Do you smell that? No, it is not the fresh rainfall nor is it the trees blooming. It is the shift behind why businesses are being created today. Change is in the air. And unfortunately for some, it is here to stay. Sit back for a minute and think about your company. Aside from making money, what does your business stand for? If your answer is nothing, that will need to change.
Chuck Templeton recently wrote an article, ‘Building Businesses That Stand For Something,’ discussing why the leadership of businesses can control take control of their future by solving real problems instead of symptoms. When they do this, according to Templeton, they immediately realize a competitive advantage over others. Chuck says there are four market forces that will cause businesses to either stand for something or eventually close up shop:
- Corporate morality – Companies are getting pickier about who they do/want to do business with. People today are well aware of the fact they can find a great paying job at a company they are proud to work for
- Cost structure/strategy – Prices of inputs and waste will continue to rise and businesses need to develop ways to turn that into a competitive advantage
- Governance/risk – The pressure will no longer just come from industry peers and employees to make better decisions as a company
- Customers – Consumers are starting to realize we don’t have an endless supply of resources
Though startups and companies in their early stages will have an advantage to implementing these market forces, businesses that have been around a little longer can still take part, they will just need to take a more innovative, creative approach.
Now is your time to go against the grain. Make your business about more than just the benjamins. Implementing this should not be some big marketing tactic to attract more business. It needs to be about creating a solution that will not only grow wealth but better our standard of living. Do it now or you will lose to a company that is doing it.How are you going against the grain and solving real problems? Let us know in the comments section below.