'Transformational strategies need of the hour'

We all live and we all die, what makes us different is in the things we do and the impact of our actions on the world. When it comes to human mindset, we only think in terms of human dominated ecosystems. There are however a few among us that have dedicated their life and work to life beyond the human species. In the business world, the time has come to not just reflect but to put into meaningful action what are the values that drive our work, to think about our impact not just on our species but the world in its entirety, to create entrepreneurship beyond the terminology of just buying and selling, and to truly understand that profit is an output, not a purpose.

Someone rightly said: To say that the purpose of your business is to make money is like saying that the purpose of being alive is to breathe. While breathing is fundamental and instrumental, it is not the reason for existing.

Research suggests that companies that struggle to answer the purpose question, or that answer it only in terms of hard metrics of profit, market share, shareholder returns are most likely to encounter lower employee engagement, higher turnover, an uninspiring work culture as consequences. It also suggests that it doesn’t matter if the company has prestige, market dominance or great potential for growth; if it doesn’t offer meaningful work or isn’t values driven, people will leave.

The world feels increasingly complex and unpredictable, people want to feel that the place they spend the most time – which is at work – is making a genuine difference. People want to engage in meaningful activity. If a company has a strong corporate purpose, employees find greater meaning and impact in their work. And when this impact and engagement goes beyond the walls of the company, societies benefit, nations benefit, humanity prospers and there is a natural balance in how we use our resources and treat the world we inhabit.

Transformational strategies are the need of the hour that will fundamentally change the trajectory of the global economy. This is clearly evident in a world that is still struggling to recover from the onslaught of the pandemic, the war in Europe, and geopolitical disturbances. Each entrepreneur, each company has an important role to play that goes beyond profit and vested interests.

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Business 360 is a magazine that delivers on quality business news content, profiles of entrepreneurs and leaders, features on issues that matter, articles that assess and analyze policy and delivery mechanisms in the world of trade and commerce

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