Do Business Principles Impact Business Agility?
November 15th, 2023
SUMMARY / KEY TAKEAWAYS
- Business principles are essential virtues for you as a leader to curate, and this approach will embody itself in every decision you make.
- That being said, it’s true that principles are often principles because they’re rigid, focused, and determined. That’s what gives them value.
- Let’s consider, then, how to identify the agility cost of business principles and how to plan for operating in a virtuous manner.
Do Business Principles Impact Business Agility?
Business principles are essential virtues for you as a leader to curate, and this approach will embody itself in every decision you make. That being said, it’s true that principles are often principles because they’re rigid, focused, and determined. That’s what gives them value. For example, a person cannot be flexible with the truth while also serving the noble principle of integrity.
For this reason, it’s important to consider not only the benefits and acclaim you may get from business principles but also how they impact your brand. In some cases, an opportunity cost may be required, one you’re more than happy to pay. For example, using Everline Coatings to invest in more disabled access in your storefront car park is absolutely a healthy and forthright move to make, but it may mean you have three loading bays instead of six possible car spots. You may think this is more than worth it of course, but it’s still a calculation you have to make.
Let’s consider, then, how to identify the agility cost of business principles and how to plan for operating in a virtuous manner:
Evaluating The Full Opportunity Cost.
It’s important to be clear-eyed about the potential opportunity cost of sticking by a principle. For example, it may be that a supplier with robust products but a checkered history of sustainability may run against your marketed approach to environmental rejuvenation.
If a conscious consumer understood this connection, they could potentially cause reputational damage, without a single falsehood being uttered. In some cases, it’s better to avoid issues like this and source suppliers more in line with your chosen strategy, to ensure a clear and principled stance. Ultimately, understanding the costs of opting for more expensive options can help you correctly cost your decision, which provides more essential data when making future decisions.
Willingly Accepting Risk.
Ultimately, you have to scale what principles mean to you and how that influences your business. In some cases, businesses can find themselves in the midst of very real social issues. For example, it’s worth supporting Pride Month for obvious reasons, and yet if your business is located in the heart of a very religious community, it’s easy to see how this might strain your relations.
In other words, to take clear principled stances, you have to accept the risks that some may not appreciate your efforts, or feel unnecessary. That said, in this case, queer individuals working for your company will feel safer knowing you stand with them. As you can see, principled stances are often more than worth it, but sometimes you have to take that risk.
Getting The Team On-Side.
No matter the principle, its effects will need to be communicated and embodied by your staff. For this reason, it’s essential to remain very transparent about your direction and how it will impact staff in their jobs. Convince and persuade them that this may be worth future effort. Be very clear about the effects this might have on their daily working reality. This way, the agility of your staff will never be a friction point between your principle and how the principle is expressed on a daily basis. With this advice, you’re certain to see how business principles impact agility.
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Please cite as:
Ontology of Value (November 15th, 2023). Do Business Principles Impact Business Agility?. Retrieved from: https://ontologyofvalue.com/do-business-principles-impact-business-agility/
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