There was a time when success was almost entirely measured by a company’s net worth. We are deeply conflicted. On the one hand, society tells us that there are things more important than money. But in the real world, money is the goal — the more, the better. On the one hand, money can’t buy you love. On the other hand, you cannot properly express your love to a significant other without spending thousands on jewelry. To misquote a popular jewelry chain, Every kiss begins with kiss your paycheck goodbye.
Naturally, this carries over to the world of business. The company with the most money wins. CEOs are told that their only job is to increase shareholder value. Many CEOs do just that to the exclusion of all else. It ends of being a highly successful company with which no one is really excited about doing business. It also ends up being a company that no one really trusts. It is past time we redefine success. Here are some other metrics that will mean a lot more to the next generation of consumers:
Safety
Everyone says “safety first” but no one really means it. A hard hat and quick reflexes are not enough to qualify your construction site as safe. Everyone on the job needs a proper safety education. In food service, every worker needs a serve-safe license. It should be that way in other jobs where safety is paramount. It is a lot easier to get your team OSHA 10 certification than you might think. It is also surprisingly affordable. You don’t have to leave safety to chance.
It is not just construction and other industrial settings. The kitchen and bathrooms are usually the most dangerous places in an office building because that is where water is used. A lot more people slip and fall because of water than because of banana peels. That old coffee pot can create a burn hazard. Do you have proper signs indicating a wet floor? Do you have the insurance for an expensive lawsuit? If protecting your workers is not enough incentive for you to make safety the priority, perhaps the fear of getting sued out of business will. Customers care. And they will punish companies that don’t protect their workers. In this very woke generation, you don’t want to be asleep at the wheel with regard to safety.
Sustainability
People also care about sustainability. They care about how much your company pollutes the environment. That is just one reason it is essential to run an environmentally-friendly business. One of the biggest complaints about Apple products is that they cannot be easily repaired. These complaints usually come from people who have an economic stake in the electronics repair business. But the other group of people are those who are convinced products will have less environmental impact if they don’t have to be thrown out after use. One should be able to upgrade and change out parts to add to the life of the product.
Again, there is a bit of an economic case for those who sell aftermarket parts. It is also true that Apple products last much longer than most without needing an upgrade and are more often resold or handed down to others, thus, extending the life of the product. Even so, it just goes to show that people are paying attention to environmental issues even when it is their favorite company. Today, companies use every earnings call and press event to highlight their environmental initiatives. That’s progress that matters.
Scrupulous
In the near future, your business will not be considered successful on the back of unscrupulous behavior. Many companies are scrambling to figure out how to rebuild trust with their customers and the community at large. For some, it is simply too late. It doesn’t have to be that way for you. No matter how much money you make right now, your future legacy will be the only thing that lasts. While tactically bad as a company slogan, Google had the right idea when they used “Don’t be evil” as their starting point. Consumers will reward the companies they can trust.
By all means, make money and increase shareholder value. But that cannot be the only goal or even the most important thing. True success means safety, sustainability, and scruples. These are the things for which a successful business will be known.
