How Being A Conscious Business Gives Companies A Competitive Edge

Peter Drucker said, "Profit for business is like oxygen for people: if you don't have enough of it, you're out of the game.  However, if you think your life is about breathing, you've clearly missed something."

In 2013 A Harvard business review article described how Conscious Capitalist companies perform 10x better than their peers and competitors.

Consumers are increasingly demanding conscientious companies with their wants and needs becoming more sophisticated, and as such, are increasingly willing to pay for socially responsible products.

40% of those polled by the Deloitte Millennial Survey 2018 believed the goal of businesses should be to 'improve society'.  This is seriously worth pondering since it was predicted that millennials would make up 40% of all consumers, influencing about $40 billion in annual sales.

In 2019, Edelman's Trust Barometer stated that 64% of people globally expected the CEO to lead on social change.

What is a Conscious Business?

A conscious business is very simply one that has a clear purpose beyond simply making a profit. It believes that business should be conducted for the good and wider benefit of everyone, not just a selected few.

Conscious leaders are very much part of the DNA of a Conscious Business and inspire, foster transformation, and bring out the best in those around them.  They are driven primarily by service to the firm's purpose rather than by power or money.  It's about the "we", not "me" or the "aren't I great at being in charge"!

A Conscious leader not only understands how people behave but also how to change the system to change the behaviour.  They focus on collaboration, creating win-win scenarios because they understand it will lead to better performance,  productivity and profits.  Top-down and from the bottom up.

Take Riverford Organic Farmers as an example.

When you walk around Riverford's state-of-the-art offices in Devon, it is evident that owner Guy Singh-Watson's ethical and moral stance is reflected in the way he does business.  From using unsold vegetables in the employee canteen or distributing it to local charities to having clipboards where staff can leave their views, one can see that equality matters.

Purpose-driven business leaders are the epitome of inspirational leadership;

So How Can Organisations Be More Conscious?

Conscious Businesses invest time and effort in ensuring that "how" their company operates is as important as "what" their company will achieve.

Conscious Businesses use their vision, mission, values and behaviours in meetings as they navigate the trends and data in their industry to deliver a product or service that both strengthen their business and makes a social or environmental impact

Conscious Businesses promote learning and development and practise accountability and responsibility.  They ensure they start from an inclusive viewpoint, automatically leading to a more diverse company in thought and skill-set.

And finally, Conscious Businesses value all of their stakeholders not just their shareholders.

So Where Do I Start?

Flip your Value Proposition around to look at what societal/global/human-centred problem you want to achieve.  Then pick the product or service you will provide that will allow you to do so.

Look at trends and data and what makes most sense based on your strategy, markets, customers and revenue model.

For example, Ben and Jerry exist to advance human rights and dignity, support social and economic justice for historically marginalised communities, and protect and restore the Earth's natural systems. But they make ice cream to achieve it.

Matter of Focus is a mission-led company working with the public and third sector to help them understand their impact. But they data crunch to achieve it.

How is Fortro Contributing to This Way of Doing Business?

Fortro has put Conscious Leadership at the heart of all it’s engagements, whether that be Board Development, Leadership Development or Growth Strategy. Right now the priority is to support companies through these difficult times. As such Fortro has adapted what it offers, updated payment plans and created solutions that attract a smaller investment but that still packs a punch.

Fortro’s CEO Aileen Boyle is also ensuring her offerings are naturally inclusive of women-led businesses and is dedicated to levelling the playing field.

What will you do to change the world?

.