Purpose-driven companies must operate on the principles of “shared value,” what Michael E. Porter and Mark R. Kramer defined as “creating economic value in a way that also creates value for society by addressing its needs and challenges.” Businesses should integrate external social value into their core offering, and employees should be given incentives to make a difference in their communities.
Our upcoming whitepaper is titled “A Higher Purpose Means Higher Profits” for a reason. Businesses that look beyond their own bottom lines inspire their employees and impress their customers. Ultimately, business growth is fueled through the long-term view that takes social good into account.
If your organization is just beginning to focus on corporate social responsibility, take some time to explore the many different ways organizations have chosen to give back. There are many approaches to corporate purpose. Some companies give to nonprofits in the form of monetary or in-kind donations while others focus on improving the social and environmental impacts of their supply chains. If you are looking for inspiration, read through our past blog posts for ideas on how your organization can work toward the greater good.
While purpose-driven B2C companies get the most attention, B2B businesses have the potential to create positive impact in the supply chain of each of their clients. With commitment to social good increasingly key to a company’s public perception, communicating your organization’s shared valued approach is important. For the rest of the month, we’ll share tips on spreading the word, from crafting a powerful statement of purpose to quantifying your organization’s impact.
Photo credit: Department of Foreign Affairs via Flickr Creative Commons