From using environmentally-friendly practices in its operations to being a source of truth, here are 5 answers to the question, “Can you share your best examples of how you work to create value for all stakeholders in your business?”
- Using Environmentally Friendly Practices
- Contribute to the Community
- Building an Inclusive Workplace
- Engaging and Listening
- Being a Source of Truth
Using Environmentally Friendly Practices
Using environmentally friendly practices in your operations benefits customers by offering eco-friendly products or services and benefits employees by promoting a healthy work environment and social responsibility. It also benefits shareholders by improving the brand’s reputation and increasing customer loyalty. Suppliers are benefited by encouraging sustainable practices in the supply chain and the wider community is benefited by reducing pollution and protecting the environment.
By prioritizing the needs and interests of all stakeholders, businesses can create long-term value that is sustainable and socially responsible, leading to greater success and prosperity for all involved.
Contributing to the Community
Contributing to various community causes, such as social and environmental causes or other philanthropic activities, is a great way to create value for stakeholders in your business. This shows that your business is committed to having a positive impact and reputation in the community.
Of course, your business can donate and encourage employees to volunteer for local organizations and charities that align with your business values to show allyship. You may even support local businesses by using their services for your own business, as well as host bigger community events or initiatives. There is a multitude of ways your business can be involved in the community to create value for your stakeholders.
Building an Inclusive Workplace
One way to create value for all stakeholders is by fostering a culture of diversity and inclusion. This can involve hiring a diverse workforce and providing equal opportunities for all employees, regardless of their background or identity.
By doing so, a company can create a positive and inclusive work environment that can increase employee engagement and productivity, improve customer satisfaction, and contribute to the overall success of the business.
Engaging and Listening
One way to create value for all stakeholders is by proactively engaging and actively listening to them. By understanding your stakeholders, you know what is important to them and can use their insights and opinions to shape your business decisions and drive more value for your stakeholder groups, leading to a more sustainable and successful business.
Being a Source of Truth
In today’s world, it’s hard to rely upon information presented at face value. Most businesses have a strong agenda behind them, and clever marketing can often deceive a customer into a purchase against their best interests.
Building my business in the software and outsourcing space, I came up against this phenomenon early—two industries prone to hype and sugarcoating. Instead of following that path, I chose a different route based on the principle of radical candor. I preferred to build my business and the content that gained eyeballs for said business, based on complete transparency, even against short-term financial interests.
The rationale is simple: in order to win in business, you need to serve all humans and improve their lives first. I can think of no better way to do that than to be a source of truth with reliable, impactful information that all stakeholders can depend upon.