Sunday, October 2, 2022
Bringing the Latest in News Straight to Your Screen


How To Unleash The Full Potential Of Conscious Capitalism: Values, Habits And Purpose

By News Creatives Authors , in Small Business , at November 12, 2021

Founder and CEO of Symphony Advantage and Certified Conscious Capitalism Consultant.

Many companies are pivoting toward conscious capitalism, and for a good reason. After all, 7 in every ten consumers demand it. It’s also proving to be a powerful motivator for talent attraction, retention and engagement. With the rise of more caring leaders and executives, there’s a profound shift happening right now within the entrepreneurial community.

What makes conscious capitalism so powerful and transformational as a new business model can be summed up with “purpose.” A conscious business aims at solving an important societal or environmental challenge. Profits, therefore, become the fuel for the mission and not an end in itself.

However, a company won’t be able to unleash its full potential if its higher purpose isn’t fully integrated at all levels of the company. The purpose can’t be a program or initiative on the side. It has to be at the very core of the organization in order to create the kind of impact (and associated engagement and performance) it seeks.

That’s where values and habits come into play. Indeed, while purpose aims at inspiring the company’s stakeholders, values guide that purpose, and habits facilitate its implementation in day-to-day operations. Think of values as a vehicle to achieve the organization’s purpose and habits as the everyday steps the company’s stakeholders take to reflect that purpose.

1. Define your values.

Once you’ve identified your company’s higher purpose, it’s time to associate core values that are aligned with said purpose. These values — conscious or unconscious — should motivate every decision made or action taken.

There are many models available out there, but I tend to favor the work of Richard Barrett. He adapted Abraham Maslow’s hierarchy of needs with a conscious mindset that suits modern-day realities. The Barret model identifies the seven areas that comprise human motivations. These range from basic survival at one end to service and concern for future generations at the other.

Conscious businesses’ core values will be naturally on the higher end of this dual-pyramidal structure anchored around alignment, collaboration and contribution. It provides a useful map for understanding the values of your employees, leaders and stakeholders as a whole.

From there, you can take actionable measures to reflect these values in your day-to-day operations.

2. Establish your habits.

To fully unleash the entrepreneurial spirit for good, you need to start with transparency, integrity, honesty and trust. Without these key elements, it will be very difficult to inspire stakeholders to be fully engaged with your higher purpose.

How do these values translate into habits and become part of a company’s culture? One case I had was an IT service provider company whose profits, margin and cost reductions were front and center in their minds, but their purpose, values and habits weren’t. Because of this, they were in jeopardy.

They realized quickly that a big part of the issue they were facing was a lack of trust between employees and the leadership team. They decided to support a more transparent working environment by establishing two 30-minute all-staff meetings each week. Each meeting would start with an “ask me anything” session.

The first four meetings had a lot of questions, often hard to answer. However, the leadership team made a firm commitment to answer these questions using facts and absolute truth. After a while, most questions ceased, and the following all-staff meetings reported on results and plans for the future. 

By addressing their lack of transparent communication, the company was allowed more time and space to learn and grow as an organization.

This is just one example that anchored the value of transparency in the company’s day-to-day operations. Another habit could be to celebrate mistakes, starting with members of the leadership team, in order to showcase that the company favors honest communication over optics.

If one of your values is about employee fulfillment, what are internal processes that you can establish to make it tangible? Could you add personal (not only professional) development opportunities? How about creating a space to celebrate successes outside of the workplace? 

3. Pivot toward a new evolutionary operating system.

Purpose, values and habits are leading to a new kind of operating system. Operating systems were created in the early 1800s — during the early industrialization period — to increase productivity at all costs. It’s a predefined system designed to get the most from people. But today, it’s often a cause of tension or a barrier to creating and executing a new way of conducting business with care.

An evolutionary operating system is like a living organism that evolves with the organization. Just like nature, it self-regulates, adapts and evolves. The company’s purpose, values and habits must be its guide, aligned in harmony.

A Dallas chef turned entrepreneur made use of an evolutionary operating system when he opened Café Momentum to provide training and skill development opportunities to young people serving time. Successful completion of the culinary program allowed participants to be released from serving time and become self-sufficient with the opportunity of getting hired at restaurants around Dallas. 

This entrepreneur set out to solve a worthy societal problem, and according to a recent PBS article, Café Momentum participants’ recidivism rate is 15.2% compared to Texas’ 48.3%.

Conscious Companies

Conscious companies don’t settle for PR veneer. They walk the talk, and the way their organization is run moves its purpose forward every step of the way. By doing things like defining your values and establishing habits, you too can be part of this new take on capitalism.


Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?


Comments


Leave a Reply


Your email address will not be published.