For this month’s book club, we’re reading Business and the Buddha*
But at the same time, I think it’s important for me to emphasize that it’s ok for crafters to make a profit. It’s ok to make money, as long as we find a balance.
In the book, author Lloyd Field talks about the idea of “responsible profits.” This is the idea that your business is focused on both profits AND the well-being of others. Others includes employees, customers, vendors, the community, and the environment.
You’re going to hear me talking more about profits in the coming weeks as I worry that makers aren’t focusing on the right numbers. But as I talk about the importance of profits, I hope to keep that in check with some of the ideas in Business and the Buddha*
So my question to you is: how do you measure success beyond profits? What other benchmarks are important for your business? Social and environmental responsibility? Providing meaningful employment? Providing value to customers?
Please share your thoughts in the comments! I’d also love for you to head over to the book club blog, where our fantastic contributers are asking similar questions!
*affiliate link
this is a topic that is near & dear to my heart 🙂
i am very focused on responsible profits in my business but at the same time, i have a huge goal for myself and my business. my goal is to be able to employ and train women to do what i do, all the time paying them a fair, higher-than-living wage.
i also think that the more you give the more you get. it sounds so trite but it’s true! the moment i started feeling free enough with my income to give back to a non-profit organization (i’m looking at you WHYY!) the more money i made. the more generous we are to others, the more generosity is shown to us.
looking forward to this!
I’m for live-able wage which includes crafters! There’s such a terrible legacy of women being exploited via piecework, work-from-home, and various other pyramid schemes that if we can create a sustainable model within crafting, then why not?
For me, especially after working for others most of my adult life is being responsible for the decisions I make and the actions I made. At the end of the day being able to say that it worked or it didn’t but it was me. Not somebody else’s decision that I didn’t agree with but had to go along with anyway.
That I can look at the things I have achieved (even if they took a lot longer than I thought) and being happy with MY decisions and actions. Learning from the up and downs, the bumps in the road. The smile of my face (even if I am tired) and looking forward to the next day keeps me going. And when I am able to employ staff I would like them to have that same sense of accomplishment and ownership; knowing that their efforts will be acknowledged AND rewarded.
Also recognition by you peers, people that you look up too within your industry. Having positive feedback is always welcome and definitely motivation to keep going.
A financial profit is desirable but it wont be sustained in the long term if I am not happy with what I am doing each day.
If I rejoice because it is Monday morning, then I am doing something right
If I get that sinking Monday feeling, when my nose is back on that grindstone, then I might as well go and work for someone else
my business dream / goal is to BE HAPPY TO WAKE UP AND WORK each working day. that, and to have others, who work for me (full or part time) FEEL THE SAME WAY. that, and to be able to offer them more than that “survival wage” — which can feel so demeaning and so painful (been there, never want to do that again, nor do I want anyone to experience that). AND I want my business to make ALL WHO PARTICIPATE … be happy they came, and wanting to return. As for social content – I want to be a part of our bigger community, by encouraging artists near and far — and by having the $$ means to donate to just causes.
I’ve thought a lot about social responsibility every since I’ve started studying business in college. I think as I set up to reopen my business, it will play a large part in my business plan. I’ll admit…I enjoy writing business plans. There’s something nice about writing out exactly where I want the business to go, in all perspectives. I think social responsibility should play a major roll in any business, and I have started to choose products based on their social responsibility plan over other factors, such as price. For example, I know that I will choose my supply chain based on two factors: their sustainability and their social responsibility outlook.
I think my first year business professor made the best point about it…why take from a community when they’re already giving you your lively-hood? I wish I knew how to give back, and I’m still ironing that out. I think its different for every business. Since my name and my planned new product revolves heavily around turtles and children, I think I’d love to donate to children charities, turtle habitat funds, and the like.
I guess what my goal is…I want to be proud of my business, and I don’t want to be proud of it solely because I’m making a good profit. I *want* to be able to brag about my sustainability and social responsibility plan and how I’m keeping to it, and I want to brag about how my suppliers are doing the same.
PS: Sorry for the novel response. 🙂
I was happy when I was able to give a micro loan to a craft group in Guatemala. I’d like to slowly increase the amount of the loan. But I’d also like to give back locally and teach sewing and online skills to people who are in the fringe of society. This is harder said than done as time is always an issue in running your small business. When I move to an outside studio, I’d like to hire and teach a woman all the facets of a business so that in time she can combine her creativity with business just as I do.
Giveaways are also a way of giving back. You never know who can’t afford to hardly buy any of the beautiful things you see online. For some people, a giveaway may be a beautiful gift.
This is a FANTASTIC subject. I find it is a place that can be so unbalanced. We tend to not count the massive energy we put in as having a cost. I do soooo much non-profit work of which I have received much kudos [which is currency for me] but I tend to burn-out and get completely exhausted after a project I prepared for is over. And if I am to be honest, here’s what I see are real issues for me to look at:
1] Why am I doing this? REALLY, the honest truth.
It is said that there is no such thing as altruism [one definition is: the principle or practice of unselfish concern for or devotion to the welfare of others] because we feel good after doing good, so we are benefiting. With that, I believe we are ALWAYS looking for a benefit when we give [and that IS NOT BAD]. So, I think about why I am sometimes really giving more than I get. The truth is, sometimes I do things for very unhealthy reasons…see #2.
2] As women, we tend to feel “less than”. Sometimes giving more than one gets keeps us in that mindset…not valuing our work enough to get what it’s worth.
3] Can I AFFORD to donate?
I’ll never forget a dear friend saying to me, “You can’t give what you don’t have.” The point he was making is, if you donate, for example, a beautiful bracelet that you know you could sell, you won’t be able to afford to make more of the bracelets [and afford to give it away].
4] How does this benefit my business?
It seems selfish but let’s face it…we have to stay in business to donate.
5] Am I donating to a black hole?
I have found myself wanting to know more about how the funds from my donation are being used.
It me justify my hard work behind the donation.
I can go on forever! One last thing…when I’m aware of all the “stuff” behind my donating, it’s a WONDERFUL, joyful experience. Again, great subject.
I am sooo with you, Pamela. I couldn’t say it better!
All I can add is that at this point of my life, meaning after years of volunteering, participating in fundraising, donating, etc., I realized that my business balance was far too tipped to the buddha side.
So, why not apply the quote: “be good to yourself for others..” to our business life… and personal life as well of course!!
I have been able to employ college age girls very part time for the past several years. I feel good about this because I am offering a job that is much more interesting and creative than what I think many college kids can find. I also strive to be an example and hopefully an inspiration for them of what they can do with their creativity. As my own daughters continue to mature, I also hope that I inspire them to turn their passions into their living.
I also love participating in fundraising events where I am able to sell but also donate a certain percentage to the charity putting on the event. this is always a win/win.