A company must generate revenue or it will cease to exist. But, if making money becomes the myopic focus of a company, this may lead to the neglect of things both close and peripheral such as values, purpose, customers, stakeholders, employees, etc.
For decades upon decades, most companies’ primary focus has been on making money. Indeed, a company must generate revenue or it will cease to exist. I’ve heard it described that money is to a company what red blood cells are to the human body – necessary for survival. But sometimes this focus on money turns into an end in itself. If making money becomes the myopic focus of a company, this may lead to the neglect of things both close and peripheral such as values, purpose, customers, stakeholders, employees, etc.
In business discussions, a dichotomy has surfaced between making money and being responsible for concerns beyond making money. Today, the idea that a company can only do well or do good is being questioned. Times are changing, and matters such as compassion, empathy, and mindfulness are emerging as important considerations for businesses to survive and thrive. With this, myriad companies are evolving to incorporate compassion into their company culture.
[This article has been reproduced with permission from Knowledge Network, the online thought leadership platform for Thunderbird School of Global Management https://thunderbird.asu.edu/knowledge-network/]