6 Business Values from a Social Impact Program | Episode 49
This episode focuses on hope at a time when a lot in the world around us might cause us to lose hope. Having social impact programs and incorporating them into your business model stands on the hope that these programs will change your communities and society for the better. But there is also the business value that you will create for your business if you implement a good social impact program or position your company as a social impact business.
Here are the 6 drivers of business value that some from incorporating a social impact program into your business:
- Brand distinction. Social purpose has been shown to drive consumer purchasing decisions and enable companies to charge a price premium, leading to increased revenue.
- Talent attraction and retention. Alignment between company and employee values increases employee engagement, leading to improved profitability through higher productivity and cost reductions from lower turnover.
- Innovation, creativity, and productivity. Efforts to improve the healthiness and/or environmental and social footprint of products can be an engine of innovation, spurring increased revenue from new products and new markets.
- Operational efficiency. Decreasing a company’s footprint in packaging, water use, materials use, and waste products can yield significant cost savings.
- Risk mitigation. Failure to effectively address environmental and social risks can create serious financial and operational performance challenges. Social impact efforts can have important legal and regulatory mitigation effects, resulting in avoided costs or lost revenues and higher valuations.
- Increased capital access and market valuation. Corporate social impact efforts are positively related to market valuation and cost of capital.
Increasing each one of these drivers of business value creates a more sustainable and more profitable business.
And In these tumultuous times, when we need peace to unify together in the efforts to protect our planet and people, we have to know we are all dependent upon one another and responsible for each other and future generations - especially our children caught in the midst of war. You may feel called as a human being to take a stand against the war that is happening in Eastern Europe by:
- Checking in on your colleagues, suppliers, and partners in Ukraine and Russia
- Offering your services to support and provide access to the information needed to get involved in helping Ukraine
- Donating to organizations on the ground
- Demanding action from your government
- Supporting grass-roots movements and protecting civic society on national and local community levels
- Being mindful of the news you consume; rely on reputable news sources
You want to make this part of your business commitment as well. Because the stand you take as an individual cannot be separated from your business. Doing what is right builds hope in yourself, your family, and your community and it would be amiss to note that hope also increases the value of your business to all your stakeholders.
This is a really short episode but I hope you found hope in it and know that businesses thrive and become self-sustainable because of the people behind them.