Ask any businessperson worth their salt to define “success,” and one of the most common answers will most certainly be “making money.” All enterprises strive to be profitable as part of the fruits of their labor. Money, after all, is what makes the world go round. So, it stands to reason that more money would be a worthy goal. Or is it?
Should money be at the heart of our business goals?
I sat down with my former client Lynne Twist, who was a guest this past week on Oprah’s Super Soul Sunday, and is the author of the newly updated and re-released book The Soul of Money: Transforming Your Relationship with Money and Life. Twist, who is also a fundraising consultant, says that while money is no doubt a way to measure productivity and ensure financial security, its place at the center of our business world may not be the best strategy.
“When we think of how we earn, spend and invest money as a carrier of our intention, we can see the often-obsessive devotion to money, profits, accumulations, market share and the grasping for more in a pathological, dysfunctional and unconscious light. When we make money itself the destination, we get confused,” says Twist.
Make money the fuel of your destination.
“On the other hand, when we know that money is the fuel toward that destination — a much higher purpose than simply the accumulation of wealth — we can create a healthy relationship not only with money but with ourselves. We can actually see that it’s our vision or mission that we are really all about, and that the financial resources are what support us in getting there.”
So how can today’s business leaders — who need to manage both short-term results and long-term impact — learn to think about money as a motor of purpose, rather than just a measure of success? Twist suggests starting with what drives you.
Find what drives you.
“If we look at what drives us, we find that it’s the doing of something, and doing it well, that often comes first for the most successful people. And a vital part of that is doing something fulfilling and meaningful, beyond just making the business successful,” says Twist.
She goes on to explain that when companies ground their business and business decisions in a deeper commitment, it often generates results that reach far beyond the bottom line.
“When the vision of the company and the service that we’re providing (and not just money) are the point, our financial resources become what allows us to achieve that. Then we have our attention on the right thing,” says Twist.
Set up an opportunity for service and contribution.
Twist says that business owners can also help their employees participate in a larger vision by creating opportunities for them to serve their families and community with such actions as:
• Creating a policy that allows for a certain number of paid volunteer days
• Generating HR policies that include thoughtful child care and family leave
• Creating a matching fund for employee charitable contributions
The meaning of money to Millennials.
Consider the case of companies like TOMS or Warby Parker, who began with social consciousness as an integral part of their brand from the beginning. In a world concerned with sustainability, they have both been hugely successful and stayed true to their deeper mission. This way of thinking about money and business that Twist proffers is particularly important as companies engage in the recruitment of millennials, many of whom hold contribution and community at the heart of their work-life goals.
“Today’s younger people are looking for career success with a soul. I think we’re in a new business movement that has service, sharing, collaboration and making a difference at the heart of it,” says Twist. “For everyone who strives to be among the best, their work is a representation of what’s in their soul. After all, what’s the point of your business if it, and you, don’t have a point?”