Success in 2021 and going forward, for the small business owner, must be in keeping with the definition of the term “Common Good.” In philosophy, economics, and political science, the common good refers to either what is shared and beneficial for all or most members of a given community. In other words, it is to the advantage of everyone. The view is based on Aristotle’s notion of us as essentially social and political animals, only capable of flourishing when involved in doing things together, rather than exclusively concerned with private ends.

The definition does not mean that the basic responsibility of a small business is to make money is no longer valid; what it means is that the benefits our products and services provide somehow have a greater reach than the immediate user.

As an example, the benefits that your customer receives will in turn allow him to accomplish certain things that will benefit others, and then the process repeats itself until almost everyone will benefit from that initial sale you made.

A Common Good flow chart from BizQuack may appear as follows:

Small business owner joins BizQuack – Takes the time to learn and grow the business – Creates income for himself and family – Family buys services and goods from other small business owners – Original owner provides employment by hiring staff – The cycle then repeats itself over and over and all phases of our lives, both business and personal, will benefit. A solid foundation begins to gain a foothold and our entire nation benefits.

My example may sound a little idealistic, but we should all realize the long-term benefits that we get every time we support another small business.

Marketing must change to include the Common Good story that comes because of the benefits your target market receives.

If everyone understood the long term Common Good benefits that small businesses provide, they would be more desirous of helping small business growth. Your products and services will impact everyone, not just the initial target market that receives the first benefit. You have a story to tell and it must be shared, not only for the good of your own business, but for the good of all small businesses that are the backbone of our great nation.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack