Is it time to rethink the business narrative?

In a Nov. 12 Salute to Excellence Breakfast presentation during the Private Label Manufacturers Association’s 2012 Private Label Trade Show in Rosemont, Ill., John Mackey, co-founder and CEO of Austin, Texas-based Whole Foods, told retailers and store brand suppliers that capitalization is widely misrepresented. He suggested that they could help defend themselves against the haters who associate capitalism with greed and an inequality in the distribution of wealth.

“We’re the heroes,” he said. “The narrative about business needs to change.”

Capitalism, Mackey stressed, is ultimately about free markets, the creation of value and economic freedom. And it historically has worked to lift nations out of poverty and into prosperity.

Mackey also discussed the “power of purpose,” noting that purpose-driven businesses such as Southwest Airlines and Google tend to “make more money.” These businesses consciously create value for all stakeholders involved.

Going forward, he said, businesses will need “more conscious cultures” that are driven by authenticity and integrity. These organizations must empower their employees to innovate — and sometimes fail — and collaborate to spread new ideas. They also must change their approach when it comes to supplier relationships.

“Helping your suppliers to flourish will help you flourish,” Mackey told attendees. — K. Canning