My take on prosperity is that it is a word that describes growth and success. Wealth creation may be part of prosperity, but it will never be the only component and sometimes may not even be a factor.
I believe prosperity is possible for all. However, to be prosperous one needs to be engaged and active in making it happen.
It is something that is impossible for spectators, those who make no effort or those who seek to get their success from the misfortune of others.
Everyone who participates positively in society contributes in some way. Prosperity cannot be created alone and takes a huge range of people with varied skills and capabilities.
One of the most important skills is the ability to adapt to change, whether from an individual or a national perspective.
A strong ethical framework and foundation is also essential because, by definition, prosperity requires success in the long term.
For nations, prosperity means that communities and businesses grow in a sustainable way and increase the overall wellbeing of their people. That wellbeing needs to be measured in a way that takes into account a broad range of factors.
To truly measure prosperity we should consider social, environmental and financial outcomes – the art is in understanding what balance of these leads to prosperity.
I’m encouraged that Chartered Accountants Australia New Zealand are adopting the word prosperity because it implies and encourages a future-oriented focus for the accounting profession.