AN economic model that promotes business growth and meets community needs is seeking to gain a foothold on the Border.
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Known as shared value, the approach allows businesses to address social issues to drive both profit and competitiveness.
A leader in the collaboration and shared value fields, Phil Preston will address Border business operators at a breakfast meeting in Wodonga on May 27.
Regional Development Australia - Murray chief executive officer Gary Saliba said shared value methods allowed communities to enhance both business and society.
“The approach is growing all around the world and there’s a real leadership opportunity for our region to take it on and embrace it,” he said.
“Here’s an opportunity to hear about an approach that will challenge your thinking about your business model, what your business is about and provide opportunities to enhance business performance and meet the needs of communities and customers. It’s very much win-win.”
Dr Saliba said shared value methods by their nature would promote regional development.
He said strong regional communities needed both economic and social development to thrive and reach their potential.
“Jobs and employment growth is one side of the equation but it’s not enough,” he said.
“The two work hand-in-hand from a regional development perspective.”
Dr Saliba said the upcoming business meeting was a call to businesses to look at their own operations through a different lens.
He said future challenges comprised the national economy, climate change and the globalisation of the marketplace.
“There are forces at play in the economy – regional, national and international – that will have an effect on regional development,” Dr Saliba said.
“We need flexible business models and a society that can change in accordance with a changing world.”
Among the companies that have embarked on the shared value approach are Bendigo Bank, National Australia Bank, Westpac, IAG, Suncorp, AGL, Australian Government Department of Foreign Affairs and brewer Lion.
The approach applies to small and large businesses and government agencies. An example is a real estate business that developed a new approach to managing tenants who were close to defaulting on their rental payments to avoid constant turnover of tenants.
The breakfast meeting will be held on Friday, May 27, at La Maison Cafe at Gateway Island, Wodonga, from 7.30am until 9am. To register phone (02) 6058 0600.
