The 4th of July is around the corner – it’s the right time for businesses to reflect upon their success, failure and appreciate the freedom they enjoy.
Freedom is the most basic human right every American cherishes in his/her daily life. The freedom report indicates that “high freedom” companies dramatically outperform all others in terms of financial results, innovation, and long-term success, making “freedom” a key conduit to value-creation. This indicates that it is often under-appreciated by small business owners.
Income inequality and social unrest are the issues most likely to have an impact on the world economy in the next ten years according to Global Risks 2014 report — demonstrating the need for business to get into the freedom business. Research into how freedom affects business performance reveals that the right kind of freedom can indeed underpin competitive advantage, across different measures of financial performance, innovation and long-term success for any kind of business.
Who are the stakeholders who should relish the power of freedom in the small business ecosystem? Empowering the employees to operate at their full potential rather than stifle them by imposing your own ideas. As a business owner, one can give a choice to an employee for the choice of work, incentivize good ideas and give additional responsibilities.
However, employees aren’t the only stakeholders in the ecosystem- Customers, suppliers, and communities play a big role in the small business ecosystem to enable your freedom, and contribute to success or growth of the business.
This is why the 4th of July offers us a unique opportunity to acknowledge the role of business stakeholders and cherish the precious freedom.
Business, after all, is about relationships – relationships with employees, customers, supply chain partners and other stakeholders. In the current economy, business interactions are no longer just transactional. They’ve become personal. Which is precisely why freedom can be a powerful guide to making those relationships right and creating long-term economic value.