There’s no secret that businesses are catching on to the social impact trends being demanded by their consumers and employees.
Having a greater purpose and story behind your brand plays a key role in attracting new talent, new customers, building brand loyalty and ultimately changing the world with your business.
As prospective talent want to know “what’s in it for me” they are also interested in “what’s in it for others.” They are interested in what the company does to serve it’s community and the world, as this is reflective of the culture and values the company encompasses.
84 percent of millennials say that helping to make a positive difference in the world is more important than professional recognition. [Inc.com]
With companies like TOM’s who led the charge in this movement, and the many more that followed, businesses are reminded that you don’t need to be a non-profit to be dedicated to a cause that is changing the lives of many. Instead, social enterprises are a reminder of the great amount of impact you can make and the positive outcomes that result from aligning your business model with a purpose.
Many times companies are giving back to the charities they are passionate about in their community, the problem is many of these companies don’t have much to show for it. This doesn’t mean you should get something out of every donation your company makes, but instead there is a missing link for your employees and customers that are in the dark about your philanthropic initiatives.
By bringing these donations to light, and aligning them directly with your business model you are being more transparent about the impact you are making, which benefits all parties involved. If that’s a one-for-one giveback initiative similar to TOM’s, or donating a portion of your profits to charity, similar to Payments for Change, is there a natural extension your business can get passionate about and stand behind? If so, you will start to see the benefits of this social commitment.
Who benefits. . . ?
Non-Profits. The non-profits you are supporting in these initiatives have now reached a greater audience. Their mission is heard by more individuals who now have the opportunity to be an avid supporter to that specific cause, now and in the future, by their everyday purchase decisions.
Employees. Your employees become further exposed to the values of the company and feel that their job is directly related to the impact the company is able to have on the community. You also gain a competitive advantage of attracting top talent to come and work for a greater mission and purpose.
Customers. Your customers now have another reason to continue to support your business and you have lowered your risk of losing them to another business in the future that does not share the same values.
Think about the philanthropic initiatives your company is committed to today (if any), is there a way to bring light to them and make a deeper commitment to those initiatives by aligning them in your company?
Another way to connect your company to a greater purpose is by choosing to use products and services in your everyday business operations that make an impact. By aligning your business with other companies that are doing good, you will start to see similar benefits.
A great example of a company aligning themselves with other companies making an impact is Sun Country Airlines. Sun Country is now offering passengers Matter Coffee, produced by Berry Coffee Company. 50% of the profits from this coffee with a cause is helping Matter’s mission of expanding access to health, next door and around the world. Similar to most airlines, Sun Country was serving coffee already, but this simple switch to Matter Coffee will reap benefits for all parties involved and start helping the world with every flight.
Whether it’s adding purpose into your business model or choosing to work with other businesses impacting the world, there are many ways for your company to align with a greater purpose and start doing good.
Latest posts by Payments for Change
- The Benefits of Aligning Your Business with a Greater Purpose - October 14, 2016