The Purpose of Business: Beyond Profit

This article tells the story of BIGGBY COFFEE, a national franchise coffee chain, and its journey towards conscious capitalism. The authors, Bob Fish and Mike (BaM), emphasize that the true purpose of starting a business is not solely to make a profit, but to find profitable solutions to the problems of people and the planet.

• Conscious capitalism emphasizes a stakeholder-centric approach, prioritizing the well-being of employees, customers, communities, and the environment alongside shareholders.
• It challenges the traditional shareholder supremacy model, advocating for a more holistic and sustainable approach to business.

BIGGBY COFFEE: A Transformation Story

BIGGBY COFFEE's early success was built on fun, happiness, and strong cultural values. However, as the business grew, a toxic culture emerged, characterized by fear and low employee morale. This led to a decline in workplace satisfaction and a sense of disconnect from the company's initial vision.

• The turning point came when BaM encountered the concept of conscious capitalism, which resonated deeply with their desire to create a positive impact.
• Through a thorough self-assessment, they realized their greatest weakness lay in employee well-being.
• This realization led to a commitment to significant change, emphasizing the importance of employee voice and fostering a more supportive and fulfilling workplace.

Conscious Capitalism in Action

The conscious capitalism framework provided BIGGBY COFFEE with a roadmap for transformation. BaM embarked on a two-year journey to redefine their purpose and vision. This involved intensive discussions and debates with leadership, ultimately culminating in a clear articulation of their goals.

• Their purpose statement: "BIGGBY COFFEE will support you in building a life you love," became the guiding principle for all their decisions and actions.
• Their vision: "We will improve workplace culture in America," reflected their desire to create a ripple effect of positive change beyond their own organization.

BIGGBY's Impact: Transforming Workplace Culture

Since embracing conscious capitalism, BIGGBY COFFEE has implemented several initiatives to improve their workplace culture, including:

• Conducting in-depth pay analysis to ensure fair and equitable compensation.
• Developing a comprehensive curriculum based on conscious capitalism principles.
• Prioritizing diversity and inclusion efforts.

Sustainability and Ethical Sourcing

BIGGBY COFFEE's commitment to sustainability extends beyond their internal culture to their sourcing practices. They have developed a direct-to-farmer purchasing pipeline for their coffee beans, prioritizing ethical and fair trade practices.

• This initiative promotes sustainable farming practices, ensuring that farmers receive fair compensation for their work.
• By 2023, 50% of their coffee beans will be sourced through direct-to-farmer relationships.

Leadership and Coaching

BIGGBY COFFEE's leadership has undergone a significant shift, moving away from traditional management structures and embracing a coaching model. This model emphasizes personal development and empowerment.

• Employees are encouraged to pursue their passions and build a life they love, even if it means leaving the company.
• This approach fosters a culture of support and growth, prioritizing the well-being of employees over short-term profits.

Conscious Capitalism for Entrepreneurs

This story highlights the potential of conscious capitalism to transform businesses. Entrepreneurs are encouraged to consider this approach to create more sustainable and ethical enterprises. Key takeaways for entrepreneurs include:

• Prioritize employees as the most valuable asset, investing in their well-being and development.
• Pursue a strong purpose and vision, using it as a guiding principle for all decisions.
• Consider the environmental impact of every business decision, striving for sustainability and regeneration.
• Embrace persistence and resilience, knowing that the path to conscious capitalism may be challenging but ultimately rewarding.

The Future of Business: A Conscious Approach

The story of BIGGBY COFFEE demonstrates that businesses can achieve success while prioritizing purpose, people, and the planet. Conscious capitalism offers a path towards a more sustainable and equitable future, where businesses are not just engines of profit but also forces for positive change in the world.

• Conscious capitalism empowers businesses to become agents of social and environmental progress.
• It promotes a shift from profit-centric to purpose-driven entrepreneurship.