The purpose of principles

By Theodora Lau and Bradley Leimer of Unconventional Ventures 

If you had to define the principles of financial services, what would they be? We would argue that all players in the financial services ecosystem must take a much longer view of their purpose of existence first. Their customers surely do, so why not financial business models too? After all, lasting relationships take commitment toward a shared set of principles. 

It all comes down to how you view time. How can we be better ancestors to those that come after us? What is the legacy we would like to leave behind — both as an industry and as individuals? What should we stand for — beyond the time that we have here? 

This should be the focal point of what we do as we build positive financial outcomes across generations. It shapes how we look at money, data, and every facet of banking. How can we determine this set of principles that move us forward? How can financial services find its soul?

This is how principles are formed. 

Many people working in financial services may not think that what they do has a long term impact on millions of people beyond their own communities, but it does. What we do in life should create personal meaning for us, and it should somehow be reflective of our values and beliefs — and develop a deeper empathy for others. 

Business models should reflect this as well. And we all have a role to play. 

How does what you do improve people’s lives? How do you measure success, if not through the lens of the health of the community around you? How do you help them meet their basic needs — and meet the ones beyond those, to create multi-generational success and a more equitable future? Every decision we make in life matters in the aggregate view.

Do your principles embrace the power of the common good — the idea that there is more to us than ourselves? The daily decisions we make have a ripple effect on the communities we live in, and those that we are fortunate to serve through our work, through our ideas, and through our actions. We are stronger together when we all work toward common goals to lift up those most vulnerable in our communities. 

This is why we believe that every voice matters, that people should be treated equally, fairly and consistently regardless of age, gender, race, origin, preference, religion, location, education, income, wealth, or profitability. This is why — in a broader view — age is only a number, and we must recognize the growing importance and influence of our longevity.

This is why empowering women isn’t about asking them to lean in, but about creating an environment that recognizes gender gaps of opportunity, the disparity of equal pay and equal workplace benefits, and the disparity of unpaid work. We must drive deeper transparency around bias in the workplace and invest in women led startups and development programs at equal pace to create equal opportunities. We must advocate for policy changes that can help equal the playing field for women, especially women of color. 

The economy is far from even, and economic opportunities should not be restrained to one group over another, yet always recognize the value of including everyone in the community, regardless of their socio-economic background. We must build value for everyone to be able to work with dignity and contribute to society, and recognize that the changing nature of work is often because of bias in our society. 

Everyone should have equal access to the building blocks of prosperity. 

On our planet, there are seven and a half billion people, and we each start at a different point —  one no one gets to choose. We should appreciate our place in the world, the geography to which we were born, and the role in luck in our lives — for both good and for bad. 

We must strive to create more opportunities for people to truly thrive, to create an environment without economically induced fears or setbacks.  As we engage, create, and enable work for ourselves and others, we should have empathy for the factors that placed us in the position we have in life and acknowledge the same in others.

The purpose and role of profit within any business model must be constantly evaluated for its impact on the common good, and the impact it has on the stakeholders of that business model — to include employees, wider supply chains, and broader communities. 

Every person, every business, and every business model can reflect on how they contribute to the common good, and move to a condition where they are Beyond Good.  

This is how principals are formed. By stating them — and living by them. 

What are some of yours? 

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Don’t miss this week’s episode of #OneVision, where Theodora and Bradley talk with Tony Fish, Chief Digital Officer at Digital20, about the next decade and the next 100 years. How can we become better ancestors to the next generation and the generations after that? You can learn all about that as we discuss the long view of data, money, and purpose.

Listen in to this thought-provoking episode on Apple Podcast, on Spotify, or on other players. Please consider subscribing, and please let us know what you think in the comments. Sponsorship opportunities for #OneVision are now available. 

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Unconventional Ventures helps drive innovation to improve systematic financial wellness. We connect founders to funders, provide mentorship to entrepreneurs, strategic advisory services to a broad set of corporates, and broaden opportunities for diversity within the ecosystem. Our belief is that anyone with great ideas should have a chance to succeed and every voice should be heard. Visit unconventionalventures.com to learn how you can partner with us.

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Our new book, Beyond Good, is now available for pre-order at Kogan Page. 

Beyond Good is a call to arms for business leaders to recognize how they can do well by doing good. Business for good, which is the philosophy that you can pursue profits while delivering on sustainable and societal development goals, is already delivering big changes. With exclusive interviews with experts from the B-Corp world, policy makers and executives, this book also showcases how companies like Microsoft, Flourish Ventures, Ant Financial, Sunrise Bank and Paypal are doing their bit to make our world better — and you can too. 

Also available at Bookshop.org (supports local, independent bookstores), Waterstones, WHSmith, and Amazon.