#ConsciousCapitalism and making a difference
Category Advice
Ever since the dawn of capitalism, the role of any business has been to serve its principal stakeholders. According to #ConsciousCapitalists, this list of stakeholders needs to include the environment and the community in which your business operates. Accordingly, the right balance needs to be found between the shareholders' needs and the needs of the environment and the local community.
The foundation of #ConsciousCapitalism is built on searching for a purpose beyond profit. In a nutshell, it is about doing business in a way that protects our world and inspires others to follow suit. Increasingly, both companies and consumers are wanting to do business with organisations that look further than their own bottom line. For at least a decade now, "sustainability", "carbon footprint" and "energy efficiency" have become increasingly important buzzwords in business circles. Companies across the board are being compelled to think differently about how they do business.
Over and above the environmental crisis that our world is facing, poverty levels can no longer be ignored. According to statistics released by Stats SA, more than 60% of people living in KwaZulu-Natal, Limpopo and the Eastern Cape are living in poverty. For many years, South Africa has been known as one of the most unequal countries in the world in economic terms. As an example, research reveals that in 2015, the wealthiest 10% of our population was spending 7.9 times more than the poorest 40%. Companies committed to #ConsciousCapitalism need to be committed to change. Ideas like this only become life-changing once they are implemented at the grass-roots level.
Make #ConsciousCapitalism part of your corporate identity
So, what can your organisation do to be more conscious capitalists? Firstly, social and environmental responsibility needs to be part of your company's DNA. That means it needs to be part of your mission and vision statements. In addition, these considerations need to be factored into every decision made at both management level and operations level.
Establish attainable goals
Unfortunately, while saving the world and achieving a carbon footprint of zero are admirable goals, they are not practical. Looking at differences that you can make within your company and within your community is key to success here. Your goals can be simple, such as running a fundraising drive or making a contribution to one. You can provide training to workers who wish to improve upon themselves or allow interns to shadow your staff members to learn the ropes. These things may not provide a direct benefit to your company, but they will provide a direct benefit for others, and that is what #ConsciousCapitalism is all about.
Think local
Secondly, think local. By supporting local businesses and service providers wherever possible, you are helping to create jobs and opportunities in your city. Using the services of a local supplier may be more expensive at times, because these companies may not be capitalising on the same economies of scale and scope that large international conglomerates do. However, using local suppliers provides many advantages over and above heeding the call to be a #ConsciousCapitalist. Climbing prices of imported goods coupled with a weak Rand makes a strong case for buying local. Also, in many industries, the quality of local manufacturers' work is far superior to foreign suppliers.
Collaborate with like-minded businesses
One of the easiest ways to make a small community project bigger is to join forces with other businesses in your area. For example, if five businesses in an office park decided to work together to solve a litter problem, then many hands will make light work.
Wherever you are in your #ConsciousCapitalism journey, 3 Cube Property Solutions is here to help you find the perfect premises from which to make a difference. We have a wide array of industrial properties to buy or rent, as well as commercial premises for sale or lease. Contact us for more information.
Author: 3Cube Property Solutions
