Income Inequality and Your Small Business
I don’t have much money. I’m just getting started. What do you mean by income inequality and my small business? Yes, your small business can have a great influence on income inequality in a positive or negative way. Do you want to know why? Continue reading.
Income inequality has grown tremendously for almost fifty years in the United States. The U.S. leads most developed nations in income inequality. “Half of the U.S. population lives in poverty or is classified as low-income according to the U.S. Census data” reports Wikipedia. President Obama has defined this as “the defining challenge of our times.” So you’re probably still asking “what does my small business have to do with this sad state of affairs?” As I mentioned in a previous post, a society centered mission can be very valuable to your success and the success of society in general. Income inequality can be attacked if you determine to be consistent in the application of a society centered mission throughout the growth of your business. This consistency will be apparent in your business strategy, operations, budget and bottom line. Many profitable businesses operate this way. Take a look at“Why giving back is good for business” by Laura Garnett
Your Business Strategy might include a ♦vision statement as well as a ♦mission. Your ♦guiding principles might include your society centered ♦core values. Your core values may include leadership, integrity, service, and employee talent development among others. Other elements of your strategy may include ♦competitive advantage, ♦long and short term objectives and ♦action plans with all of these containing society centered characteristics. Profitable growth that is so essential to any business can be easier to achieve using this method. Current and emerging research supports this method.
Let’s face it, all businesses want highly motivated and talented employees. A society centered mission offers five key advantages for this type of employee:
1. Employees feel privileged to work for a company that cares about employees, customers, and the larger society.
2. They feel that they are working because of the opportunity to grow their talent as well as make a paycheck.
3. Mission conscious employees are hired and attracted to the business primarily because of its mission.
4. The business promotes an enthusiastic work ethic and dedication to the customers.
5. Great employees and dedicated customers become loyal friends.
So, what does all of this have to do with eliminating income equality? Ok, let me tell you. Consider your budget. Most budgets allow 35 to 40 percent of its operation fees for employee salaries, taxes and benefits. If you keep a tight hold on your money, using something like a small business Dashboard until your business outgrows it; as your business grows, employees salaries grow. This can be one of your own “noble” personal values that is reflected in your company vision. In addition to this, some of the best companies pay their employees 20 percent above the industry standard to keep good employees. Of course this lines up with your business core values anyway! It’s not rocket science. So come on. Let’s grow our small businesses to become outstanding large businesses with great values to help eliminate income inequality and in turn, create a better society. An idealistic attitude right? That’s ok. GeniusCore can help. Join us.
“This is a time when there seems to be a particular need for friends of wisdom and truth to join together” Albert Einstein
You’ll like what we can help you do for your business. This could be the best decision you’ve made all year!!