Designing an Impact Agenda: 7 Tips to Transform Your Business For Good
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An impact agenda can have a multitude of faces and forms but at its core, it’s an injection of good within any business that chooses to be impactful. In 2019, 200 top CEOs in the U.S. signed a declaration to prioritise the positive impact of their businesses - if they can do it, you can too!
In recent years, consumers are actively seeking out businesses that align with their personal values, and are in fact holding them accountable for their practices, particularly with data protection regulations, sustainable methods and ethical behaviours.
Throwing around key buzzwords such as ‘impact’ and ‘sustainability’ is not enough anymore as consumers are more aware of their own impact than ever. In 2021, Accenture found a positive correlation between businesses that implement impact agendas and profitability. This tells you everything you need to know about the direction of consumerism.
Below are 7 tips you should follow if you’re looking to inject some good into your company.
Tip 1: Values
Whether you’re a social enterprise, a not-for-profit or a corporate, having a set of company values internally and externally is imperative. Your values are your identity and express your company culture; it’s how your audience recognise you, and how your team are expected to behave. Values are a driving force towards your company’s goals, and can act as a competitive advantage.
Examples of values: Respect, Transparency, Innovation, Inclusiveness.
Tip 2: Innovate with your team
Your team always tend to have the full picture of the work being done, the gaps and ways to improve. By asking your employees for feedback or creating a safe space for them to offer suggestions, you permit an open culture for your team, as well as a chance to improve your business and extend impact.
Examples: Hold team ‘Innovation Sessions’ or' ‘Buzz Meetings’ quarterly or bi-annually to reflect and evaluate.
Tip 3: Find a cause that is relevant to your business
When ideating with your team on a cause to support or a mission to align with, be sure not to choose at random and find an impact theme that matches your business goals.
Example: An e-commerce company could opt for sustainable packaging or a tech company could pledge 1% of revenue to support a charity programme encouraging young girls to follow STEM careers in a lower-income community.
Tip 4: Speak to those with lived experience
Once you have your cause, it’s important to be in contact with the beneficiaries and those experiencing the ‘problem’ your company is addressing. Through this, you are able to understand and elevate your impact, as well as show the authenticity of your mission. You could also take a step back and assess if there is another region or community you have not yet reached that could benefit.
Example: Analyse how many young girls are exposed to your STEM awareness initiative and assess how you can expand or replicate it.
Tip 5: Partnerships
As they say, two minds are better than one! Collaborating with others who have a similar call to action feeds the greater impact; you may have something that someone needs to achieve their goal, and that same person may have something you need to achieve your goal. To position your company as a genuine player in the field, partnering with others not only nurtures your credibility, but also provides you with an opportunity to innovate, and raise awareness of your brand.
Tip 6: Storytelling
Being able to articulate your mission and its impact is nearly just as important as the impact itself. The ode of powerful storytelling ties up all of the above points and permits you to share your company’s journey in a clear and meaningful way.
See our article Beyond Words for tips!
Tip 7: Research
What are others doing to impact your chosen cause? If you truly seek to be impactful through your business, conduct research to assess where the gaps are in the landscape and how your business can contribute. Another way to look at it is, which aspect of the cause, or which existing organisation doing incredible work is not receiving the attention it deserves, and how can your company help.
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We all must do our best to play our part in contributing to society’s needs, and the most effective way to do that is by practising what you preach. Leading by example is assured to inspire influence, and influence is great for business.
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