What are positive business practices?
Positive business practices demonstrate an authentic commitment to all of the people essential to your success, improving society, and protecting the planet.
The range of specific, positive business practices are potentially infinite. They are derived from the authentic ways in which companies create value for others. Practices can range from what you might expect, such as providing healthcare coverage; to the more unusual, such as starting a composting initiative; to the completely avant-garde, such as pay-what-you-want-pricing. (Yes, you read that correctly.)
Whether you create practices of your own or follow examples from others, positive business practices align to standards that can be measured along the Quadruple Bottom Line of Purpose, People, Planet, Prosperity. These are considered standards under which positive businesses operate:
- Leading with authenticity
- Operating with transparency
- Creating an inspired culture
- Bringing out the best in your team
- Valuing inclusion and diversity
- Being a great community neighbor
- Making a positive impact on society
- Spending on local suppliers
- Reducing environmental impact
- Using eco-friendly materials
- Monitoring energy and water usage
- Profitably reinvesting in purpose
Why do positive business practices work?
They stimulate better business outcomes.
Increasing credibility and trustworthiness to attract and retain clients, employees, and investors.
Drawing out the best in people who are motivated by purpose at work, at every age and in every stage of their careers.
Having productive relationships with suppliers, vendors, and others who are committed to being a force for good in business.
Achieving shorter sales cycles, lower acquisition costs, lower operations/service costs, and lower energy costs.
They help you redefine capitalism.
Benchmarking to improve performance along a broader, more meaningful continuum of success.
Creating a growing community of leaders with shared values.
Providing opportunities to shape how business is evolving.
Protecting the essential long-term vision for companies.
Helping to rebuild trust in business.
Providing broader market opportunities.