You would expect a group of Cistercian monks to set good examples, but not necessarily as businessmen.
Yet, the monks at the Cistercian Abbey of Our Lady of Spring Bank near Sparta are setting a great example for doing business by providing reasonably-priced products in a caring, ethical way.
Their venture is called LaserMonks.com. The business had $4.5 million in sales last year, and is on track to match or exceed that this year. It sells everything from ink jet cartridges, laser jet toner, FAX and other office and school supplies to “monastery items” that include coffee, honey, mustard and other food items.
They’ve been in business for a few years. A recent Associated Press story about their venture brought more attention to the business, and prompted this column.
As Father Bernard McCoy, Steward of Temporal Affairs for the Cistercian Abbey and CEO of LaserMonks, explains on the business web site, it all started with seeking a “few sprinkles of dust.”
“All I wanted was a little bit of black dust for one of our monastery printers,” Father McCoy writes on the web site. “In my search for a toner cartridge, I was suddenly struck with how incredibly expensive this black dust and a few squirts of ink were. ‘There must be a better way,’ I said to myself. And so began my foray into the world of imaging supplies.
“What I discovered was a revelation. Simply stated, the mark-up on ink supplies is sinfully high, reaching in some instances into the 1,000-2,000 percent levels. I also discovered that there were many companies that manufactured either new compatible cartridges or remanufactured cartridges at a fraction of the cost of the big name brands. My thoughts starting racing. Imagine the money we could save schools, churches, and other organizations if we could negotiate some deals with the manufacturers directly and cut out the middlemen.”
Thus, LaserMonks.com was born. For the monastery, it brought in needed revenue. “Our monastery is part of the 900-year-old Cistercian Order; our particular Abbey was founded over 75 years ago in the United States,” Father McCoy explains.
“Every monastery has a monk in charge of all the temporal needs and activities of the community. Among my duties as Steward of Temporal Affairs are developing and managing ways to support our life and charities. Contrary to popular understanding, monasteries are self-supporting. A part of our day is given to some sort of remunerative work, from which we support our modest living needs in the monastery, and then use the rest for charitable work.
“Our Abbey was at this time looking into various new income projects, which had ranged from growing Shitake mushrooms, raising Christmas trees, to building a golf course and conference center. An income project that was based on a necessary consumable item, like toner and ink cartridges, was exactly what the monastery needed – a solid, consistent, income that would not be affected by difficult economic times.”
LaserMonks.com had about $2,000 in revenue its first year, but then started getting some national wide publicity and soon found itself “scrambling to keep up with the growth.” The business has branched out into the various products previously described.
A big part of their business mission is to save people money. “Our customers typically save 30 percent – 60 percent through LaserMonks. At only 40 percent savings, LaserMonks saved our customers over $200,000 last year,” Father McCoy says on the web site.
As stated on the site, that gives the monks “a lot of money to use for better things.” LaserMonks.com also has taken the “business angels” concept to “new heights.”
“Our MonkHelper Angels reside in one of the Abbey houses on the corner of the Abbey property. MonkHelper Marketing, Inc. now handles the management of LaserMonks.com, from business development, technology and website management, all vendor relations, corporate accounts and bid processes, graphics and branding of the LaserMonks name, search engine and technology marketing, marketing and PR, and have built the entire customer service center from the ground up.” Father McCoy says.
“This leaves the monks free to be monks, first and foremost, along with focusing on developing the business, media relations, advertising, speaking, and even more importantly, finding creative ways to use LaserMonks income to help others.
“LaserMonks consciously markets our products and molds our business and website with a focus on ‘people benefits.’ We endeavor to bring our 900 years of monastic tradition to bear on all aspects of LaserMonks. Through these efforts we hope to build long-term and mutually beneficial relationships with all our visitors and customers.”
Of course, you can’t expect the average business person to become a monk, or even live like one. But, the LaserMonks business model — of providing reasonably-priced, needed products in a caring, ethical way, with an eye on the “bigger picture” of helping others — is one that could be emulated by others in business.
Too often, the catch-words “that’s business” can be used as justification for bending the rules, perhaps cutting corners on quality or charging excessive prices. Such practices can’t be part of the LaserMonks business model without severely damaging the very souls of the parent organization. The venture is a good example of how ethical business practices can pay off in more than one way.
Now, if LaserMonks could just go into the oil business.
##
