Conscious Capitalism: A Modern-Day Approach to Entrepreneurship
Purpose is not only for highlighting your brand in the short-term. Learn how Permaseal built their 40-year-old waterproofing business intentionally to serve rather than to chase the bottom line.
Purpose is not only for highlighting your brand in the short-term. Learn how Permaseal built their 40-year old waterproofing business intentionally to serve rather than to chase the bottom line.
Do you believe that if you want a job done right, you have to do it yourself? It can be challenging to be able to trust someone else to tackle an important project with the same heart and soul as you would. Roy Spencer found himself pondering this predicament 40 years ago when he started working as a contractor in the home renovation industry. During this time, he came across questionable practices and standards that didn't match how he believed in doing business.
Building upon his values and refusing to cut corners, Spencer did indeed "do the job himself", while also aiming to be the person who you could count on to do it right for you. He launched his company Perma-Seal, an Illinois-based basement waterproofing business, with this integrity.
It's a concept he refers to as Conscious Capitalism, which seeks to examine each touchpoint among the company's stakeholders and ensure that they are aligned.
Capitalism suffers from a bad reputation, but only because its positive aspects and subsequent potential have been exploited and ethics have been compromised. When done right, free-enterprise capitalism is a powerhouse that can create positive social impact, allowing people to flourish financially while simultaneously serving a greater purpose. But to get it right, you have to build your business upon intention rather than lead with the bottom line.
Unsurprisingly, however, the bottom line tends to be profit and client loyalty for business owners who take this approach. One 2018 study from Accenture states that "consumers in the United States are no longer making decisions based solely on product selection or price; they're assessing what a brand says, what it does and what it stands for. They support companies whose brand purpose aligns with their beliefs. And they reject those that don't, with one in five walking away forever".
So how does Spencer follow through to ensure this is something he does and not just talks about? Perma-Seal does its due diligence when it comes to sourcing quality materials, offering competitive pricing, and actively listening to the needs of its customers. But ultimately, it's all about the people. Spencer ensures he employs like-minded individuals who are as value-driven as he is and aim to do right by their customers, a tactic that has proven successful with 260 staff members to date.
When Spencer landed his first client with Perma-Seal, he committed to being honest and authentic from day one. These values should be at the core of any business that wants to thrive. Spencer has proven that through building a successful company while staying true to who he is and what he believes in, he can always rest assured that he’ll make the right decisions for both him and his team.
Perma-Seal collaborated with Impactika Consulting in their shared mission to use business as a force for good. Find out more by reading the case study.
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