Can a Business Do Well AND Do Good?
Christmas and the Holy-day season are often referred to as the “Season of Giving.”
Some people give because they want to help others. Others want to help society. And others give because it’s part of the family or religious culture. But did you know giving also helps the giver?
Many studies have found health benefits associated with giving that include:
- Decreased blood pressure
- Increased self-efficacy
- Less depression
- Decreased stress
- Greater happiness and satisfaction
- One study even found that giving leads to a longer life!
There are obviously many reasons to give. So have you considered how you might give on a more routine basis? Many people define philanthropy as giving donations of large sums of money to what is considered a noble or valuable cause. That is one part of philanthropy. Another part of philanthropy involves promoting the welfare of others over the long term.
Business Can Change Society
As business owners, we communicate our beliefs (values) by how we do business, with whom we do business and whether we look at shareholders or stakeholders when making decisions. The way we behave repeatedly in business creates our behavioral rules, traditions and rituals that inform our culture, community and society.
Philanthropy doesn’t have to be only for the wealthy. Business owners and leaders have an opportunity to give their time and expertise to promoting the welfare of others.
For example, in our organization, we have joined forces with the Torrey Project. It is a global organization dedicated to leveraging business as a force for good. Its mission is to accelerate the transition from traditional investor-focused capitalism to a more inclusive multi-stakeholder capitalism (aka Conscious Capitalism). We have partnered with Torrey Project because both organizations believe that:
- Businesses get the best financial returns for their shareholders by focusing on all of their stakeholders.
- Business can do well and do good. Doing well and doing good are not competing or mutually exclusive interests. They are actually intertwined.
- Business can be a force for good in the world.
So where do we start? We start with any companies, social enterprises and startups that embrace a more conscious, stakeholder approach. Startups, in particular, are fertile ground to accelerate growth share the culture of this trending and effective business model. Want proof? Here is a short of a recent Torrey Project graduating class.
This is just one example of the impact business leaders can have on the long-term welfare of others. What philanthropic endeavor are you taking on to make the world a better place in 2022?
I’d love to hear what you think and any questions or comments you may have. If you would like to discuss this topic further, just drop me a note.
Until then, let’s keep cultivating our culture, together!