Public consciousness of the environmental and social impact of businesses has grown more in recent years, pushing many business owners and entrepreneurs into action.
It’s also helped create opportunity, with new high demand for products and solutions to help people solve or work towards a solution for social and global issues, such as the popularity of bamboo toothbrushes and eco-friendly cleaning products.
Being a purpose-driven business doesn’t mean you need to give up all hope of ever making a profit or running successfully.
Regardless of what industry you work in, there are ways to minimise the impact you have, or future-proof your company’s growth and impact as the world continues to change
1. Broaden your values
If there’s nothing currently in your internal business values about impact, now may be the perfect time to revisit your values and rework them into an aspirational statement and commitment.
This helps ensure that you’re not only looking after yourself and your business but also the community and world that you live and operates in.
One of Hub Australia’s values is to live something bigger as well as to be beyond profit.
The coworking space provider actions these values by creating tight-knit communities and personal development opportunities, such as member events and wellness days for the member base of over 3000.
To ensure the company has a focus on being beyond profit, Hub Australia commits to donating 1% of all product and time.
This has led to the establishment of the Flexi-Impact program, providing 31 purpose-driven organisations around Australia with access to a Hub coworking space and all the benefits that come with it.
Hub Australia has also committed to being coming 100% carbon neutral by June 2020 in a bid to minimise its impact on global warming.
2. Revisit your supply chain
Where we spend our money matters.
When surveyed, many people under the age of 38 emphasised their appreciation and preference for organisations that stand for values– businesses who are looking to take care of the environment or have proven themselves to be socially conscious.
Running your own business involves hundreds of moving parts – from suppliers and partners to customers. Visiting and re-evaluating every part of this chain is a large project, but one that can have an amazing impact.
The current social climate has renewed public awareness of issues like modern slavery, unsafe working conditions, wage theft and more.
Ensuring your company knows where it’s products and assets are coming from is not only a way to ensure you’re not causing tangible harm to someone helping run your business, but also helps you hold your suppliers to a higher level of accountability.
3. Use your skills to help lift up other businesses
Whether you are an entrepreneur business owner, manager, or team member – everyone has skills that they are able to share amongst a community to help support and educate each other.
Being an active part of a community helps you create an impact by sharing knowledge and actively listening and educating yourself with the information and experiences other people share with you.
Nobody has ever finished learning.
The conversation that you have while waiting for your coffee in your coworking space could spark the idea that transforms your business, or makes a change that helps you create the impact that you want to see on the world.
Being part of business doesn’t always have to be about chasing the next profit to the neglect of all else.
It can also give you a platform and opportunity to put a spotlight on issues you care about, amplify the voices of people that have helped to educate you.
Use your business knowledge and opportunities to become an active part of the community of thousands of businesses around the world trying to improve conditions for our planet and all people.