I read a press release this morning in which the first line was, “Big business has fallen from grace.”
I come from a generation and a belief that the greatest agent for change in our world is big business. I’ve also come to the conclusion that, very often, big business does not understand, or know how to, reach its world-changing potential. If we simply see ourselves as purveyors of goods and services to consumers, then the playing field can become mundane and sometimes venal. But if we reframe our perspective,seeing ourselves as agents of change in the world– if we have a dream of how the world could be as a result of our contributions — then we may be able to raise the flag of business proudly once again.
All of us watched with horror as the nightmare of BP’s Deepwater Horizon oil catastrophe unfolded– and continues to unfold. (Disclosure: in previous years BP was one of my firm’s largest clients). From my previous work with this organization, I am convinced that there was never any willful intention to cause damage. On the other hand, it seems safe to say that humility and transparency do not appear to be BP’s favorite characteristics.
BP now faces nearly 250 lawsuits, some fueled by greed, and others by fear and pain. BP’s stock has fallen by 50% and it plans to suspend its dividend.
In my new book, The Spark, the Flame, and the Torch, I have included many case studies of organizations where transparency, authenticity and accountability have dramatically reduced the cost, legal wrangling and stress of dealing with mistakes. In the simplicity and elegance of an apology lies a path to stregthening trust and corporate relationships–and therefore future business opportunities.
We can forgive many things, even things that put our lives at risk, damage our financial security, or in other ways are hurtful. But it is very hard to forgive arrogance. A simple apology–from Toyota, Boston Scientific, Golman Sachs and many others–very early in the game, with a clear acknowledgment of responsibility, can goa long way to ease public anger. And it can go far to restore public confidence in big business.
(Cartoon by Clay Bennett of The Chatanooga Times Free Press–please visit to see some of the wittiest and most brilliant opinion cartoons of our time)
