It used to be that everyone believed the sole purpose of a company was to make money—and the more, the better. Most corporations still function under that mentality, but it’s the companies whose beliefs and theories about business go far beyond the financial that end up being the most successful. How does that work?
- The leaders of great companies think differently. They believe that business is an intrinsic part of society, so they invest in the future to make sure their companies endure, but they are still aware of the need to build people and society. In these firms, people and community are not afterthoughts or incidental but are core to their goals.
- The leaders of great companies know that companies can do more than make money, that they can do good in their communities and beyond while providing meaningful work for their employees.
- The leaders of great know that meeting stakeholders’ needs requires not only producing goods and services that improve the lives of users but developing a strong network of suppliers and business partners and ensuring that improvements and innovations are encouraged.
- The leaders of great empower their employees and provide values-based leadership. They encourage their employees to participate in community-based activities and charitable organizations.
- The leaders of great companies think globally! They are flexible so they can alter and function in an ever-changing economy, and they work to ensure cultural fit and local appropriateness where necessary. They know their companies must function well in the external community, so they focus on things like environmental responsibility.
- Finally, great companies have a coherent identity. They have a mission, and they have values, and those provide an identity for their employees anywhere in the world.
The trick is to balance all of these more “touchy-feely” goals like serving society and empowering employees with strong financial performance. Next time your company has a strategy session, try to create win-win opportunities that provide value for your business, your employees, and the societies that you impact.
One great way to ensure that you’re focusing on the right things is to hire someone else to handle certain responsibilities and give you more time to focus on more important things. For example, call Complete Payroll Processing to find out how we can take the time and aggravation of payroll, taxes, and employee benefits off your plate.