What kind of capitalism do we want? That may well be the defining question of this era. If we want to sustain our economic system for future generations, we must answer it correctly.
In the sustainability movement over the last several decades there has been a lot of emphasis on the term “triple bottom line”. While the approach provided a much-needed framework to integrating considerations of People and Planet to the original bottom line, the three “Ps” have since become part of conventional business lexicon.
Progress has been made in conducting business more sustainably and responsibly across the globe but for many, Profit remains the “end”, instead of just the “means”. To truly shift the needle, the emerging fourth P, Purpose, challenges us to take a step back and ask ourselves “What is your WHY?” As we hurtle towards overshooting our planetary boundaries and global inequality continues to rise, our ceaseless quest for perpetual “growth” has ceased to serve humanity at large, and the ecosystems upon which our very existence is dependent. We are waking up to the fact that “business as usual” is no longer an option.
Today we collectively face an overwhelming multitude of complex challenges and the calls for business to be a part of the solutions are mounting. The traditional corporate “Purpose” of solely advancing the economy and generating profit is being reevaluated in light of these challenges. Amidst the sea of corporate communication efforts, setting of vague sustainability goals, and myriad ESG metrics, how is YOUR organization making deliberate efforts to align authentically? For organizations, this “fourth bottom line”, Purpose, represents the opportunity to consider how we can lead more consciously to do so.
The consideration of Purpose explores where our organizations fit in the broader human journey, the state of our world today, and the innate potential of business to positively impact the world. How can you make money in a way that benefits the environment, the economy and the physical, cultural and spiritual wellbeing of employees, customers and communities?
Want to assure your organization's resilience and implement a sustainable business strategy? Let us help you bring together your 4 P's!
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