All businesses drive for results. We do this in a variety of ways. Strategic planning, innovation programs, hard work, accountability, BHAGs, developing people, fostering healthy leadership teams, great hiring practices, stay interviews, and assessments are just a handful of practices in place at many organizations to pursue results. This leads to two questions:
1. What results should we be pursuing?
2. How do we get there?
Results Worth Pursuing
From a traditional worldview, the most accepted definition of the purpose of business is to maximize shareholder value or to maximize financial profit. While this is not an undesirable goal, the sole focus on financial gain can create a vastly successful economic engine but often at the cost of principles, relationships, excellence, and economic exploitation. This has resulted in labor abuses, environmental damage, political corruption, and unethical business practices. The purpose of business should be greater than just maximizing shareholder value. The purpose of business is to be a catalyst for flourishing -- or in other words, maximizing Economic, Social, and Spiritual Capital.
How Do We Maximize Capital?
If we are serious about stewarding a flourishing company, there is a simple formula that can and should serve as the foundation for everything else. It includes three things to be in place for every top-level leader:
1. A Long-Term Coach: Whether paid or unpaid, full-time or part-time, contract or no contract, having a committed relationship with someone who can speak into your challenges as a leader is crucial. In life and in business, one thing is certain: crisis will come. Having a coach to help prepare for and navigate these times is crucial. There are many options, a Convene Chair being a great one.
2. A Trusted Group of Peers: Every leader should have a trusted group of peers where nothing is off the table. We are familiar with the phrase, “it’s lonely at the top” and there is nothing like a group of like-minded leaders to help encourage, challenge, guide, convict, and support. 99% of the world doesn’t know it feels like to be an owner or CEO. Surrounding yourself with others who do know what that feels like will pay dividends. There are many options, a Convene Team being a great one.
3. A Principle-Driven Operating System: We all have an operating system. It’s the shared tools, processes, nomenclature, and philosophy that drives our business. We all have one, but we don’t all know how to define which one we are using. There are several out there, but only one is specifically designed for faith-driven CEOs and business owners who want to run an excellent business that honors God by maximizing Economic, Social, and Spiritual Capital. This system, High Impact Business, is the ideal system to take the learnings and values encouraged by coaching and a peer group and implement through the purpose, strategy, operations, and execution of the business. There are many options, High Impact Business being a great one.
Interested in learning more about stewarding a High Impact Business? The team at Enterprise Stewardship is eager to talk to you. Click here to schedule a conversation.