit. But investors and board members didn’t care. What they cared about was doing the right thing; something that wouldn’t have happened 40 years ago.
Why the change you ask? Soaring demand from customers, vendors, employees, and investors for companies to do the right thing. Enter the era of “Conscious Capitalism.”
The term was coined and popularized by Whole Foods co-founder and co-CEO John Mackey and marketing professor and speaker Raj Sisodia in their book Conscious Capitalism: Liberating the Heroic Spirit of Business.
I can’t think of a better moment to “liberate the heroic spirit of business.” It is so refreshing to see corporations take this new approach to help their communities both locally and globally.
When large corporations move in that direction, it’s just a matter of time for small and medium-sized companies to follow suit.
At Concepts Rise, we’re in the business of providing fractional executive services, helping analyze the needs of organizations and providing C-level solutions to match budgets & timelines. Another way to say it: We help companies innovate and liberate models stuck in a rut.
As part of our mission, we help our clients transform themselves into Conscious Capitalists. The consciousness comes into play when examining the strengths and weaknesses we perceive in the companies that engage our services. We’re professional outsiders who are called upon to provide an objective view on how to accelerate revenues and navigate operational obstacles.
This analysis includes talking to people. Every company has a collective consciousness of people working toward a common vision. Sometimes that vision becomes blurry or needs realigning. Following are some tips to ensure the spirit of your business is crystal clear and ready to pounce on the opportunities that await.
- Revisit Your Mission Statement. It’s easy to let time have its way and not revise the fundamental goals of your organization. It’s also important to share these goals with your employees, especially with the economy in a state of flux. A well-defined mission statement is instrumental in retaining talent and connecting with existing and future customers.
- Talk to Customers. Prepare some questions and begin asking customers what they like and dislike about your services. You can hire someone outside of your firm to do so for a more objective take. This type of feedback is invaluable and will set your organization up as you look to innovate in the future.
- Have a Conversation About Your P&L. When was the last time you sat down with your CFO or accountant and had an honest conversation about cash flows? It’s not easy but knowing how and why your business is making money is imperative, especially when pivoting.
- Fire Bad Clients. Yes, even bad clients help you pay the bills, but that is short-term thinking. How much extra time and stress do bad clients exert on your ability to innovate and secure new relationships?
- Innovate with Intention. This may sound obvious, but how often do you get granular about the true intention of a new innovation? Making more money is one intention, but what are the long-term implications of a particular innovation, and does it set you up to win business the way you want to win business in the future?
Please feel free to reach out if you’d like to discuss any of these items in greater detail.
Until then, wishing you a summer filled with meaningful consciousness and prosperity!
To your success,
Majid
Majid Abai
CEO & Founder
Concepts Rise
Office: 424-320-0524
Email: majid.abai@conceptsrise.com