Podcast Summary
Values-based business: Values-based businesses can resonate with customers on a deeper level, build a loyal customer base, and lead to increased financial and non-financial success.
Having a values-based business can lead to greater success, as it allows customers to connect with your brand on a deeper level and feel good about supporting it. Sim, a seven-figure business owner, shared her experience of learning this during an intensive business course at Insead Business School. She emphasized that businesses that aim to create positive change in the world are more likely to resonate with people and build a loyal customer base. This can lead to increased financial success, as well as non-financial benefits such as positive word-of-mouth and increased brand awareness. Maya, a solopreneur, also expressed her belief in the importance of values-driven entrepreneurship and her own commitment to it. Overall, the discussion highlighted the importance of aligning your business with your values and creating a positive impact in the world as a key driver of success.
Value-based business: A value-based business, driven by purpose beyond profit, leads to authenticity, easier decision-making, and a stronger connection with customers.
Running a value-based business, from both a personal and consumer perspective, leads to authenticity, easier decision-making, and a stronger connection between the business and its customers. A value-based business is one that goes beyond just creating a profit and instead is driven by a purpose. From a consumer's point of view, it's evident when a business truly cares about its values and beliefs, and this authenticity can be seen in various industries, even in something as simple as a water bottle company. Frank Green, for example, is an environmentally conscious business that sells water bottles, and their commitment to sustainability is a significant part of their identity. Ultimately, when a business aligns its values with its operations, it creates a stronger bond with its customers and makes a positive impact on the world.
Value-based financial education: Provide authentic, impactful financial education, focusing on values and potential positive impact on people's lives, rather than unrealistic returns or material wealth.
Financial education is essential, and it's important to provide it in a way that aligns with your values. When it comes to teaching people how to invest, there are already numerous resources available. However, what sets successful platforms apart is their commitment to authenticity and impact. Instead of promising unrealistic returns or flaunting material wealth, focus on the educational aspect and the potential positive impact on people's lives. Running a value-based business comes with its challenges, as people may criticize your values along with your business. But, maintaining integrity and staying true to your mission is crucial, even if it means facing criticism and potential sacrifices. Ultimately, it's essential to remember that the goal is to make a difference in people's lives, not just to make a profit.
Authenticity and values-based connections: Buying from individuals and family businesses fosters deeper connections and engaged communities, while catering to specific audiences and aligning with their values is crucial for business success
Authenticity and values-based connections are essential in business. The speaker emphasizes the importance of buying from individuals and family businesses, as opposed to faceless corporations. This personal touch not only creates a deeper connection between the customer and the brand but also allows for a more engaged and committed community. The speaker also believes that catering to a specific audience and aligning with their values is crucial for success, rather than trying to appeal to everyone and risking demotivating or alienating certain groups. In essence, being true to one's values and building genuine connections with customers is key to creating a successful and impactful business.
Target audience values and needs: Understanding your target audience's values and needs is crucial for a successful value-based business. Focusing on specific areas of financial education and deciding between reach and depth can help ensure your business provides meaningful value.
Understanding your target audience's values and needs is crucial for running a successful value-based business. The speaker in this discussion emphasized the importance of focusing on specific areas of financial education rather than trying to cater to everyone. By doing so, she can ensure that her business, "Girls that invest," is providing value to its audience in a meaningful way. The speaker also touched upon the concept of reach versus depth in business impact. She explained that while it's tempting to aim for a large reach, it's essential to consider the depth of impact instead. In her case, she decided that her goal was to help more women learn about investing, rather than trying to teach them everything about personal finance. To start a value-based business, the first step is to understand the difference between reach and depth and decide which one aligns with your business goals. By focusing on the specific needs and values of your target audience, you can create a business that truly resonates with them and provides real value. The speaker also shared her experience of seeing businesses that tried to cater to too broad an audience and losing their focus. She warned against this and encouraged business owners to stay true to their mission and values to create a successful value-based business.
Measuring impact: To create meaningful change, it's crucial to establish specific goals for the next five years and determine how to measure that impact, such as tracking the number of people who take a masterclass and invest or surveying listeners to assess changes in financial literacy and investment behavior.
Reaching a large audience through various platforms is important, but it's the depth of impact that truly matters. Having nine million podcast downloads or 400,000 Instagram followers doesn't necessarily mean creating significant change. To measure the impact, it's crucial to establish specific goals for the next five years and determine how to measure that impact. This could include tracking the number of people who take a masterclass and invest, or surveying listeners to assess changes in financial literacy and investment behavior. Ultimately, the goal is to convert abstract numbers into tangible, physical changes in people's lives. Reaching a large audience is just the beginning; creating meaningful change is the ultimate objective.
Business impact on clients: Measuring and communicating the positive impact of a business on clients can lead to more meaningful and rewarding relationships and help differentiate the business in the market.
Understanding and communicating the impact of your business on your clients can be a powerful differentiator. For a private chef, the impact could be measured in terms of the number of people who eat healthier meals, the amount of time saved on grocery planning, and the reduction in waste. For consumers, this impact can be a deciding factor when choosing between different catering options. Additionally, aligning with the values and priorities of clients can lead to more meaningful and rewarding business relationships. As a business owner, identifying and focusing on the aspects of your business that matter most to you and your clients can fuel your passion and drive success.
Theory of Change: Create a visual representation of desired impact, inputs, activities, outputs, and outcomes to ensure clarity and alignment of values in collaborations
Effective communication and alignment of values are crucial for successful collaborations. Misalignment can lead to difficulty in working together and achieving desired outcomes. To ensure clarity and alignment, create a "theory of change." This is a visual representation of the desired impact, along with the necessary inputs, activities, outputs, and outcomes. For instance, if the goal is to increase access to investing education for women and minorities, inputs may include financial resources, partnerships, and marketing efforts. Activities could include developing workshops, online resources, and running awareness campaigns. The ultimate outcome would be more women and minorities having access to investing education, resulting in a positive impact. This framework helps keep everyone on the same page and prioritizes the importance of clear communication and alignment of values.
Diversity and Inclusion in Investing: Girls at Invest program reached 12M monthly users, increasing women and minorities engagement with investing, leading to partnerships, confidence, economic empowerment, and community conversations.
The Girls at Invest program has made significant strides in increasing the number of women and minorities engaging with online media channels related to investing, reaching 12 million per month. This initiative has led to numerous partnerships with industry stakeholders, resulting in increased self-reported confidence among women in investing, economic empowerment, and greater community and social conversations. The program's success is evident through various outcomes, including media coverage and social media mentions. This template, which includes an award-winning graph, can be adapted for other organizations to measure their progress towards similar goals. The importance of value-based businesses, as demonstrated by Girls at Invest, is crucial for making the world a better place. By leading with heart and good intentions, we can create positive change. If you enjoyed this episode, please don't hesitate to reach out for more insights or to learn more about Girls at Invest. Let's continue the conversation about the importance of diversity and inclusion in business.
Social media sharing for financial literacy: Sharing educational investing content on social media platforms can help spread financial literacy and empower women through financial freedom
Spreading the word about investing and financial literacy for women is crucial for achieving financial freedom and empowerment. The hosts of the Girls That Invest podcast encourage listeners to share their content on social media platforms like Instagram to help reach a wider audience. The ultimate goal is to educate more women about investing and growing their wealth through business. Financial freedom is a form of genuine empowerment and a valuable asset. However, it's important to remember that Girls That Invest does not provide personalized investing advice and should be used for educational purposes only. Always do your own research and due diligence before making any investment or financial decisions.