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4 Ways Entrepreneurs Can Practice ‘Conscious Capitalism’

Source | Entrepreneur

Are you a conscious capitalist? I’m sure you don’t think you’re unconsciously moving through your days, but considering the pace of business lately, there are likely some weeks or even months that can be a blur of activity without true focus. Yet, we can all agree that a focused plan, with a motivated team and smart execution, will drive growth. But with so many moving parts to a business, how do you know which levers to pull? And why do some companies seem to have the “secret sauce” figured out with an engaged workforce and thriving business?

Notable companies like Southwest Airlines, Interstate Batteries, The Container Store and Costco have found a winning approach by embracing Conscious Capitalism, a business movement that’s proving to be inspiring as well as profitable. (Full disclosure: I’m a co-founder and board member of the Dallas chapter.)

Because of its focus on four key tenets — higher purpose, stakeholder integration, conscious leadership and conscious culture — that are netting significant business results for companies, the movement has developed a national following that is agnostic to company size or business model.

Some mistakenly think it’s about “doing good” by way of philanthropy or sustainable practices, but it has proven to be a better way to make money and create long-term value in a company. And, it’s not just for big companies. In fact, it’s ideally suited for entrepreneurs who are motivated to drive change and who are unconventional by nature. Companies like Satori Capital and Slalom, led by entrepreneurs, are already seeing big results.

 

Need proof on the capitalism side of the equation? It turns out, conscious companies outperform the market by 10.5 times. After I began implementing the principles into my company, Marketwave, our profits increased from eight to 18 percent, and we saw employee retention increase by 30 percent over the last two years.

Here’s the thing: Overhauling your company’s current structure can be intimidating. Smaller companies, though, can make huge strides in a shorter amount of time. Bigger ships are harder to turn, and there can be more internal inertia to stick with the status quo.

The good news? Entrepreneurs can be a driving force in the conscious capitalism movement, and there’s no single path as to which tenet you need to work on first. One thing to keep in mind: It’s difficult to implement all four tenets at once, so choose the most logical starting point for your company.

Below are four tips to help you get started:

1. Explore your higher purpose.

Spend some time on the national Conscious Capitalism website, where you’ll uncover videos and best practices to guide you in creating your company’s higher purpose. This is the tenet I started with, and at first, it was overwhelming.

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