Own the Future: 50 Ways to Win from The Boston Consulting Group

Part VIII

Trusted

We've covered many of the attributes that companies need to win in their respective markets. Long-term success isn't possible without trust, however. A company that isn't trusted will never build strong customer relationships or a positive reputation in the global community. Trust is the glue that binds together coworkers in high-performing organizations, turns supply chain participants into true business partners, and allows dispersed networks of individuals to collaborate on many of today's greatest innovations.

Trust isn't shown on a balance sheet, but it is, nevertheless, a company's most valuable asset—the hardest to build and the easiest to lose. How can companies nurture trust and better leverage the power of trust to gain strategic advantage?

The impact of business on the world's natural and social environments has grown. Today's corporation must maintain a social license to operate. Citizens and nongovernmental organizations (NGOs) alike are better informed and able to mobilize if they believe companies have negatively affected the local quality of life. Investors,

meanwhile, increasingly consider social performance and purpose when assessing companies rather than just financial metrics.

In Chapter 34, “Social Advantage,” we provide a framework for aligning a company's business model with a broader social and ecological context. We suggest that companies can operate profitably and deliver value in nontraditional ways, such as by meeting unmet social and ...