7 Ways To Create Impact With Your Business Today

I have long believed that businesses should do good in the world, and this idea was reinforced in me by my mentor, Anna (Anne) Eleanor Roosevelt. When I first met her, I was working at the Boeing Company, coaching and facilitating leadership development programs. She served as the Vice President of Global Corporate Citizenship and was charged with identifying ways Boeing could and should engage with and impact the world. This included the use of its products and services, its business practices, and its community engagement. 

This concept of being a good corporate citizen is rooted in the idea that businesses are uniquely equipped with the people and resources to make a difference in the communities where they live and operate. Over the few years I was in a mentoring relationship with Anne, I truly saw that businesses are better suited to help close the gap that governments and non-profit organizations can’t or won’t for humanity. As the needs of the planet continue to grow and evolve, consumers are relying on, and in fact, demanding, that businesses do more and do good. 

In a 2019 AFLAC Corporate Social Responsibility survey, “77% of consumers are motivated to purchase from companies committed to making the world a better place, while 73% of investors state that efforts to improve the environment and society contribute to their investment decisions.” Those percentages are staggering, and when you take note of the buying power of Gen Z (born 1997 to 2012), the upcoming group of consumers entering the marketplace after the Millennials, the gravity and importance of doing good only increases. Gen Z’s buying power is on track to exceed over $2.5 trillion over the next decade, and they are 85% more likely to trust brands, 82% more likely to recommend those brands, and 84% more likely to buy from brands that address social causes or are socially responsible.

It’s no longer enough to just focus on profit. Businesses must also do good in their local communities and beyond. So, how can businesses do better, especially smaller businesses or solopreneurs who are operating on smaller budgets?

Share your expertise

If you look around your community, there are always opportunities to share the same skills and knowledge you use in your business to help others be successful. Volunteering your time and creating the space and incentives for your employees to engage at the local level is incredibly powerful. 

Build strategic partnerships 

Who do you know? Look around your network and identify people who share similar values, who have synergies with your core expertise and are doing innovative things to address issues at the local and global level? 

In the past few months alone, I’ve done enough reading and talking about my heart for Egyptian women and women in developing countries that people are now reaching out and making introductions on my behalf. Not all of these will turn into something, but those conversations open the door for additional conversations and, ultimately, potential strategic partnerships that allow you to tackle problems you might not be able to do a thing about on your own!

Speak up

I would be remiss if I didn’t add something about using your voice here. Your voice is one of the most powerful tools you have as a business owner. When you care deeply about issues that are affecting people or the planet, speaking up and setting yourself apart as a thought leader is essential. Your mission is part of your competitive advantage, so say what you want (and need) to say in order to elevate and tackle local and global issues. 

You’ll be surprised at how many people will raise their hands and say, “I care about that, too! Let’s do something about it.”

Invest strategically - use your dollars and your feet wisely

Just as your voice is a critical asset, your dollars and your feet are too. Since 2017, the world has seen some of the largest protests and marches, and global citizens and activists are using their physical bodies to raise awareness and force new conversations about change. In a recent LendingTree survey of more than 2,100 consumers, 1 in 4 Americans are currently boycotting a product or company they’d spent money on in the past, perhaps more striking, the number one reason behind that is disapproval of “specific corporate political donations.” 

People are looking to support businesses that mirror their values. So, be clear on who and what you’re for (and what you’re not), and invest your time and money, accordingly. 

Source ethically

Ethical sourcing is an approach where businesses factor in the impacts their products and services have on the people and communities that create them. This is a really big topic, and it’s not something that happens overnight. It can often be difficult to get beneath the surface to see what people in your supply chain are doing. So, taking the time to carefully vet partners, suppliers, and other stakeholders is critical. 

This can also be applied to the purchase of products, client gifts, etc. Know where the things you’re buying are coming from.

Pay a living wage

Like ethical sourcing, this one may take some time as you build and grow your business. Paying people a living wage is vital to tackling several of the 17 United Nations Sustainable Development Goals of ending poverty and eliminating hunger. When your employees can afford to live well and aren’t constantly stressed and strained by finances, they become better, more engaged employees. 

Choose purpose over profits

All of the aforementioned ideas for creating impact are powerful, but perhaps the biggest difference you can make as a business owner is recognizing that there’s power in choosing purpose over profit. This is a long game, and as a result of decisions you make, there will almost certainly be short-term losses. Stay rooted in WHY you’re doing what you’re doing and the IMPACT you truly want to see in the world. It won’t always be easy, but it will make a difference to your employees, customers, and stakeholders… and to your bottom line. 

This is the way of the future, and the sooner businesses embrace the importance of making an impact and aligning all aspects of their business strategy to that purpose, the faster you’ll see your businesses grow. 

If you’re not sure where to start, take a minute and dig into 10 questions to help you align your mission with your strategy. It’s never too late to start.