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Business… It’s About People
Conducting business is by nature interdependent. It is the result of multiple interactions between multiple stakeholders every day. A stakeholder is a person or a group with a vested interest in the success of your organization and your products and services—people who can affect or are affected by the actions of your business.
Stakeholders come in many shapes and sizes. They can be found inside and outside your company. They are your employees, your customers, your vendors, your partners, your advisors, your lenders, the government, the local community, even your competitors.
Few companies have leveraged the influence of stakeholders like Starbucks, which turned a passion for coffee and taking care of stakeholders into a runaway success. Howard Schultz, the CEO who transformed the company from a small chain of coffee shops to a worldwide phenomenon, states, “If people relate to the company they work for, if they form an emotional tie to it and buy into its dreams, they will pour their hearts into making it better.”
When stakeholder relationships are strong, you have employees who work better together, customers who buy more products, strong supply chains, collaborative relationships, and seemingly infinite opportunity. Taking care of your stakeholders is good business.
This concept is embodied in a Japanese concept, Kyosei, embraced by Canon Corporation as its corporate philosophy. Kyosei is a way of living and working together harmoniously, enabling continuing growth and mutual prosperity to coexist with healthy and fair competition.
The stakeholder group that instantly comes to mind is your employees. Of all groups, they probably have the biggest stake in your business. Your employees count on you for their jobs, their income, working conditions, and their livelihood. If your business fails, employees are among the first to feel the pain.
As a business owner, you have a responsibility to all of your stakeholders, but especially to your employees. This means providing jobs, good working conditions, fair compensation, honesty in communications, access to information and tools, freedom from discrimination, and protection against unnecessary injury or illness.
Your employees are more than a group of stakeholders—they are the lifeblood of your enterprise. Spend the money it takes to hire talented individuals. Share the vision and goals of your company with them. Invest in your human capital and build teams that encourage cooperation and open communication so that they can perform to the best of their abilities.
And remember what Mary Kay Ash, pioneer of the Mary Kay Cosmetics, states, “People are definitely a company’s greatest asset. It doesn’t make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.”
About the Author
An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, “Business Insights from Legacy eZine.”
By signing up for Business Insights from Legacy eZine at http://www.legacyai.com/Business_Insights_eZine.html you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.
Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.
Mary Kay Embrace Questions
How can I embrace military wife life?
Ive always looked down on the stay at home mothers who sell mary kay and who cook and clean all the time, waiting for their husbands to get home, but I am now a soon to be navy wife. Ill be working, but what else can I do to keep myself busy? I dont cook, so thats out of the question.
Not all military spouses stay at home cleaning, selling products and waiting for their spouse to come home. Many have full time careers as Doctors, Teachers, Engineers, Research Analysts, etc… others go to college to get their degrees. Some do stay at home and work out of the house beyond selling Mary Kay or Tupperware or Pampered Chef. Others do volunteer work which is wonderful. And others determine when they have children it is cheaper to stay home and raise the children and manage the house than it is to get a job and pay for day care.
You can do what you want to do. If you want to work full time then do it, don’t put your life on hold because you are married to someone in the Military.
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