What is the role of your business in this process?
For decades, economic growth fostered enormous progress in society, which lifted billions of people out of poverty. As an effect, the quality of many lives improved, and people were able to live longer, healthier, and more prosperous lives than before.
For many years, globalization, ‘ financialization’–a focus on financial measures of success–and technology drove economic growth and social progress. In other words, the growth of the global economy improved the lives of many and lifted billions of people out of poverty.
While economic growth has created global progress “on average,” it is now leaving many people behind. Tackling the most significant issues that the world is facing today does not walk hand in hand with economic growth anymore—a dislocation has opened up between economic growth and social progress.
While the progress that is being made is not enough anymore, economic growth does not deliver the social development that is needed, and local challenges continue to exist. Political and economic upheaval is rising, but public trust is declining. All of this is magnified by other factors like climate change.
How Can We Re-connect Business and Economic Success with Social Progress?
How can our economies and organizations deliver for our societies?
How can economies – and the businesses operating within them – evolve to better deliver for society? A common purpose is needed to realign business, economies, and the society. Companies need to define their goals to play a role and meet this objective.
What’s needed is a realignment of our societal and economic systems, and this includes changes to the role that business plays in both. Companies need to frame our purposes as businesses. They need to aim for progress towards positive, sustainable outcomes for society, and apply technology for us to achieve them, design new business models, and support people to acquire skills to succeed.
One of the assumptions underpinning our current system has been that economic growth will automatically deliver societal progress, which no longer holds true. Business must generate financial returns to survive and prosper, but it must do this in a way that is considered sustainable by broader stakeholders, or risk losing its “license to operate.”
Improving the Social Impact of your Business
How can you make your business more sustainable? How do we evolve our businesses in a direction that effectively meets human needs?
The investment by more and more companies across all industries and around the globe in building meaningful relationships with their customers is starting to pay dividends for our world as we know it.
Smart companies no longer sell products to consumers. They are building products and services around their customers, providing ongoing value to strengthen and develop their relationships and ultimately grow with their customers.
The benefits of a successful business go beyond increased revenue and consumer satisfaction. They are empowering enterprises to tackle global challenges from reducing global energy use to influencing smarter city planning to raise support for refugees and more.
Many businesses also get involved in community initiatives, for example by supporting local charity organizations. Adopting a corporate social responsibility (CSR) policy can deliver business benefits as well as helping the community.
Cornfield & Partners can help you with improving the social impact of your business. To find out more about potential business opportunities, contact firstname.lastname@example.org or you can call us on +44 (0) 20 7692 0873