Good Karma, Good Business

I'm happy to say that I'm hard at work on my third book, Good Karma, Good Business: How doing the right thing pays.

Last September-October, as our current financial crisis got under way, I started working with some colleagues at The Naples Institute on a study of those companies that are thriving despite the downturn. I was going to call the book from this study Recessionproof.

Interesting and important, I'm sure, but not entirely inspirational to me, the author, so for my readers...? Let's just say I thought I could do better.

The data we've collected for our study led me directly to the broader topic of the book I am currently outlining, Good Karma, Good Business.

I'm looking at 4 "constituents" of any given business for this study:

1. Employees
2. Customers
3. Community
4. Stockholders

The premise is simple, if not widely accepted in the world's boardrooms: no business can serve the stockholders/owners directly. The more management practices what I've dubbed Primitive Capitalism, with a myopic focus on maximizing short-term profits, the more long-term financial success will slip through their grasp.

Rather, it is only through Enlightened Self-Interest (first espoused by economist Adam Smith in the 18th Century) and the practices of Capitalism 2.0 that a company can become successful in any meaningful, sustainable measure.

Some of the perspective I'll be sharing, based on hundreds of examples from small, medium, and enterprise-sized businesses:

* Treat your employees respectfully, give them a company they can be proud of and a cause they can rally behind, and they'll build your company for you - because it's for them, too.

* Spoil your customers rotten; they'll become loyal and even bring you their friends. Abuse them and they may stick with you for a while (for instance if you're the only or the cheapest game in town), but sooner or later they'll drop you like a hot skillet.

* Our study shows companies that do well long-term are much more often than not good corporate citizens. While one firm may focus on the global environment, another on employee-volunteerism, and a third on local literacy issues, most stand for something: they give back. Employees, governments, and customers admire that, and all this earned good karma shows in the company's bottom line.

Good Karma, Good Business will be the culmination of my career as a businessman, author, and thinker. As with everything I write and speak on, it will be chock-full of real-world examples, from companies that get it and are thriving as a result (Patagonia comes to mind), and from some that don't get it at all, and are struggling as a result (can you say GM?).

I invite you, my readers, to share tales of your favorite companies! If you can think of a company that deserves our attention, or if you have a story to tell, please email me directly: tedcoine@gmail.com.

I can't wait to hear from you.