Knowing what practice is the right practice for your business goes hand-in-glove with the value you want to create. As your business grows, so does the value expectation.The term ‘blended’ or shared value has been around for a while yet it lacks active consideration in many SME’s.
What is shared value?
It basically evolves around value based leadership – where value is not only determined by economic return but by blending shareholder value and consideration into other values like societal and environmental. It incorporates investing in and maximising value generation of a wider net of value creation models and promoting a leadership style of inclusiveness through multi-perspectives and being authentic and open to change.
Why do it?
It’s not just about giving back or sharing economic returns, it is a long-term approach to integrated and design thinking. It is a conscious and strategic plan in determining your impact on the environments in which you work that will work together with your sustainability and growth plan.
As said last week, for determining your own best practices, you need to have ethical considerations of your business impact on all your environments and stakeholders. This would be a pro-active first step in working towards creating shared value.