4 Ways you can combine purpose and profit in your business
June 3, 2019 Comments..0

In the world of business, many people know that sustainability will play a big role in giving value to a business, especially when the strategies are a core component of the overall strategy. While profits are good for growing your enterprise, many businesses are realizing that sustainability is also highly important, and gives the business a sense of purpose.

The greater the legacy you are leaving to society, the greater your opportunity to make smarter choices along the way. Read on for some of these ways to combine your passion with your purpose.

Selecting an impactful industry to work in

This will obviously depend on your skills and background, but it does not need to limit you entirely. You can still achieve it through picking an industry that can leave a real mark on the world.

An instance would be biotechnology, which plays a huge role in saving lives through revolutionizing medical research. This, along with many others, allows you to make a visible change in the world, regardless of the industry your business is in.

Never forget the power of inclusion

While making your team of employees and suppliers is great when it comes to public relations, it is more than that – it helps your company have a reputation of fairness and inclusivity. In fact, the more diverse your team is, the more they will bring in terms of their backgrounds and experiences, which makes your community better and promotes your business to greater heights and profits.

Making a business model that constantly gives back

This is one way of making an immediate but strong impact on people and the communities around you. For instance, you might be from the automotive industry, but set aside a percentage of your sales every year to give back to a charity or organization you feel strongly about supporting, like UNICEF.

When you create a business that gives back to the community, you will eventually weave it into the marketing strategy of the company, which creates a large impact on sales. In addition, customers will feel they need to buy products from businesses that openly support the communities around them, so be sure to find organizations that fit in well with what you do or plan to achieve.

Give sponsorships to local community events

If you are unable to get a charity of your choice to sponsor, then you can get into local events and sponsor them. This is also a way of starting slowly while building your team or reputation of your business.

For instance, you can decide to donate shirts to your local high school for their sports day or donating prizes during community sports days. This increases brand recognition and helps endear the local community to your brand.

Final thoughts

Even though your business might be small or you think you cannot solve the problems in the world, you can still make a small difference where you are. This will also increase your customer base, as well as giving you healthier profits in the long term.

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