Episode 3
Let's create the case for all stakeholders to profit along with the shareholders.
In episode 3 of Getting Down to Business, Mark and Cynthia interview guest Michael Woyan delve into how businesses can adopt a stakeholder approach to ensure the success of not only shareholders but also employees, communities, and the environment. They explore case studies that highlight the benefits of creating equitable and socially responsible business models, including improving customer loyalty, reducing employee turnover, and fostering cooperation between businesses.
Key Takeaways
- The Stakeholder Approach: Why businesses must prioritize all stakeholders, not just shareholders, for long-term success.
- Benefits of Social Responsibility: How customer loyalty, employee retention, and community involvement strengthen a company.
- Cooperative vs. Competitive Business Models: The advantages of collaboration over competition in solving social and economic problems.
- Practical Steps for Entrepreneurs: How small business owners can start building socially responsible business models, including becoming a B Corporation.
In This Episode
- 00:00 – Show Introduction: Mark welcomes guest Michael Woyan, returning to dive deeper into unfinished business from Episode 1.
- 05:00 – The Stakeholder Approach: Michael discusses the shift from a shareholder-first model to a stakeholder-focused business approach.
- 12:00 – Social Impact in Action: Michael shares his experience working with communities to improve economic development, including his work with the Lakota tribe.
- 20:00 – Employee Retention Strategies: The discussion shifts to how businesses can reduce employee churn by treating employees as assets rather than commodities.
- 30:00 – Cooperative Business Models: Michael explains how cooperative models can foster stronger businesses, sharing examples from the Chicago B Corp community.
- 40:00 – Practical Steps for Entrepreneurs: Mark and Michael provide practical advice for entrepreneurs looking to adopt a stakeholder model, including how to start the process of becoming a B Corporation.
Guest Bio
Michael Woyan is a social impact entrepreneur with a background in real estate development and nonprofit work. As the founder of Marketsling Innovation Labs, he focuses on ethical business practices and creating economic opportunities in underserved communities.
