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Businesses cannot continue to neglect the social impact of their enterprises or their broader customers’ aspirations. Even more than before, consumers tend to make their investments meaningful.
Social accountability is now essential for business, as customers continually feel that companies should promote initiatives for the common good. The “business as usual” strategy nowadays to social and environmental issues is unsustainable, considering the Fourth Industrial Revolution’s accelerated evolution and uncertainty.
In reality, doing good will help businesses thrive. The Unilever Sustainable Living Strategy offers a strong indication of what is possible as corporate executives prioritize the social effects.
In analyzing one of the 2019 WEForum Technology Leaders, impacting society as a significant business priority was advantageous to start-up progress. According to Social Purpose is the New Black, 86% of customers agree that businesses should take on societal issues. It makes an enormous economic sense by having a social effect.
The Brands and its Stands
Dick’s Sporting Goods took a stance in 2018. Following the shooting at Marjory Stoneman Douglas High School in Parkland, Florida, the brand took a bold decision to abandon selling assault-style rifles. In reaction to a national uproar about gun violence, the company has taken this statement and pinned to it.
They didn’t change their views when the different parties rebuked them; they didn’t need affirmation or recognition. The company just did what they thought was right.
Another brand takes its stand to fight hair stereotypes. Dove, a long-standing advocate of confidence and empowerment, My Hair, My Say Campaign, is about accepting your hair as your primary source to express individualism.
Following their advocacy of true beauty, Dove focused on helping women fight against prevalent hair stereotypes. The brand’s campaign has been a battle cry for females who have opposed the notion that their hair defines who they are as individuals.
How Can Small Businesses Create Social Impact?
From the experience of the brand Truepic, it indicates that whenever executives prioritize social responsibility priorities, act on those initiatives, and benefit from changing their corporate model, they are building a virtuous circle with tremendous positive impacts on the bottom line of the company.
“There is no straightforward path for small businesses trying to add SDGs to the center of their market.”Tara Vassefi, Director of Strategic Initiatives Truepic in Washington
Given Truepic’s good experiences, they intend to collaborate with their partner organizations and colleagues. To help outline the course and create a roadmap supporting other early-stage businesses to place SDGs at the company’s heart.