You have a big heart but confusion sets in about using that compassion to drive your business success. It feels too fluffy / woo-woo / voodoo. You might think: How will I change the world’s problems? Who am I to run a business and make a difference?
You’re a smart business leader, that’s who. And a good person. And now is the time more than ever to fuel your business with that drive to create a positive footprint.
A recent study proves purpose-driven brands experience greater year over year growth than other companies not in this do-good sector. In fact, these businesses are growing 28 times faster than the average business. The study comes from BCorp, a certification that requires businesses to meet the highest standards of verified social and environmental performance, transparency, and legal accountability in the UK.
While this statistic comes from the UK, don’t let that fool you that this country is experiencing this phenomenon alone. In fact, the Harvard Business Review counts 42 separate academic studies that show positive connections between strong finances and operating as a social enterprise (source).
What’s more, according to a 2015 global study, 9 in 10 consumers feel it’s important for businesses to focus on more than just profit – but also on impact. Turns out, supporting a mission with your margin – will increase your margin.
Ok, so what next?
Repositioning as a purpose-driven brand takes careful thought and planning, and certainly going through a certification such as with UK’s BCorp can be intensive especially at first (and, by the way, similar certifications are available in 30 US states). All that said, there are some simple ideas you can consider today …
- Are there ways you could cut back on energy use to reduce costs and your footprint?
- Start asking your suppliers about their own footprint goals. If they don’t have an interest in going greener or growing good – perhaps there’s a different supplier who will better align with your goals.
- What local causes are your employees excited about? Are there ways your company could become more collectively involved in supporting this purpose?
If this is too surface level for you, that’s great. It means a deeper purpose is still calling you. I feel that, it calls me, too – which is why I launched Presence & Company Creative Agency to create a ripple effect of determination for people in business, life and philanthropy. Check out my Purpose to Predictability Brand Workshop for a deeper dive into this topic.
