In today’s world, businesses must no longer just focus predominantly on the creation of revenue, but also on profit with purpose. While bottom line profit is an important measure of success for any business, balancing that with your contribution to society and the environment is equally important. When you look at the millennial generation they put much more value on these aspects. If you want to attract their business it is imperative that you pay attention to external factors in addition to business profit. Here are tips on how you an achieve that.
How To Synergise Profit And Purpose At Your Business
Use local suppliers
Whenever possible, try to hire the services of local suppliers. It is a great way to fully control the components that you use and stimulate your local economy. You can also ensure quality control over the products that you get. To take this further, the source for organic materials produced from companies that actively work to offset their carbon footprint. Sourcing local materials is beneficial to the environment, reduces pollution, cuts down on greenhouse gases and, as a bonus, saves money.
Invest in your team
Advancement in artificial intelligence and robotics are creating fresh new opportunities for people with the attitude and the right expertise to make good use of them. However, a lot of individuals will be left behind. It is therefore imperative that your business takes responsibility and equip your employees with the skills that they need to stay on track with technological advancements.
Sponsor local events
If your start-up wasn’t built or focused on purpose from the get-go, it’s never too late to find avenues to make it more purpose-oriented without compromising on profit. For example, if you cannot afford to donate a substantial amount of your profit and still maintain a good bottom-line, you could try sponsoring local events instead. This is a great way to become an integral part of your business’s local community, and as a bonus, your brand name is associated with a good cause.
Understand purpose
Purpose is not just about delivering the right services and products to customers, but it is also about giving back to the local community. And make sure not to skip on your legal obligations, such as a self-assessment tax returns — if you’re self-employed.
Shareholders and the public have very high expectations. To succeed today, your business needs to demonstrate and add value or improve both social and economic conditions, and also be seen as a socially responsible citizen.
A great way to immediately create an impact is to redesign your business model to give back. This doesn’t have to be outlandish. It can be effective but simple, for example, giving a portion of your profits to CSR because you feel strongly about charity. Embedding this type of profit-sharing model in your company’s PR and marketing material can boost sales.
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