3 Reasons Why Your Business Needs Social Purpose
What is Social Purpose?
Social purpose has been described as an “enduring reason for being” that contributes to creating a better world. It has also been defined as “an engine for good” and “creating societal benefits by conducting business”.
- Motivation and Satisfaction
No one will deny that earning money is both necessary and motivating. But it may not be motivating all the time. Social purpose can be that deep well of energy that gets you out of bed and helps you to shift focus away from your own troubles to positive participation in a broader community of problem solvers.
- Competitive Advantage
Social purpose links you to your customers, employees, and colleagues in a profound way. It can build an enduring basis for cooperation, collaboration, and loyalty. Translated into real world benefits, social purpose can help your business attract talented employees, build a loyal client base, and build unique supply chains.
- Peace, Harmony, and All That
Some challenges can’t be solved individually. Some challenges aren’t being solved by governments. Some challenges won’t be solved through charity. Some challenges will be solved through businesses that leverage their daily activities to do good when they sell goods and services (even charities distribute swag or a tax receipt in exchange for donations creating an exchange of energies).
Want to read more about Social Purpose? Check out these resources:
Home Page
https://hbr.org/2017/09/competing-on-social-purpose
https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter
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