Latest news with #WayneElsey
Forbes
7 days ago
- Business
- Forbes
How To Build A Million-Dollar Business While Solving Global Problems
Wayne Elsey, Founder & Head Coach/CEO, The Funds2Orgs Group. There was a time when I thought I had to choose between social good and success in business. Then came several natural disasters that led me out of the corporate world and into the global for-profit social enterprise space. As a guy in the shoe business, I made the connection between shoes and the reuse economy. In other words, I figured out how to boost local communities, get used quality shoes into the hands of people in developing nations and support sustainability. For others, solving global social issues could be different, of course. But here's the thing I've learned in our social enterprises: The bigger the problem, the more profitable the brands have become. There are several reasons for this, of course. It's taken a lot of time and effort, but I'd like to share what has allowed our team to do good and let the brands expand. The Myth Of Choosing Sides For generations, there's been a false narrative that people must choose profit or purpose because they're on opposite ends of the spectrum. Not true. In my view, they're complementary forces, and I'm not alone in that mindset. I remember when the idea of corporate social responsibility (CSR) was more in words than action, and now, even local businesses on Main Street take CSR seriously. The fact of the matter is that leaders who focus on profit and purpose provide immense value. For instance, in our social enterprise brands, we connected local community needs in the United States, reducing waste and supplying small businesses in developing nations with inventory to sell the shoes we procure for them through our partners. The connections we made provided global value, and our brands have profited. If you're someone who wants to get up in the morning with a purpose and for profit, you can do it. The magic happens when you stop and think. I know we're all rushing around, but the most significant and crucial decisions in life and business don't happen in a rush. They need to marinate in the mind, and the person needs to truly own it. So, ask yourself what problems keep you up at night because they likely keep others up at night, too. Start there. Scale Through Systems, Not Just Heart The key to combining profit and purpose is to find the sweet spot where they intersect with market demand. In other words, for our brands, there was a need in the local American markets to get funds into communities. There was also energy around sustainability and the climate crisis, and there was an understanding that sustainable solutions were necessary for people in developing nations. That was the runway where we took off. It's essential to realize that brands take off when they scale. Early on, I spent hours at the kitchen table where our first social enterprise brand was managed, looking into every aspect of the business with the team. More than a decade later, from our global headquarters, I still spend time almost daily on key areas: sales, marketing and operations. Moreover, thanks to technology, we measure everything from revenue growth to partner satisfaction and the amount of waste we save by redirecting shoes into the reuse economy. The Partnership Advantage Aside from the scale of the system within our brands, there's another essential aspect of our social enterprises. We consider our customers, small business partners in developing countries and our logistics team as partners. When you view people and entities as partners, you're working on fulfilling the same purpose together. That motivates people, and people realize that we operate beyond profit for purpose—together. For instance, we don't just ask for inventory when approaching large retailers and leading marathons for our sneaker reuse brand. We talk about creating a partnership whereby we help them leverage their brands, solve a waste disposal problem, lower the environmental impact of waste on the planet and help people worldwide with a hand-up. The very idea of a partnership makes all of our constituents realize we're looking for mutual win/win action and success. Your Problem Is Your Opportunity A positive outlook is another overlooked necessity to build a million-dollar business. Challenges can't be wholly insurmountable. Take environmental sustainability and the climate crisis, for instance. To some, we're past the point of no return. I don't choose to look at it like that, and neither does my team. We continue to find opportunities to do better for the environment and people. The business leaders who will create the next generation of successful small and medium-sized businesses don't focus on loss. They focus on opportunities, and with the idea of purpose, profit and making a difference, there's plenty of opportunity. Social challenges are simply market inefficiencies waiting to be solved. So, if you want profit and purpose, start where you are, with what you have and look to solve a market inefficiency—with partners. Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?
Forbes
01-07-2025
- Business
- Forbes
The Empathy Equation: Balancing Compassion And Performance
Wayne Elsey, Founder & Head Coach/CEO, The Funds2Orgs Group. In some ways, the value of empathy in leadership has disappeared or gone out of style. Now, at a time of enormous social change that's impacting business, some leaders have changed their tune and are operating as if the ideas of compassion and performance are mutually exclusive. They're not. In fact, the two of them can coexist, and leaders can have a forward-facing and action-oriented culture that surpasses performance while still having an empathetic culture. As a global social entrepreneur who continues to build brands and overcome others' doubts, I believe one can lead with empathy and not compromise performance. The answer to the puzzle lies in realizing that it's incorrect to think you have to choose one or the other. These values are complementary and, when balanced, can exceed performance metrics. Understanding Empathy In Leadership As a leader, it's essential to realize that empathy goes beyond being kind and considerate. It's also important to understand that being an empathetic leader doesn't mean the staff will steamroll or take advantage of you in the office. Most people are decent, hard-working members of the team. Still, empathy goes beyond being kind, and it also means genuinely connecting with the team. It means realizing, first and foremost, that your team is made of humans, and none of us is perfect. We all bring with us, including leaders, our experiences, views and even biases. As a result, we should all learn to continuously be better leaders, team members and people. In our culture, we want and encourage people to speak up and share their challenges (even personal ones, in case we can support them in some way). According to reporting, '76% of people with highly empathic senior leaders say they are 'often or always' engaged, compared to 32% of people with less empathic senior leaders.' In other words, team members have high engagement, and as we know, that's a driver of high performance. When people feel like valued members of a work team, they're invested in the company's success. The Performance Imperative Still, we know that managers and leaders are responsible for ensuring that organizational goals are met for every company. If a business is able to meet those goals, that means company growth and competitive advantage. As a result, it's essential for empathetic leaders to set clear expectations and not make things murky. Clarity drives success and allows managers to hold team members accountable in performance management. It's also essential for leaders and managers to realize that an empathetic environment doesn't mean they don't need to make tough decisions, including letting go of non-performers. Sometimes, the best thing a company can do is to let go of or move a team member to a position that better suits their skills. The moments of conflict between empathy and high-performance standards aren't easy, but they're part of the business landscape. Strategies For Balancing Empathy And Performance Even when performance and empathy conflict, an empathetic environment will always outperform one that's only performance-driven. Workers value empathy, which provides them with four key benefits: improved satisfaction at work, motivation, increased productivity and improved company culture. So, how can managers balance empathy and performance? Clarity is essential for a team where leaders seek to balance compassion and performance. In fact, a leader can view a clear explanation of team expectations as the kind thing to do because they are not worried that team members don't know what's expected. Clarity allows employees to feel supported in their roles. When individual team members and teams understand their goals and objectives, it's essential to provide consistent feedback. Continuous feedback allows them to adjust any areas where there might be a need for improvement. It's also essential to celebrate the wins. Our team celebrates wins daily (even small ones), which is great for motivation. Team members need to feel that they can share their thoughts and concerns. When that exists, empathy and trust are created. The reality is that high performers know how to do their jobs well—many times, even more so than managers. So, asking for constructive critiques and open channels of communication with management are essential to innovations. Empathetic leaders must provide the resources needed for team members to succeed. Moreover, leaders must continuously look for ways to give teams the right resources to perform. These include everything from upskilling and training to burnout and mental health support. Leaders set the tone for any organization's culture, so it's critical to embody the values of empathy and high performance. This means showing resilience in the face of challenges and failure, holding everyone on the team—including management—accountable for performance and maintaining a genuine concern for people and the company. The Choice Of Balanced Leadership Leaders who balance empathy and high performance create dynamic, engaged, action-oriented and innovative cultures. Empathetic leadership provides psychological safety, and team members know they're allowed to voice ideas without fear of retribution. In the end, the best leaders know how to balance empathy and performance as interconnected values for success. Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?
