The success of every business has always mostly been measured by the amount of money that it makes. The focus of leadership, company goals, and market position are all mostly tied up around making money.
However, there is a social responsibility of every business that cannot be ignored. Every business employs people and targets customers. Both are part of the business community.
Unless efforts are made to uplift the community as a whole, no business can fully succeed, and create positive impact on the world.
There is a difference between a businessperson and an industrialist. A businessperson remains involved with the growth of a company, whereas an industrialist focuses on the overall growth of the business, as well as the impact that it creates on the community.
Widening the company’s focus to look beyond profits is not an easy task. It is indeed a competitive market and one must strive to be the best. However, adding a social cause to your company goals will not only push your employees to work harder as they become agents of positive change, but it will also make positive impact on society.
Some companies might provide goods and services that are already working towards the benefit of society. Those who are not involved in such activities can still broaden their scope of social responsibility by including a social cause and encouraging employees to actively work towards it.
“A good leader realizes opportunity to create positive impact and encourages participation from each member of the team.”
Know What Your Business Can Offer
With the changing social and environmental landscape, consumers expect more from companies. They invest their purchasing power in those who they believe align with their own personal values.
Consumers are more inclined towards companies that have their objectives aligned with social and environmental responsibility. Businesses need to reassess their purpose to incorporate social values in their operations and strategies, in order to align with customer expectations.
“Serving the greater good in society is not only a good way to have a positive impact on the world, it meets the expectations of consciously aware customers.”
Every business has a unique skill set, knowledge, and technology to drive innovation in society. Besides generating revenue, they need to use these assets to focus on philanthropy as well.
This new outlook will not only attract customers, but will also help generate career opportunities for youth, minorities, and other diverse communities to bring about real change.
As a company, you need to evaluate the impact you have on people and society on an ongoing basis.
“Just as a business reviews its financial results regularly, it should review its impact on society equally, in order to make a positive impact on the world.”
When you realize the positive and negative impacts your business is having on society, you can strengthen and improve the core objectives of your company.
Every small change matters. It could be using energy-saving techniques within the company, or innovating products and services that will create a positive impact.
Once you identify how you can contribute to society, you can make active efforts in the direction to reinvent the image of your company and encourage like-minded team members to participate enthusiastically towards it.
Create a Core Impact Team
To effectively incorporate social and environmental elements in your company goals, you need to dedicate some people and resources to understand how to create the intended positive change.
You will have to identify key team members that will shoulder the responsibility with you to develop and execute an efficient strategy.
When creating an impact team, you can focus on the company’s core departments, as they will have clear insights into where change is needed. It is also essential to develop an environment in the workplace where employees can openly share suggestions and concerns.
This will help push a culture of innovation and enable new efficient ways to foster change through company actions.
Focus on Measurable Outcomes
When you have set goals and measurable outcomes, you can evaluate the social impact that you are generating, and work on the areas where you are lagging.
With key measurements to track and proper mechanisms to assess them, you will have access to clear and critical reports.
As a company, you can then improve and prioritize efforts to maximize social impact. You should also encourage feedback from your employees and should not undervalue their experiences and stories.
Their personal story can inspire other members of your company and motivate them to work harder towards the cause.
Work with Community Organizations
Besides looking within the company, you can also partner with external organizations that are already dedicated towards your cause. You can connect with such community organizations that have similar interests, to bring about social change.
You can establish trust with them through transparent communication and develop a transactional and/or collaborative relationship.
You can even engage their tools and expertise to equip your employees to volunteer. This will further motivate the whole team towards the company’s goal of creating social impact.
“A truly successful company must push for positive impact by making it an integral part of its core values.”
Focusing on making an impact as a company will encourage both employees and customers to relate more to the company’s goals.
The modern definition of business success must entail social responsibility and be reflected in the company’s overall attitude and vision.