In the evolving landscape of business, a profound shift is taking place and certainly gaining momentum. Entrepreneurs and leaders are increasingly recognizing that true fulfillment lies not just in achieving success, but also in creating significance. And this transition from just success to actual significance represents a powerful reimagining of what business can be – a force for positive change in the world.
Ask yourself, “what does SIGNIFICANCE mean for me and my business”?
The journey begins with defining your business’s unique contribution to the world. This goes beyond products or services; it’s about identifying the core essence of what your business brings to you, your community and our planet. Start by reflecting on your company’s strengths, values, and the passions that drive you and your team. What problems are you uniquely positioned to solve? What vision for positive change do you wish to see in the world?
Consider the story of Patagonia, the outdoor clothing company. They didn’t just stop at creating high-quality gear; they defined their contribution as environmental stewardship. This purpose now infuses every aspect of their business, from sustainable manufacturing practices to political activism for environmental causes.
As you start to get clearer on your purpose, the next step is integrating social responsibility into your business model. Now I’m not just referring to isolated CSR initiatives to tick boxes, but actually weaving positive impact into the very fabric of your operations. Check out some new innovative companies, like what is involved with becoming a B-Corp, which legally requires your company to consider the impact of their decisions on workers, customers, suppliers, community, and the environment. Or explore the social enterprise model, where addressing social issues is a primary objective alongside profitability. Imagine what your company could become, or the change for good that you could create.
TOMS Shoes also provides an excellent example of integrated social responsibility. Their “One for One” model, where every purchase resulted in a pair of shoes donated to a child in need, made social impact an integral part of their business operations.
Empowering employees to create positive change is another crucial aspect of this journey. When employees feel that their work contributes to a greater purpose, engagement and satisfaction soar. Implement programs that allow employees to contribute their skills to causes they care about. Google’s “20% time” policy, which allows employees to spend 20% of their time on projects that they believe will benefit the company, has led to innovations like Gmail and AdSense, while also increasing employee satisfaction and retention.
Creating a culture of purpose goes beyond programs. It involves aligning personal values with the company mission, fostering open communication about social and environmental issues, and recognizing and rewarding efforts that contribute to the company’s positive impact.
Measuring and amplifying your business’s positive impact is the final piece of the puzzle. What gets measured, gets managed. Implementing robust impact measurement frameworks to track your progress. Tools like the B Impact Assessment provide some enlightening and comprehensive ideas for measuring a company’s impact on workers, community, environment, and customers.
Next is to set meaningful performance indicators that go beyond the typical and most commonly used financial metrics. These might include reductions in carbon emissions, improvements in employee well-being, or positive impacts on local communities. But don’t just measure them, communicate these impacts transparently to all stakeholders – employees, customers, investors, and the wider community. This not only holds you accountable but also inspires others to follow suit.
The shift from success to significance is not just about doing good; it’s about reimagining the very purpose of business in society. It’s about creating a legacy that extends far beyond profit margins and market share. As you embark on this journey, remember that every business, regardless of size or industry, has the potential to create positive change.
In a world facing unprecedented challenges, from climate change to social inequality, businesses have an absolutely crucial role to play. By elevating your business’s positive impact, you’re not just achieving success – you’re creating a ripple effect of positive change that can transform industries, communities, and ultimately, the world.
The path from success to significance is not always easy, but it is infinitely rewarding. It requires courage, creativity, and an unwavering commitment to your values. But the rewards are immeasurable – a sense of purpose, increased employee engagement, customer loyalty, and the knowledge that you’re contributing to a better world for us and for generations to come.
As you move forward, ask yourself: What significance do I want my business to create? What positive legacy do I want to leave? The answers to these questions will guide you on your journey from success to true, lasting significance.
Yes, as entrepreneurs with a higher vision, working in sync as one for the betterment of our world and beyond. Brilliant Ian!
Thanks Amor,