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The Economy Of Goodwill: How Values Can Impact Business Across The Globe

Forbes Los Angeles Business Council
POST WRITTEN BY
Frances Kiradjian

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The term “citizen of the world” has never been more prevalent than it is today. Be it due to a renewed sense of worldliness as a side effect of technological developments or a restructuring of the American Dream, today’s definition of luxury has evolved, and the culture shift in the world of modern travel has been a swift one.

Now, the very nature of travel is to expose people to not only new places but to thoughts, ideas and cultures. The rise in voluntourism, sustainable tourism and ecotourism initiatives all point to a common value that people share by perusing their wanderlust: do good wherever you go. The concept of adhering to values and doing good has now evolved to appeal to all businesses. Imagine the impact your company could make in the world, one good deed at a time. There is power in numbers no matter how you slice it. When my team spoke to the attendees of our conference, we explained that we wanted them to find the inspiration and motivation to grow their brands but with the goal of affecting positive change in the world.

Millennials have arrived as the most influential generation in global economics. Many millennials' informed moral stances and equalitarianism attitudes have turned them away from the archetypical “luxury” consumables that previous generations have long regarded as indicators of wealth. Gold-plated toilet seats? Rolls Royce and caviar? Hard pass. Millennials are engaging in travel experiences that create conscious, global citizens. However, high-end goods and services aren’t going anywhere, they’re just being reclassified. In fact, after conducting a survey, we found the perfect essence of today’s interpretation: It is luxury if it exceeds your expectations. This applies to the broader spectrum of everywhere that luxury appears. 

How Business Travelers Can Drive Change

Business travelers can also positively impact the places they visit in so many ways. Patronizing homegrown, independently owned businesses rather than gravitating toward familiar, internationally recognized brands is the easiest and likely most predominant method of elevating a foreign community by stimulating the local economy of a destination.

A slightly more proactive approach business travelers can use to spread goodwill is by seeking charity-facing travel suppliers using community enrichment-oriented apps and services such as Impact Travel Alliance or Kind Traveler (Full Disclosure: I am on the board of Kind Traveler). Or they can choose “greener,” more environmentally-friendly amenities. As an example, Kind Traveler allows travelers to make a donation before starting the trip. With a little technology and goodwill, travelers have the ability to touch someone as far as 9,000 miles away or in their own backyard. Sometimes we need to be guided to make a donation and this simplifies the process.

A third method, and perhaps most impactful, is booking a trip with the intent of volunteering or educating. Though we live in a global economy, far too many of the world’s participants are not supported. When taking all of this into account, the travel concept changes from fanciful musings to moral imperatives. It is our duty to help maintain the balance. A good example of this is taking note of what a friend of mine did recently in Africa. She is a public speaker and took a full month to spend time in Kenya volunteering her time and effort to help the people there.

How To Spread Goodwill In Your Own Business

The onus to affect positive change is not solely on the shoulders of the traveler, and locals are not the only beneficiaries. Businesses in all industries stand to benefit greatly from earnest charitable activities with those benefits ranging far beyond tax breaks and good PR.

Because business practices are more transparent than ever, trust has emerged as a currency that can make or break a company. Fostering the trust of your consumer is invaluable, and discerning travelers know that trustworthy entities are proactive in helping others. Gaining and maintaining the confidence of your target demographic all but guarantees continued business and longevity for charitable properties. This is best and most easily achieved by the following:

• Establishing your values as a company. While charitability doesn’t necessarily need to be in their mission statements, brands owe it to themselves to make their values and charitable initiatives known. Start by going back to your mission statement or start a totally new one ensuring that you address how your company or organization is doing good in the world.

• Build a reputation of trust. Attracting and maintaining a talented staff becomes infinitely easier with a good reputation. Trust is a currency easily squandered and difficult to accumulate, but with it, you will find success. You can do this by building a loyal following on social media and potentially even a separate social strategy for your "doing good" mission. Remember, it needs to be genuine and real, not forced or fake. Take a look at what the top 2018 companies are doing to change the world and find your inspiration.

The world gets smaller every day. As we become more and more connected, it becomes nearly impossible to remain closed to some of the harsher realities our fellow people face. While we immerse ourselves in the cultures the world has to offer, it’s imperative that we enrich the places and people we touch, leaving each destination better than it was before our arrival. Pointless extravagance has begun to fade into obscurity, and in its place, a sense of community and duty to your fellow humans has blossomed. Business professionals need to take notice.

Tourism revolutionized the industry of giving back. Now it is up to all of us in business who need to turn to propel these goodwill initiatives to the next phase.

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