WHOOP OF THE WEEK #15 - PURPOSE-DRIVEN BUSINESS TO BE THE “NEW NORMAL”
Updated: Jun 12, 2021
A new report has outlined how businesses could play a role in tackling key environmental and social challenges and support recovery from the COVID-19 pandemic.
The report published by research group, ReGenerate, sets out how the UK government could harness the power of business to tackle some of the biggest environmental and social challenges, including recovering from the impacts of Covid-19, reaching net-zero by 2050, and levelling up.
The reforms are ultimately designed to free business leaders to benefit society and builds on YouGov polling conducted last year that shows a growing appetite for purpose-driven business, rather than pursuing the maximisation of profit.
The report has four main asks:
Make it easier for consumers to identify and support purpose-driven business, such as by creating a traffic light labelling system.
Government to provide global leadership on impact measurement at G7 and COP26 to make it easy for all companies to understand and report how they impact society, such as by creating a clear policy goal to make the UK a centre of excellence for impact reporting.
The UK Government to create a clear, obvious legal framework for purpose-driven companies, to make sure they are legally protected to operate in a way that benefits society.
Turbo-charge support for companies that intend to profitably tackle the challenges we face, such as recovering from Covid-19, reaching net-zero and leveling up the UK, both through grants from Innovate UK and also greater collaboration from existing support organisations.
ReGenerate said the paper’s reforms “bring to life” its vision statement for the future of business, which envisages an environment where purpose-driven and values-led business will become the “new normal”.
By definition, a purpose-driven business exists to benefit society and views profit as one of the vital outcomes of its business activity, as opposed to being the sole reason for its existence.
The vision statement is gaining significant attention and has now been signed by over 70 business leaders to date, including Julian Richer (Founder of Richer Sounds), Nick Jenkins (Founder of Moonpig.com and former Dragon’s Den investor), Fabienne Michaux (Director of SDG Impact, UNDP), Wilfred Emmanuel-Jones (Founder, The Black Farmer), Paul Dickinson (Founder, CDP), Sarah Gordon (Chief Executive, Impact Investing Institute), Stephen Muers (CEO, Big Society Capital), and Paula Fallowfield (Chief HR Officer, Natura & Co).
Sir Ronald Cohen, Chair, Global Steering Group for Impact Investment and Author of Impact, said:
"The innovative power of business will be crucial in helping recover from the social challenges created by the coronavirus pandemic."
"This ReGenerate paper is a welcome contribution and its reforms would help make the impacts of businesses far more transparent and drive support of businesses that seek to have a more positive effect on society,”
With this latest report and the increase of consumer demand for brands that have social and environmental causes aligned with their product or service, there has never been a better time to enable your business to become purpose-driven.
And aside from it just being something ‘nice’ to have on your mission statement, it’s now also incredibly profitable to support a social or environmental cause. Positioning your company as one that cares appeals to your audience; boosting customer acquisition and strengthening the sustainability of your business.
So how can we help?
We believe that when you are purpose-driven, the world should know about it. We can help you integrate this into your social media strategy by delivering campaigns that benefit both your company and the social and environmental causes you support.
Customers are more aware than ever before about environmental issues: to attract today’s consumers and to retain your existing customers, you need to make it clear what you’re doing to be more environmentally and socially conscious.
By showing your audience the positive impact of your business on your socials, you will enhance engagement with your brand; boosting customer acquisition and strengthening the sustainability of your business.
If you look at the scale of problems the world faces, whether it’s climate change or the widening inequalities in society, it is clear that more is needed from business.
If you're interested in finding out more about integrating supporting a cause into your social media strategy and becoming purpose-driven, please give us a shout and we’ll be happy to go through the finer points with you.
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