WHAT IS BUSINESS FOR GOOD?

As well as Business for Good you have probably heard of Business Purpose, B Corps, Corporate Social Responsibility (CSR), Sustainable Business, Environmental, Social and Governance (ESG), Responsible Business and Social Enterprise. These are all different approaches businesses take to have a positive impact on society. Outside of our Impact Projects where we take a broad view, we focus on Business for Good and B Corps. So what are they? Let’s start with 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.”

The 3 main features of Business for Good are; Purpose, Integrated Impact and Business Strategy.

PURPOSE 

What is your company for, beyond making profit? Your purpose is your ‘why’, the reason your company matters.  A social or environmental purpose for a company is where what you love, what you are great at, what you are paid for and what the world needs come together and meet. What does it look like? Here are a couple of examples:

• Tesla“Accelerate the world’s transition to sustainable energy”

• Ella’s Kitchen – “Improve children’s lives through developing healthy relationships with food”

A good purpose is clear, measurable, inspiring and guides everything you do. Your company’s main aim becomes to profitably deliver your purpose.  

INTEGRATED IMPACT

Business for Good is not just about purpose or supporting a good cause. Positive impact is integrated throughout your organisation for all your stakeholders. Some examples include:

• 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

Now, we are not saying you need to do everything. But it is important to understand your impact across your business, be aware of what your stakeholders want and commit to making continuous improvements in ways that are measurable and meaningful.

BUSINESS STRATEGY

Balancing purpose and profit is key. Aligning your purpose and impact with your business strategy can help you grow and the more you grow, the more good you can do. Here are some of the benefits that can be designed into your strategy from the start:

• Engaging staff + attracting talent

• Accessing new markets + customer loyalty

• Competitive edge + positive PR

• Innovation

• Investment

• Reducing waste

• Lowering risk

PURPOSE 

What is your company for, beyond making profit? Your purpose is your ‘why’, the reason your company matters.  A social or environmental purpose for a company is where what you love, what you are great at, what you are paid for and what the world needs come together and meet. What does it look like? Here are a couple of examples:

• Ella’s Kitchen – “Improve children’s lives through developing healthy relationships with food”

• Tesla – “Accelerate the world’s transition to sustainable energy”

A good purpose is clear, measurable, inspiring and guides everything you do. Your company’s main aim becomes to profitably deliver your purpose.  

INTEGRATED IMPACT

Business for Good is not just about purpose or supporting a good cause. Positive impact is integrated throughout your organisation for all your stakeholders. Some examples include:

• 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

Now, we are not saying you need to do everything. But it is important to understand your impact across your business, be aware of what your stakeholders want and commit to make continuous improvements in ways that are measurable and meaningful.

BUSINESS STRATEGY

Balancing purpose and profit is key. Aligning your purpose and impact with your business strategy can help you grow and the more you grow, the more good you can do. Here are some of the benefits that can be designed into your strategy from the start:

• Engaging staff + attracting talent

• Accessing new markets + customer loyalty

• Competitive edge + positive PR

• Innovation

• Investment

• Reducing waste

• Lowering risk

WHAT ARE B CORPS?

Although you don’t have to become a Certified B Corp to do Business for Good, it is a great way to prove your impact and join a global community and movement of companies leading the way.

B Corp is the only certification that measures a company’s entire social and environmental performance and is a powerful way to build credibility, trust, and value for your business. There are currently over 4000 certified B Corps in 150 industries from 74 countries around the world.

Becoming a B Corp was a natural next step but it is much, much more than a certification. We are joining and adding momentum to an important movement – one that wants to shift the image of business from greed to good.“ – Innocent Drinks

If you want support to certify, we are B Leaders, fully trained by B Lab to guide companies through the B Corp certification process. Visit our B Corp Certification page for more info.

HOW ARE B CORPS DIFFERENT TO BUSINESS FOR GOOD?

Just as not all companies doing Business for Good are B Corps, not all B Corps are doing Business for Good. The B Corp Impact Assessment recognises two different levels of impact.

  • Operational impact – All companies are assessed on the operational impact they have for their workers, the community, the environment and their customers. This applies to most companies.
  • Impact Business Models (IBMs) – Some companies are also verified as having an IBM that they score additional points for. An IBM is the way that a business is designed to create a specific positive outcome for one of its stakeholders. There are 23 IBMs which are based on either your product, a particular process or activity, or the structure of the business. The IBM is generally linked to purpose and business strategy and therefore these companies are doing Business for Good.

HOW ARE B CORPS DIFFERENT TO BUSINESS FOR GOOD?

Just as not all companies doing Business for Good are B Corps, not all B Corps are doing Business for Good. The B Corp Impact Assessment recognises two different levels of impact.

  • Operational impact – All companies are assessed on the operational impact they have for their workers, the community, the environment and their customers. This applies to most companies.
  • Impact Business Models (IBMs) – Some companies are also verified as having an IBM that they score additional points for. An IBM is the way that a business is designed to create a specific positive outcome for one of its stakeholders. There are 23 IBMs which are based on either your product, a particular process or activity, or the structure of the business. The IBM is generally linked to purpose and business strategy and therefore these companies are doing Business for Good.

WHY DO IT?

Still not sure if this is right for your business? Here are some good reasons to do it: 

  • Do fun, interesting and engaging work
  • Live your values, stand for what you believe in and become the remarkable company you always wanted to be
  • Be a leader in a movement that redefines what success in business looks like
  • Join a community of some of the most exciting brands in the world to learn from and collaborate with
  • Attract a team, customers and partners that share your values
  • Get recognition, build credibility and amplify your voice
  • Gain peace of mind knowing you are doing the right thing

And doing good isn’t just the right thing to do, there is a compelling business case to do it. After all, people want to work for, buy from and invest in companies that have a positive impact in the world – 80% of people want brands to ‘solve society’s problems’ (Edelman Brand Trust in 2020 Report). There is tonnes of data which shows the benefit to business but it is demonstrated really well through Unilever’s company data which shows their purpose-led, Sustainable Living Brands are growing 69% faster than the rest of the business and delivering 75% of the company’s growth. 

Imagine where you could be in 6 months, 1 year, 5 years if you start this journey now.

If you are ready to find out what all of this could mean for your business, take a look at our services below.

WHY DO IT?

Still not sure if this is right for your business? Here are some good reasons to do it: 

  • Do fun, interesting and engaging work
  • Live your values, stand for what you believe in and become the remarkable company you always wanted to be
  • Be a leader in a movement that redefines what success in business looks like
  • Join a community of some of the most exciting brands in the world to learn from and collaborate with
  • Attract a team, customers and partners that share your values
  • Get recognition, build credibility and amplify your voice
  • Gain peace of mind knowing you are doing the right thing

And doing good isn’t just the right thing to do, there is a compelling business case to do it. After all, people want to work for, buy from and invest in companies that have a positive impact in the world – 80% of people want brands to ‘solve society’s problems’ (Edelman Brand Trust in 2020 Report). There is tonnes of data which shows the benefit to business but it is demonstrated really well through Unilever’s company data which shows their purpose-led, Sustainable Living Brands are growing 69% faster than the rest of the business and delivering 75% of the company’s growth. 

Imagine where you could be in 6 months, 1 year, 5 years if you start this journey now.

If you are ready to find out what all of this could mean for your business, take a look at our services below.

DISCOVER OUR SERVICES

EXPLORE

Choose Explore if you want to learn about Business for Good, engage your team in deciding what it looks like for your company and get a plan for your first steps.

STRATEGY

Choose Strategy if you are ready for Business for Good to define your growth and want to build a roadmap to achieve your vision and business goals.

B CORP CERTIFICATION

Choose B Corp Certification if you want support to become a certified B Corp and join the leaders driving a global movement of business as a force for good.

IMPACT PROJECTS

Choose Impact Projects if you have a specific project (e.g. purpose, charity partnerships, impact reports or net zero) you want delivered well. We will do it for you

DISCOVER OUR SERVICES

EXPLORE

Choose Explore if you want to learn about Business for Good, engage your team in deciding what it looks like for your company and get a plan for your first steps.

STRATEGY

Choose Strategy if you are ready for Business for Good to define your growth and want to build a roadmap to achieve your vision and business goals.

B CORP CERTIFICATION

Choose ‘B Corp Certification’ if you want support to become a certified B Corp and join the leaders driving a global movement of business as a force for good.

IMPACT PROJECTS

Choose Impact Projects if you have a specific project (e.g. purpose, charity partnerships, impact reports or net zero) you want delivered well. 

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