Monday, January 20, 2014

Edelman trust barometer results align with Open Business approach

Edelman's 2014 Trust barometer survey is out and with it vindication of a key trend we've been observing in Open Business.
The clear majority of respondents to the annual survey (84 percent) believe that business can pursue its self-interest while doing good work for society.

This very much aligns with what we explore in The 10 Principles of Open Business - particularly in the chapters on Purpose and Open Capital. Indeed - The 10 Principles argues that doing good for society offers a competitive advantage in our connected world.

More evidence that 2014 really could be the year of Open Business, perhaps?

From the chapter on Purpose:

There have never been greater drivers for businesses to become Purpose-led.

Apart from anything else, it will reconnect you with the world, re-tying those strands cut loose when CEOs first decided that shareholders mattered more than anyone or anything else.

“It’s a reversal back to the old days,” says Mark (Earls), “when corporations felt part of the world and felt a responsibility to it."

And from the chapter on Open Capital:

Peer-funded partnerships also offer the opportunity to create value beyond the back slap in the boardroom and the bottom line on the balance sheet; value creation which acknowledges resources are finite, that people, communities, societies and ecologies are connected and matter to each other.

And this in itself provides a genuine competitive advantage that the wisest global entrepreneurs are quick to identify. As Sir Richard Branson puts it: “…the boundaries between work and higher purpose are merging into one – where doing good really is good for business.”

In a connected world, where to win is to work together with ever greater numbers of people who care about the same things you do, few are going to sign up to support businesses which are damaging the ecosystem in which they exist – let alone support those organisations with their own money. Open Capital will therefore be a key driver of ‘doing good is good for business’.

The rate of change is so rapid it's difficult for one person to keep up to speed. Let's pool our thoughts, share our reactions and, who knows, even reach some shared conclusions worth arriving at?