Business of business is more than business: Managing during the Covid crisis

摘要

The economic impact of the lock down and social distancing policy of the governments has been devastating on business. Should business look out for its own interest or deploy its resources and capabilities to fight the coronavirus even at the expense of short-term losses? This paper suggests that business and society are two peas in a pod and are mutually interdependent. One cannot survive without the other. The purpose of business is more than business. It is to nurture all of its stakeholders (employees, customers, suppliers, and community) and not just the investors. This is still common in many small-town manufacturing companies whose families, and their families, live in the community. The paper suggests several implications for B to B companies including developing a stakeholder scorecard, becoming a better customer to suppliers, and redefine the purpose of business.