6 Business Leaders Weigh in on Conscious Capitalism

by | May 23, 2022 | Guest Perspectives

6Takeaways

What does Conscious Capitalism mean to you?

To help you appreciate the essence of Conscious Capitalism, we asked business owners and leaders this question for their best insights. From making business decisions that benefit all stakeholders to following inclusive and employee-conscious practices, there are several takeaways from these business leaders. Read about their ideals of conscious capitalism to help you make your business more socially responsible.

Here are six takeaways about Conscious Capitalism:

 

Empathize With Others While You Profit

To me, Conscious Capitalism means businesses have an obligation to consider the ramifications of their actions to all involved parties, especially those who cannot petition for themselves. This means considering how your business practices affects not only direct consumers but also those who may be indirectly affected by the action of your company. that could include the environmental effects of your manufacturing process, or the health concerns involved in the content of your product. In short, conscious capitalism means thinking beyond profit and promoting the idea that your company can have a positive global effect.

Boye Fajinmi, TheFutureParty

 

Be Aware of Your Impact on The World Around You

The idea of conscious capitalism means that you can be a capitalist and aware of how you’re impacting the world around you. Yes, you can focus on efforts that generate money. You can also make decisions that generate funds while protecting your community, team members, and environment. Conscious capitalism encourages leaders to find a balance and do their best to prioritize both positive outcomes.

Logan Mallory, Motivosity

 

Make Business Decisions That Benefit All Stakeholders

This business philosophy was developed by John Mackey, co-founder and co-CEO of Whole Foods Market, and Professor Raj Sisodia, who collaborated on a book and founded the nonprofit Conscious Capitalism, Inc. The organization defines conscious capitalism as a method of thinking about capitalism and business that better represents where we are on the human journey, the current situation of our world, and business’s inherent capacity to make a beneficial influence on the globe. While conscious capitalism still seeks profit, it emphasizes considering all significant stakeholders’ interests. The philosophy acknowledges that some stakeholders, such as the environment, cannot speak for themselves but are still important when making business decisions.

Axel Hernborg, Tripplo.com

 

Run Your Business As Part of a Healthy Ecosystem

A healthy ecosystem for all. To me, Conscious Capitalism means viewing your company as an ecosystem, where everything is interconnected. That means creating systems where every individual employee and every individual customer are treated with pure equality. Where the company sees its impact on the world and works to make its presence a presence for good and positive change. Conscious Capitalism is how we need to go into the future if we are to create a healthy working ecosystem for people and a healthy ecosystem for our planet to thrive.

Tony Staehelin, Benable

 

Stand Up for Social Causes

Conscious capitalism means a company uses its position, and sometimes part of its profits, to pursue a social cause. Typically, this would refer to a more liberally-positioned company like Starbucks or Disney. However, it could also refer to a conservatively-oriented company like Chick-fil-A or Hobby Lobby or a company that has other non-political causes like Toms or Bombas. 

The conscious capitalism philosophy has always been around to some degree. Coca-Cola promoted peace in the 1960s and 1970s with its “I’d like to teach the world to sing” ads. However, this idea turned more into a formal, actionable practice about 10 years ago when ad managers felt promoting the company’s community values as part of its branding was a good idea. It’s worked well in some cases, at least initially, but is beginning to fail in others as those who oppose a company’s political stance are withholding dollars.

Tanya Klien, Anta Plumbing

 

Follow Inclusive and Employee-Conscious Practices

A key component of conscious capitalism is realizing how it’s all connected. Society as a whole is coming to the realization that they have more power than they once realized. Instead of deflecting the blame on the industries, conscious capitalism helps you understand that our choices, as consumers, determine the actions of industries.

When we can take ownership of our actions, as a consumer or as a business, we can create a sense of harmony among employees, businesses, consumers, and nature. As a result, consumer loyalty also increases with conscious capitalism. Furthermore, when a brand’s message or actions are in alignment with its morals, there is a heightened sense of employee satisfaction too. Simply put, when the action of buying is driven by purpose, we can know conscious capitalism.

Igal Rubinshtein, Home Essentials Direct

 

**These ideals are solely from individual business leaders and are not verified by or come directly from Conscious Capitalism Inc. or any of the chapters.

Terkel creates community-driven content featuring expert insights. Sign up at terkel.io to answer questions and get published. 

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