Companies can be built for other things in addition to making a profit. Executives at Zoho practice what they call “Zohonomics” where they design their growth strategy around humanity instead of just in monetary terms.
On the Small Business Radio Show this week, Praval Singh Vice President of Marketing and Customer Experience at Zoho discusses how they have been able to accomplish making profits and helping people for the last 25 years.
Interview with Praval Singh
Praval describes three key aspects of Zohonomics (or as he calls it “spiritual economics”): balance, symmetry, harmony. In detail, Zohonomics focuses on a sustainable form of capitalism that stresses the important of investing and nurturing talent in local communities where people live.
He emphasizes that “talent is distributed around the world; unfortunately opportunity is not”. This is why Praval states that Zoho brings the opportunities to the community since broadband Internet makes this a lot easier. This includes investing in talent that may not have college degrees; “The idea is providing opportunity to those who may not have access and in return having employees that grow with your company long term. Zohonomics touch points include actively participating in community life, and having a deeper connection with them.”
Praval believes that customers benefit by choosing a company that is focused on its people rather than just its profit: “That means we can form deeper connections with the people of the company and make sure all their needs are met.” Praval also says that with Zohonomics people stay longer at the company because they can don’t have to move and remain connected to their families. This “people continuity” is good for all customers since experience stays at the company long term.
Listen to the entire interview on the Small Business Radio Show and how your company can start to practice Zohonomics.
Image: Praval Singh