How Purpose-Driven Businesses Build Trust and Inspire Confidence in Uncertain Times

by | Apr 13, 2020

Helping others where you can safely do so is a worthwhile part of your personal and organisational strategy to deal with the pandemic. There is a mutual benefit as it also makes you feel good and creates positive ties and trust.

We are certainly in a historic period where many people and organisations need help.

In a previous issue, I wrote about how the 2020 Edelman Trust Barometer found that business is regarded as competent by the public around the world. However, survey respondents also believed that businesses tend to act for their own self-interest.

The reality is that modern businesses increasingly see their purpose as much more than delivering shareholder value.

Instead, businesses recognise that the success of the whole system (and hence their success) is dependent on inclusive long-term growth.

These purpose-driven businesses are now responding to the needs of many people from employees and suppliers to customers and communities, helping out where they can.

A quick scan of the daily news from around the world shows that businesses large and small, and across all types of industries are stepping up to collaborate, innovate and find solutions:

  • Mining magnate Andrew Forrest’s Minderoo Foundation has committed AUD160 million to fly 90 tonnes of needed specialist medical supplies into Australia from China.
  • Manufacturers of race cars and their suppliers are working with ventilator companies to design and build more ventilators  in the UK, the US, Australia and elsewhere;
  • Medtronic PLC is publicly sharing the design specifications for a ventilator product it sells in 35 countries, to allow other companies to produce it. It has posted online the design documents, service manuals and so on;
  • Many hotels in affected cities around the world are offering free rooms to weary doctors and nurses.

Similar initiatives in local neighbourhoods and across global communities are making a difference now and, in the long term, will strengthen trust and confidence in businesses.

Please reply to this email and let me know if you have great examples of people, businesses and industries that are stepping up to help out in the “here and now”.

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