BUSINESS FOR GOOD
BUSINESS FOR GOOD

WHAT IS BUSINESS FOR GOOD?

As well as Business for Good you may also have heard of Business Purpose, Corporate Responsibility, Sustainable Business, BCorps, Responsible Business and Social Enterprise. These are all different approaches businesses take to have a positive impact on society. We focus on helping leaders to transform their organisations to do Business for Good.
“Doing business for good is using your business to have a positive impact on society in a way that is led by purposeintegrated throughout your organisation, and aligned with your business strategy.” – Fiona Ras-Jones

Business for good

WHAT DOES IT MEAN FOR YOUR COMPANY?

Let’s take a closer look at the key features of business for good:
  • Purpose
  • Integrated impact
  • Alignment with business strategy

PURPOSE LED

What is your company for beyond making profit? Your company’s purpose is the value your company works to deliver to society beyond the product or service you sell. It is your ‘why’, the reason your company matters and inspiration for your staff and customers. 

Here are some examples of business purpose:

  • Unilever – “Make sustainable living commonplace”
  • Ella’s Kitchen – “Improve children’s lives through developing healthy relationships with food”
  • WeTransfer – “Making creativity easier for everyone” 
  • Tesla – “Accelerate the world’s transition to sustainable energy”

For these companies, a purpose is not just a statement that looks good on their website. They work hard to deliver it through what they sell and by taking broader action to extend the impact of their purpose to wider society. An effective purpose guides everything you do.  Your company’s main aim becomes to profitably deliver your purpose.  

INTEGRATED IMPACT

Business for good is not a strand of a company’s work. To be authentic and credible it is fully integrated into the organisation. Take consideration of the positive impact you can design into your business for all your stakeholders: your staff, the community, the environment and your clients.  

Here are a few examples: 

  • Staff – Salary/contract considerations, benefits, professional development, engagement and empowerment
  • Community – Social impact projects, donations to causes, using local and ethical suppliers
  • Environment – Green building standards, product and packaging lifecycle, energy usage, renewable energy, reducing waste
  • Clients – Quality control, customer service,  ethical marketing, privacy and security, continuous improvement

ALIGNED WITH BUSINESS STRATEGY

Sustainable impact can be achieved by aligning your purpose and impact with your business strategy. And by taking this approach, the better your company performs, the more good you do. 

Doing good isn’t just the right thing to do. There is a compelling business case to take action. Unilever’s purpose-led, Sustainable Living Brands are growing 69% faster than the rest of the business and delivering 75% of the company’s growth. There are many potential benefits to your business that can designed into your strategy from the start. These include (hover over each box for more information): 

Unleash the energy of your workforce
“Purpose-led company staff are more positive, more engaged and have greater career confidence” (YouGov Survey ‘The Courage of their Convictions’)
Increase your innovation potential 

 “53% of executives at companies with a strong sense of purpose said their organisation is successful with innovation and transformation efforts” compared with 19% at companies who didn’t (EY Beacon Institute)

Engage new customers who want business to be a force for good

62% of customers want companies to take a stand on current and broadly relevant issues like sustainability, transparency or fair employment practices (Accenture Strategy Survey)

Be attractive to investors

“Globally, over half of asset owners are currently implementing or evaluating ESG (Environment, Social and Governance) considerations in their investment strategy” (FTSE Russell)

Stay ahead of the competition

37% of Millenials and Gen Z “have stopped or lessened a business relationship because of the company’s ethical behavior” and “36% started/deepened a relationship because they believed a company was ethical” (Deloitte Millennial Survey)

Extend your growth potential

Companies with a “purpose strategy generate sustained profitable growth, stay relevant in a rapidly changing world, and deepen ties with their stakeholders” (Business Transformation Initiative)

WHO IS DOING BUSINESS FOR GOOD?

Companies across the world are pledging to become carbon neutral, adopting circular economy business models, becoming BCorps, commiting to UN Sustainable Development Goals and the movement is growing all the time. Be inspired by some of the companies leading the way: Patagonia, Cook, WeTransfer, Lush, Ella’s Kitchen, Triodos Bank, Danone and Unilever.
Find out more about how our services can help you do business for good
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