Home Small Business Sow the seeds of sustainable capitalism into your business

Sow the seeds of sustainable capitalism into your business

Profitability is essential for small and large businesses, but don’t capitalism and free markets have any regulation to ensure everything is fair? More than that, what effect does an unregulated free market have on your business? The reality is that capitalism has deviated further from morality and justice and as a result has become a system where large corporations profit from the little ones.

The time has come for businesses to acknowledge their economic responsibility. To keep capitalism free and enhance enterprise and society, companies must take an ethical approach to viability and profitability.

Current movement and trend

Driven by the pandemic, the world, and especially the United States, has seen a massive exodus from expensive urban areas to smaller towns and villages. Thanks to the technology and the power of collaborative connections, people are moving us to areas like Silicon Valley and New York City back to their home cities and less expensive areas.

Because of this movement, working remotely has given employees better quality of life and more money in their pockets, but what does this mean for businesses looking to go back to the office? ? As companies implement plans to safely return employees to the office, there is a need for recognition of another solution. For the sake of the employees and the economic health of the company, businesses must exercise flexibility.

In one sense, companies are grappling with how to get employees back into their city offices as so many people have moved to smaller towns. On the other hand, this movement has provided opportunities for businesses to hire talent, regardless of their location.

At Zoho, for example, we reviewed our plans to build the Austin, Texas campus and opened smaller offices in rural locations across Canada, Texas, and Mexico instead. We call our economic approach sustainable capitalism, and we believe other businesses should also think about it.

Sustainable capitalism

Sustainable capitalism is an economic system based on profits through private ownership; however, sustainable capitalism takes a much larger approach to economics than people. While most businesses thrive in capitalism, more human approaches are needed.

Sustainable capitalism stems from promoting society and practicing sustainability to protect the environment. It is a means by which businesses create local wealth, create know-how, create capabilities, and create resilience. That is capital enduring.

Sustainable capitalism has many faces and includes support for local economies. Businesses can do this by recruiting talent from local centers that contribute to rural revitalization, along with creating incubation programs that focus on training local talent. By hiring locals and investing in talent, sustainable capitalism helps companies reap profits in the long run, rather than focusing on the short term.

Also, partnering with local organizations or even funding local schools are important parts of sustainable capitalism. The economics of sustainable capitalism focus on improving and empowering local areas and being part of the community. On the environmental front, when opening an office in a smaller area, it’s important to build using sustainable construction techniques. This means using local materials and supporting local businesses, as well as including sustainable practices. At Zoho, we tried to implement this thought by doing agriculture.

What is supposed to be our Austin campus has now been transformed into a ranch where employees can reconnect with nature and grow vegetables and fruits for their families and friends.

The benefits of sustainable capitalism

Companies may wonder what other benefits of sustainable capitalism are other than running a business more ethically.

  • Save costs and improve quality of life: From a profitable standpoint, the economic philosophy saves businesses money by eliminating the cost of setting up offices in expensive cities, while improving the quality of life for employees by eliminating status. slow commute and high price housing market.
  • Environment sustainability: By building locally, using sustainable construction vehicles and focusing on sustainability planning, as businesses grow, companies will reduce their carbon footprint – a very necessary in ranking next to many companies polluting the environment through factory pollutants, import-export damage caused by air pollution, etc.
  • Maintain a local economy: Along with hiring local talent and nurturing talent may not have access to the same educational opportunities as in larger cities, businesses that realize sustainable capitalism help economies. locality becomes part of the technology revolution.
  • Tap into global connectivity: Technology facilitates society and allows you to give opportunities to those who do not. Additionally, cloud-based collaborative connectivity is a new pandemic-driven reality, and it can help businesses scale tremendously.

In the past year, technology proved that businesses can scale entirely remotely and connectivity is key, but also revealed that the traditional way is not always the best way. The same goes for the path of capitalism. The world has changed drastically in just a few months and continues to happen every day. From migrants out of the city, global warming, economic challenges, etc., it’s time for companies to tackle these problems and take an economic stance that doesn’t just support business. but also social and planetary support.

Business owners must build a new pathway: one that encompasses growth and success in their company, while empowering their communities and their people for the better.

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