This is the eleventh article in a series about powering your small business through 12 areas of internal management.
For all the criticism Millennials receive, one thing they deserve credit for is sharpening our collective social consciousness. They don’t hesitate to give toward a cause or dump their brand loyalty if it betrays their internal compass.
Priorities like these spill over to their work lives too. Their values dictate the companies they work for and the influence they wield on the job. Wise business owners take these values to heart because business practices that contribute to the common good are also good for business.
“After all, 92% of consumers have more positive views toward companies that make an effort to protect the environment and support social initiatives.”
That’s why Social Impact is one of the 12 areas of internal management for business owners to review regularly.
Many small businesses aren’t sure if they have the flexibility to incorporate social responsibility measures and remain profitable. I encourage my clients to take natural steps that resonate with your mission and core values. Here are a few examples of what those steps might be.
#1 Giving Back & Nonprofit Partnerships
A small business with a heart draws customers closer and strengthens relational bonds to the brand. Find a way to give back to your local community in a unique way that aligns with your business model. Maybe your coffee shop can host a job fair for the underemployed. Maybe your photography business can donate free sessions for local families in need. Maybe your restaurant can deliver extra ingredients or meals to the local food pantry.
When you find a way to be an active part of your local community, it shows that you care. And that care connects you to others with the same concerns.
#2 Sustainability & Green Practices
Going green isn’t free, and for small businesses with slim margins, sustainability practices can cost you your bottom line. There are plenty of green solutions that small businesses can implement these days that could actually spur customers to choose your offering over your competition. From recycling to shopping local to zero waste mandates, you can find ways to protect the environment and endear your brand to your customer base.
#3 B Corp Status
For those of you ready to make sustainability an integral part of your branding, consider registering as a B Corp:
“Certified B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This is a community of leaders, driving a global movement of people using business as a force for good.”
Securing a B Corp standing will signal to your customers that you are serious about caring for the environment—and in turn, serious about caring for each person you serve.
Managing your social impact keeps you mindful that your business’s success is connected to the outside world. No business operates in a vacuum. The ways that you care for your customers in turn allow you to serve more people for many more years to come.
Are you ready to bring this area of internal management into line with your financial management goals? Officeheads is ready to help! We give entrepreneurs and creatives the financial tools, processes, and team needed to move their business ahead of the competition and onto solid financial footing. Reach out today to learn how we can get started.