How do you define good business?
Good business. Up until about a decade ago, it had one meaning. Today, it can mean something very different. Your definition all depends on whether you're looking inward or outward.
Looking inward
You've most likely heard the saying. "It's just good business." We use it when justifying why we made a decision. It requires no explanation. Everyone knows it's meant to portray the decision as one that was made in the best interest of the company.
In other words, it's an inward focus. It's all about the business.
Unfortunately, "It's just good business" is, too often, an excuse. Companies make decisions that are good for the company, but they don't do the hard work to make sure the decision is good for all constituents. So there are tradeoffs. The numbers line up for the company. But someone inevitably gets the short end of the stick.
That's just the way it goes. The needs of the company come first. And it all gets justified with someone claiming, "Well, it’s just good business."
Doesn't sound all that good, huh?
Looking outward
Today the idea of good business takes on a very different meaning. Good business describes companies that have broadened the definition of success beyond the bottom line to include the impact the organization has on all constituents, their communities, and even the world. In other words, it is an outward focus.
This is accomplished by clarifying and amplifying what I call the company's Big Audacious Meaning or purpose. This helps organizations of all types ensure that the decisions they make are in the best interest of all those that they hope to serve.
Some even go as far as to become certified B Corps. These are businesses that, "…meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose."
The fascinating thing is that, even though they don't solely focus on profit, the organizations that have gone all-in with their purpose have experienced exponential growth.
Good business indeed.
Changing how you define good business
To embrace this new definition of good business starts with a clear picture of why you do what you do. Clarify the difference you hope to make in a life, a community, and even the world. This will lead you to your Big Audacious Meaning.
Then let that purpose become your touchstone, helping guide all your decisions. You'll start to look beyond the business needs to the needs of everyone you hope to serve. And you'll begin to connect those decisions with fulfilling your Big Audacious Meaning.
It's how to pursue a new prosperity. For those we hope to serve. And for the business. The good business.