Between the Interviews - What is Capitalism for Good?

Business Karma. This idea that if we choose the greater good or we choose to prioritize people when making business decisions, that it will often be a benefit back to us. It may take some time. It may be a delayed benefit, but sometimes that benefit might even come back multiplied. 

While the focus of the Capitalism for Good project is through the lens of discussions with business leaders, I would argue that we all, regardless of our positions or titles, have the opportunity to be leaders through our actions. No matter who we are working for. No matter what our field is. No matter if we aren’t even working for the company. We can all conduct ourselves as leaders in a given situation. 

You never know when that good business karma may come back around later. It could increase your return on investment many times over. There’s also a chance that it might not, but how much does it hurt to try?

What have I read: Mantras/quotes/affirmations. Sometimes I just need to give myself a quick pep talk and having a handful of options at my fingertips to help keep me going forward is so valuable to me. One of my recent favorites is, “you have been here before and you can do it again.” What are your pep talks that you give yourself? 

I'm not telling you what to do, but here's where I'm putting my dollar: Trader Joe’s! Seriously, I’ve been to Trader Joe’s all over the United States and I’m so impressed that regardless of where I am geographically, the culture is still the same. There’s always a friendly and helpful team of staff with some reliably great produce and products. More times than not, I’m choosing a Trader Joe’s if that’s an option. 

Early and bonus shows as well as curated discussions and merch are available on Patreon.

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Transcript

Hey folks, this is the Between the Interviews show, where I'll provide some context, background reflections and recommendations associated with the Capitalism for Good philosophy. While the interviews are obviously focused on highlighting businesses and their leaders through talking about their experiences and philosophies, the Between the Interviews shows will be mostly me connecting the dots, providing some additional insight, spotlighting the things that I'm listening to, reading and watching in order to learn more, as well as some of the why behind where I am choosing to put my dollar. These Between the Interviews shows will be sprinkled in Between the Interviews, and will be posted on the main feed, but will also be posted weekly on the Patreon in video form. So if that's your jam, head there, there's a link in the description. All right, I've talked in earlier episodes about the idea of business karma. It's this idea that if we choose the greater good, or if we choose to prioritize people, or the world around us when we're making these business decisions, that will often be a benefit back to us.

It might take some time, it might be a delayed benefit, it might even cost us some extra money in the front end, but sometimes that benefit can even come back multiplied. You just never really know what reputation you're building for yourself, or what just a little bit of goodness might get you, as opposed to maybe just being money-centric, and just looking at the short-term profits. There are all of these different types of business models that companies have to choose from.

So many different structures. Where and how they prioritize culture? Where and how they prioritize employees?

How much they're truly listening to customers versus following trends and low-hanging fruit, whatever seems to be the easiest and fastest way to grow revenue. The word efficiency is such a hot-button issue right now. But how often does that actually lead to long-term stability?

Business karma is all about how we make these decisions and choosing something that might be the right thing to do or the good thing to do versus the easiest or fastest or most efficient way. Yes, business is all about money at the end of the day. It takes money to survive, to pay employees, to grow and scale, to purchase goods.

From an employee perspective, it takes money to live. If that's a big part of why a lot of us have jobs, that's what it's all about. But what can happen when you choose the greater good versus the immediate sale or the short-term revenue?

What happens when you make this trade-off? You give something for free, you give some free advice, you give free samples at the grocery store, or you prioritize something in the short-term. Maybe you prioritize your customers in a different kind of way versus focusing just on the money and just on the end-of-the-day bottom line.

How can that actually turn around and help you more than just focusing on the immediate? Now once again, I've been really lucky to be surrounded by some really great leaders and thinkers who are willing to talk about the ins and outs of not just business, but life in general and what it all means and how it all works together. I was recently talking to my friend Melanie about balancing and prioritizing your own financial security and well-being with helping out the people around you.

Specifically some requests that I recently received around a second set of eyes on things, maybe some advice, maybe some risk assessment type of things. And how do you balance just out of the goodwill of your heart and your brain responding to those and giving people the time and the energy and the effort to take a look at those business models, to take a look at those agreements or plans for them, to be that kind of other set of eyes to help them out? How do you balance that and giving those kinds of advice for free versus your own time and money and well-being?

As we were talking, it dawned on me that sometimes I weigh how to respond to those types of requests to review business plans or an agreement or structure, for example, in the same way that I view mentorship and advising, and in the same way that I imagine a grocery store views giving out free samples on a given day. While in some cases, it might be free consulting or free management, or giving out free food, it can also be an investment in the future. For example, keeping in contact with old coworkers and teammates and having this goodwill and this good rapport and having the opportunity to have these types of discussions, maybe in five and ten years down the road, they'll turn into coworkers and teammates and clients and supervisors and whatever again down the road.

Even better, because you already understand how they work best and you've got this good rapport with them, you save time and money and hassle in the onboarding process whenever you start working with them again. You also kind of already know as you're vetting them, you already know a little bit about what you're getting yourself into. Or if you give someone a service for free, they may be quicker to recommend that service to someone else down the road.

Again, grocery stores do this with free samples. If you let someone try something, even if they don't buy it in the moment, they may later when there's a purpose for it, or they may recommend that item to someone else that might like it down the road. You just never really know, but that's the purpose of giving out those free samples, letting people try things, seeing whether or not they like them, and then being able to go back later and say, yeah, I've actually tested this out, and I know that I like this thing, so I'm gonna buy it.

Or maybe sweets aren't really my thing, so I'm not gonna be the one to purchase that ice cream sandwich that I just got a sample of, but I know that so-and-so really, really loves sweets, so then I'm gonna message them and be like, hey, next time you're at the Trader Joe's, make sure you pick up this ice cream sandwich. And I also totally made up an example. I've not tried any ice cream sandwiches lately, but I am not necessarily a sweet person, so that part rings kind of true.

This idea of business karma and just like the goodwill and the good nature of the people around us reminds me of this time way back when I was in college. Again, shout out Missouri State University in Springfield, Missouri. It was with another friend.

She was driving, and there's this woman who was going the opposite way. She turned around, flagged us down. This is very Midwestern of her.

As she rolled down her window to let my friend know that she was getting a flat tire, she also pointed us down the road at a local shop that she knew of that could fix it. And she was like, oh, honey, tell them that I sent you. He'll get you taken care of.

That's the place to go. And it's like right around the corner. We're college students, we're new in town, we don't really know all the places.

She also didn't know that she was getting a flat tire. So it was all like super helpful and way nice. So we follow her advice, we turn in, everyone's really great, they get her all fixed up.

Now that woman had to go out of her way to turn around and get the attention of some young women that she didn't know at all. But you best believe that I told that story and I recommended that car shop anytime it could fit it into conversation. Shoot, it's been 15 years and I'm still telling that story.

Now I am the kind of person who will gladly not only just go back to a car shop or a grocery store or a salon or a boutique that has friendly staff where I've had a really good experience with, but I'll also recommend it over and over and over again. I'm the kind of person that will bring my friends and family there when they come to visit. I will tell everyone about the Two Shot Man in the Fayetteville, Arkansas Whole Foods that recommended this pineapple jalapeno wine that won me a wine tasting contest back in February.

Thank you for that recommendation. I never would have picked that wine. And honestly, it's a pineapple jalapeno wine.

I just did it because I thought it was a funny story. He was going on and on about it, about how his girlfriend had drank it the last weekend, and they finished the whole bottle, and it was surprising how much they liked it, and she was laughing at him because that's what he picked up, but he was like, you listen to me. This is the best wine that I've ever had.

And I was like, this is outrageous. Absolutely. I'm going to purchase it.

That's going to be so funny to make people blind taste test that. And you know what? It won.

Thank you. I'm going to continue to tell everyone, not only try that pineapple jalapeno wine, but also go back to that Fayetteville, Arkansas Whole Foods and talk to the cheese shop guy there. And he and his coworker, Laura, who also helped us out when we went back to that same store the next day to ask for cheese recommendations were so helpful.

And I highly recommend buying some cheese from them. So nice. It took probably a couple of minutes out of each of their days just to sit there and chat with us.

But I'll tell you, Laura, this salty brie that she recommended, fan freaking-tastic. I might not remember the name of it. I'll try to find it and hunt it out and put it into the show notes.

Same thing. I don't think it got the name of the cheese shop guy, but Fayetteville, Arkansas Whole Foods, the friendly guy, bring up the jalapeno line, and he should know who he is. And if we've tracked down his name, you better believe that I'll put it in the show notes for you.

Now, while the focus of the Capitalism for Good Project is through the lens of discussions with business leaders, I would argue that we all, regardless of our position or title, have the opportunity to be leaders through our actions. No matter who we are working for, no matter what our field is, no matter if we aren't even working for the company, no matter for the purchaser of the product, we all can conduct ourselves as leaders in a given situation. That's part of what this Capitalism for Good project is all about.

That Springfield woman that gave us the recommendation for the car shop went out of her way to lead us to a reliable and trusted shop. Those Whole Foods cheese shop employees led us to some really great wine and cheese purchases that we're still talking about a month later. The folks working at literally every Trader Joe's that I've ever been to all over the United States lead me to choose that grocery store more times than not.

That's what this is all about. Sometimes the idea of Capitalism for Good is about the culture that you build as the founder and CEO of a business as you decide and you try to be an example of your company values and your priorities. Sometimes the idea of Capitalism for Good is about how your company is giving back to the community in some way.

Sometimes Capitalism for Good is about being patient with employees and allowing them to step away and take care of their families only so that they can come back with a more focused and more productive mentality. Sometimes it's choosing and deciding on benefits and compensation packages that are comparable to the work that they're doing. Sometimes Capitalism for Good is promoting someone as they learn and grow, but sometimes it's also being supportive of a person resigning so that they can take a new higher position that you're not able to offer them at the time.

Just so that they can come back maybe and run a division for you five or ten years down the road as you guys have both grown and they've got all these extra skills and experience that they've gained. Sometimes Capitalism for Good is being a conscious consumer and choosing to purchase items for a company that is in line with your values. And sometimes Capitalism for Good is just giving a smile or a thoughtful recommendation to a customer.

Sometimes Capitalism for Good is prioritizing people and taking time to treat them with dignity and listening. And I mean truly listening to what they have to say. Just taking a couple moments to have a meaningful, real, honest interaction with them.

Sometimes Capitalism for Good is giving out free advice or pro bono service just because it's the right thing to do at the time. It might take a little longer. It might not directly get you the sale at the moment.

Heck, it might even cost you extra in the short term, but you never know who it will make an impression on and how many people they'll spread the word to. Conversely, if you don't treat someone with dignity, and your competition does, who's going to get the better recommendation there? Who's likely going to get the good review?

Who's likely going to get the one star, zero star review on Google? It's all business karma. It all comes back around, and it all feeds into your reputation.

In consumers, I would argue, care about reputation. Now, there's definitely times that we got to choose convenience, we have to choose price. There's a time and a place for all of that.

But when you have the privilege and the time and the availability to actually make a choice, I would argue that you never know when that good business karma is going to come back around to help you. You never know what little loudmouth redhead is going to just yammer on and on. About a two minute interaction that you had about something that was as small as some pineapple line or is as simple as fixing a flat tire one afternoon for a couple college kids.

You never know when that good business karma is going to come back around later, and you never know how much that's going to come back around to increase your return on investment potentially many times over. Now, there's a chance that it might not, but how much does it really hurt you to try? Insert an Easter egg here about the recycle bin analogy?

Once again, we'll get to that, but that analogy works for everything, I think. At the end of the day, we all, well, all of us that live in a time and a place with a capitalist economy determined by producers and consumers in a free market, participate in capitalism by the way we make and spend our money. What's the harm in using that for potential good if we can?

All right, what have I been reading? This is kind of a nebulous woo woo one today. Montrez, quotes, affirmations.

To go back to Melanie from the beginning of this show, she has all of these sticky notes where she writes down little reminders and things to herself. Go for a walk, you got this, whatever she needs to hear in that given day. I have a whiteboard that I write on that's just got all of these quotes that are like sticking out to me at the time.

I update it regularly when like inspiration hits in such a little woo woo way. Just little things to remind myself that, hey, you can keep going even when things get tough, even when things get hard, you got this. One of the things that I keep telling myself to keep from getting overwhelmed or down, especially at this time in my life is, I have been here before and I can do this again.

And any time that I'm like, oh, this is so difficult, oh, I can't stand doing this, or like, this is hard, or this is sad, or this is tough, or I'm afraid, or whatever that is, if I just keep telling myself, I have been here before, you can do this again, it just gives me a moment of peace, and it gives me a moment of confidence, and that's what I need to hear. So, yeah, it's not necessarily one of these, like, hey, go read this author, or watch this show that I've been watching, but maybe it's a little bit of, find something that sticks out to you, that kind of keeps you going, like, what is your motivation? I mean, that's a real question, tell me what your motivation is.

I'd love to hear it, and maybe I'll end up on my mantra quote board. And then in my, I'm not telling you what to do, but here's where I'm putting my dollar. I said it earlier, so I guess I'll just say this again, cause it makes the most sense.

Trader Joe's, seriously, I am so impressed that every Trader Joe's that I've been to all throughout the United States has the most friendly and seemingly, like, full teamwork mentality. Like, the way that they just, like, hop over and bag each other's groceries, and the one here in Louisville, Kentucky, on Shelbyville, Shelbyville Road, is, like, checking over my produce, and if there's a little spot on a pepper or something, they're like, we'll donate this one. We'll go get you a new, better pepper.

Like, just the attention to detail, the friendliness, it's not too much. It doesn't feel over the top. But it is so impressive to me, you know?

I have lived in different parts of the country with very, very different cultures. Let me tell you the culture in Seattle, Washington versus Louisville, Kentucky versus Springfield, Missouri is very, very different. And it has been like, again, something that I will talk the ears off of anyone who wants to talk about it with me.

But it's so surprising to me that even with those cultural differences in different locations, that the staff at Trader Joe's still has the same type of general culture. It's amazing to me. There's something that they're doing right.

It's great. They have great products. They have great produce.

They have great prices. I'm very happy to be a Trader Joe's loyalist. All right, before we go, I've mentioned that this project is supported through Patreon.

There's a link to Patreon down in the show notes. And if you want to jump up a level from the free version, you can do so by becoming a direct supporter of the project through that platform. Once you sign up, you'll get a link to a different feed on Apple or Spotify or whatever podcast platform you use that will take you to exclusive shows and bonuses as a thank you for your direct support.

Also, this project is new and still working out how to make it better and making sure that it's resonating with the folks that are listening. So I really appreciate any and all feedback. I truly do want to hear from you.

So if you follow and message me on Instagram, it's at Capitalism for Good Podcast. Or email me and message me with your thoughts. Check the links in the show notes for different ways that you can also contact me.

There's a really good chance that I'll send you a discount code for Patreon as a thank you. Really appreciate it. Thank you so much.

All right, that's enough. Let's go leave this place better than we found it.”