What are the benefits of creating social value?Creating social value will build and enhance your company's economic value by helping you...
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...be the organisation that people choose to buy from
Customers now have the ability to buy products easily from any company in the world.
They also have the ability to tell other people what they think of the businesses they buy from (and of those these don't). With stakes this high, how your business behaves has never been more important. |
...win public sector contracts
Sustainable procurement is increasingly important and public sector procurers are now asking their suppliers to create social value and identify ways they can benefit communities.
Designing a strong community benefit or social value offer can add real value to your bid, without impacting on price. If benefits are scored they can also make the difference between winning and loosing a contract. |
...enhance and protect your reputation
Being seen to do the right thing doesn't cut it anymore.
You have to actually do it. Businesses that genuinely engage, respond to people, and make themselves accessible will be the ones that survive and thrive. |
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...attract and retain staff
People would much rather work for (and will remain loyal to) an organisation that not only listens to them and its customers but also has a higher purpose than the sole pursuit of profit.
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...improve productivity, make better decisions and avoid costly mistakes
Identifying efficiencies and better ways of doing things will save you money whilst avoiding pitfalls and problems before they arise.
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...show innovation and industry leadership before the legislators step in
When change is needed, why wait for government to step in with legislation? As a business leader, why not take the lead yourself, galvanise change, and let others follow you?
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The commercial benefits are clear.The commercial benefits to businesses of putting social value at the heart of their commercial strategy are clear.
The world has changed. Billions of people all over the planet can talk to each other and if they don't like the way you do business, that matters. Just ask the bosses of United Airlines or Oxfam why worries about reputational risk are keeping CEOs up at night. And if that wasn't enough purpose is now a pivotal part of business strategy. Successful, sustainable companies are realising that they can no longer exist solely to make a profit, they must also accept they have a responsibility to society. Whether your business is publicly or privately owned, what you do, and whether you value all your stakeholders, not just your shareholders, can make the difference between going out of, or staying in, business. |
