The pent-up demand for business to reflect greater positive principles is reaching a tipping point, beyond which it may become difficult to remain relevant unless a company is demonstrably ‘doing well by doing good’. Indeed, the older Gen X are ahead of this curve. Reports variously show that 70% to 90% of Gen X will soon shift to companies of greater purpose; ones that reflect their own principles. 

Consider that it is businesses, and not politics or regulations, that present our greatest hope to achieve scale solutions to our global issues. There are 200 million businesses in the world, and they can choose whether to help make considerable progress. This may well distinguish the failures, survivors, or leaders of the future. 

Identifying your principles

As a business, the choice of principles is down to understanding what matters most to your people, suppliers, customers, and partners. Look at the horizons of value chains that exist around your business and consider where harm may be done by you or competitors, or where greater good may be done. Imagine them attached to your brand and how markets might respond to that. Look at the UN Sustainable Development Goals, read what ESG really requires, open your mind to all principles that could enhance the differentiation and stickiness of your brand. It's also essential that you don’t ignore marginalised groups such as LGBTQ, the topic of Diversity, Equity and Inclusion, neurodiversity, and other principles that could be there in the background of your market. 

This is a choice. Do people persist in the view that they are entitled to success by operating a business to profit shareholders in exchange for offering a good product or service? Evidence is mounting that this is precisely the ethos that will be punished when alternative, equally good products, are provided by companies that stand for something meaningful. The well-reasoned hypothesis is that a burgeoning desire exists for companies of greater principles and purpose. Once these companies emerge then the floodgates of demand will open. This is why you need to define and amplify these ideals, the principles that will set your business apart.

Building a foundation of trust

Perhaps you’ve wondered why most assume that a doctor is trustworthy and will probably provide the best possible solution when help is needed for health issues. Even if you’ve never read it, you might know about the Hippocratic oath that every doctormust take. If the doctor fails to maintain that commitment, they will be struck off the list that permits them to practise their profession.

That element of trust is a differentiator for the profession. Arguably even for those who don’t know of the oath’s existence, that brand value of trustworthiness has slipped into assumptions globally. I’d strongly recommend business leaders to read the modern version of that oath. Imagine your company being attached to such a principle, to never knowingly do harm, and to seek out the most expeditious path to do good. 

Principles breed loyalty

When a business becomes purpose-led, they will gain rewards, internally, with colleagues and in the market. In the eyes of buyers and employees, your beliefs are as important as what you do and how you do it. If you imagine it’s good enough to just have a great product, think again. It’s never been enough. There has always been a little extra something that causes people to give their loyalty to a company. Don’t be mistaken, unless you want to sell to a newcomer every day of your life, loyalty is vital.

Perhaps you can’t yet explain the principles that your business could reinforce, or the ideals, causes or social movement you align with. If so, it's crucial to figure them out, and soon.

If you doubt this, do a bit of digging for results of recent consumer polls. You’ll see a myriad of issues that people care about deeply. Customers are telling you that within ten years, resilience and sustainability will be the only option for business to create a

competitive advantage. These issues are what people care about most of all. Dealing with the needs of all stakeholders, wherever your business has effects, will become as critical as the strategy for profit. In fact, the two are so inextricably linked it is absurd to seek profit without supporting stakeholders and having a brand with purpose.

Responding to stakeholder interests is the new priority

Absence of a response to the issues people are most concerned about will be viewed as ignorance. We no longer pray at the altar of growth for its own sake. We now seek resilience and sustainability. To be allowed into the competition for business you will first need to prove you’re able to do what you do without damaging the ability of future generations to sustain their needs. Maybe you can make a net improvement, which is a bonus, as therein you can find many opportunities for a purpose that markets will value.