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Why do we need socially responsible approaches to make money, when we didn’t in the past?
The question reminds me of my relationship with my wife. As my fingers trail up her arm, my wife says, “Don’t touch me!”
Things change with kids. Bearing children didn’t make my wife allergic to me. With kids we’re more tired, money is a greater focus, and uninvited faces peek into dark rooms when they hear noise.
To be a successful couple, my wife and I need to work together differently now. We schedule and we’re more likely to show affection with a gentle touch and “I’ll take the kids.”
Unfortunately, many American couples fail to adapt to the changing environment. One in four weddings end in divorce.
Businesses and societies face similar stresses in the face of new technology. Life changes. With digital technology, customers stare into their phones and miss human touch. They use those phones to inundate each other with information. And through such technology, business customizes dozens of aspects of windows, computers, and coffees, and overwhelm customer decision-making.
To thrive today, business must approach the world differently.
Throughout history, only a minority adapt successfully to new technology. In response to new farming technologies, only a handful of agricultural revolution peoples developed the firms that drive competitive markets, and developed democracies and supportive cultural norms. Only the businesspeople in such societies prospered.
Later, only the Roman Empire refined such businesses and governments in their region. The Romans dominated their neighbors as a result, despite investing nothing in developing new military technology.
And today, 80% of humans live on less than $10 a day, despite industrial machines working as well in Mozambique as New York City. The societies where 80% of humans live failed to evolve effectively, and the profit of their businesses tend to pale relative to rich-country peers. As a business leader, you need new insights, tools, and strategies to deliver overwhelming value (and thus profit) today. Consider evolving by solving a problem that requires integrating socially responsible and traditional business actions. Or, wait for others to deliver such meaningful profit and watch your business shrivel. Does our approach to delivering business value need to evolve in the face of digital technology?
Please share your thoughts in the comments or by sending me an email: info@RodWallacePhD.Com.
Our society cannot just survive. For the sake of our children, it must thrive.
Rod
Dr. Rod Wallace is an economist, consultant, and speaker who helps businesses make more money by solving society’s problems. A Fulbright Fellow, he has led multi-organization billion-dollar initiatives worldwide and partnered with a Silicon Valley pioneer to explore the impact of Artificial Intelligence on society.
Rod speaks about how to integrate social responsibility into business to maximize profit and purpose. He highlights digital technology’s impact on society and the strategies and tools with which business can solve our big, systemic problems.
Contact Rod at info@RodWallacePhD.com.