Beyond Profit: The Importance of Purpose in Building a Conscious Business

CEO & Founder of Hierarchy Media & The Risen Group, Taylor Ping (center). With permission.

The barber shop on the corner gives free haircuts to kids from lower-income homes every weekend. The restaurant down the road packages leftovers and sets them out on a table for anyone who can’t afford food. The coffee guy under the umbrella uses disposable biodegradable paper cups. The investment company in the next street just finished building an on-site staff housing block, where interns and junior associates can live entirely free of charge. The state’s minimum wage is $15 per hour, but this successful clothing store beside the barber shop pays $35 an hour to its sales staff, alongside other benefits.

These scenarios described above are some of the many incredible examples of entrepreneurs redefining the conventional business model, breaking away from the traditional profit-oriented mindset where employers and founders are only concerned with financial progress.

A conscious business model encourages a strategy where an entrepreneur seeks to be thoughtful and supportive toward the environment, society, and other human beings. While earning a living is still generally the main agenda for starting any business, making a real impact, protecting the environment, and improving other people’s quality of life should be included in every company’s value set. The shift towards conscious business practices is driven by increasing awareness of the need for companies to take a more holistic approach to business. It’s not merely about having a socially conscious ‘image’, but actually incorporating and prioritizing the values and ethics of decency and generosity.

Social consciousness is contagious – when one business adopts, others emulate

The conscious business paradigm is an entrepreneurial revolution. It’s not a default inclination for most founders when planning their businesses and most business course programs don’t exactly teach aspiring entrepreneurs kindness. It starts with one person, one group, or one business that takes a bold step and breaks out of the status quo. A socially conscious well-managed business will always thrive and excel, inspiring others to innovate in the same direction and reconsider their operational strategies.

“To change the world, you have to change yourself by becoming a better leader and a greater producer,” says Taylor Ping, a renowned American serial entrepreneur, media expert, founder and CEO of Hierarchy Media.  “Conscious businesses aren’t popular because they’re in vogue now – they are popular because people know how they actually care. They operate with a conscience and a desire to do good and help people on any scale. Fulfilling work isn’t work- it becomes a mission. When doing good and making an impact are aligned, conscious businesses are created by anyone that wants to build an impactful business.”

In reality, conscious business practices do not only benefit society and the environment but they also elevate the company’s status and attract holistic success – rather than just financial growth. For instance, in a company where employee wellness and happiness are prioritized, salaries are impressive, offices are cheerfully decorated and intentionally conducive, and holidays are mandatory, workers are more likely to remain loyal to the company in the long run, mitigating a need for frequent hiring and re-training procedures.

A recent massive survey conducted by researchers representing The Conference Board, Sirota-Mercer, Deloitte, ROI, The Culture Works and Consulting LLP revealed that one-third of employees aren’t truly engaged on their jobs. As a result, companies accumulate losses between $450 and $550 billion a year. These staggering figures prove that employers who are not consciously committed to ensuring a good experience for their employees will ultimately be disadvantaged in the long term.

Adopting a socially conscious business strategy

In every business, there are always a plethora of impactful ways to make a difference. It varies according to industry and niche, but for the most part, any idea that makes another person’s life easier or improves the well-being of the environment will affect a positive impact on society.

The foundational element for adopting a socially conscious approach to business is purpose. A business with no purpose typically has no reason to exist except to turn over a profit. Purpose forms the company’s values and provides direction and a clear vision. It is the driving force toward making decisions that benefit the environment, such as ditching plastics for paper and offering incentives for recycling. Purpose encourages acts of kindness toward the neighborhood and consideration toward the employees. When the purpose of a business is genuinely inclined toward making a positive difference, it becomes natural for all other operations to fall in line.

If this endeavor must be sustainable, an entrepreneur must build a business plan centered on making impactful decisions. Consciousness must be fully woven into the seams of the business, otherwise, when tough times arise, these measures will be discarded in favor of profits. The best way to ensure you start on the right track would be to seek professional mentorship. It’s never a luxury to seek guidance but a necessity.

Alongside her other successful entrepreneurial endeavors, Ping is also the founder of The Risen Group, an impact investment, resource-sharing, and mentorship group that focuses on companies and organizations that bring societal benefit. Her mission is to reach more young women and men who are looking for practical guidance on how to expand their business into a realistic, impactful, and unique experience for the consumer.

In conclusion, she says: “A conscious business automatically opens its arms in an invitation to love. Always invite love. With love, wealth and success will find their way in. Where there is kindness, love will thrive, and naturally, there will be success and wealth. Always prioritize generosity and empathy, and if you can committedly run a disciplined business, your business will succeed and stand the test of time.”

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