The Tragedy of Vision.

 

Shortsightedness has always been a challenge for many business leaders. The 'Tragedy of the Commons' in economics explains how individuals neglect the well-being of society in pursuit of their gain. It leads to over-consumption, untimely depletion of shared resources. Mark Carney, Governor of the Bank of England, coined a similar concept or an extension of the above-said idea through the 'Tragedy of Horizon'. He says the current generation is least bothered about fixing a future problem. Again, the allusion is towards 'myopia' that keeps human beings from doing their bit to fight climate change. But the farsighted understand and anticipate broader global impacts on property, migration, political stability, food and water security etc.

In a world of uncertainty that the pandemic has left behind, most of us are groping in the dark for the right approach to take us ahead in these most challenging times. The millennials and Gen Z customers are increasingly becoming belief-driven. Customers can make or mar a brand through social media. Employees are looking for companies that help them realise their life's purpose through a lofty meaning in what they do. ESG regulations are becoming stronger, and certain compliances will become mandatory in the near future.

Considering these challenges, we are sure that the way out for any business is to look beyond the horizon through a Purpose Branding strategy. Make 'Growth for Good. Growth for All' the fundamental principle guiding your long term vision. For any business to successfully exist and sustainably perform in these times, a holistic inclusion of all stakeholders is imperative – the society, investors, employees, vendors, government authorities and regulators. Create a shared purpose and take all your stakeholders along with you in your mission to contribute to society and the world at large. Transcend the horizon of your vision with Higher Purpose!