It’s no secret that contributing to social good initiatives has the power to benefit your business, other people, and the planet.
Across sectors and around the globe, business leaders are becoming increasingly aware of the need to give back to their communities and stand up for important causes. Responsible business practices are no longer a “should do” but a “must do”—regardless of industry.
For business leaders, it’s especially crucial to demonstrate a commitment to creating a better world around them, rather than just focusing on maximising profits. This is why it’s essential to adopt a triple bottom line accounting approach, which takes a broader view of business success to factor in social and environmental elements in addition to profits.
There are countless ways organisations and business leaders can go out of their way to help others in their community and do some social good while they work towards their goals. Here are a few ideas to get started:
1. Encourage volunteer days
Many organisations have started implementing volunteer days to give employees a chance to contribute to a cause of their choice. You could also organise a group volunteer day at a specific organisation that’s aligned with the cause or mission of your company. Not only do volunteer days provide an opportunity to give back to the community, but they can also boost company morale and lend a feeling of satisfaction and pride to employees.
2. Donate a percentage of profits to a good cause
Another way to give back is to donate a percentage of your annual profits to a cause like healthcare research, social housing projects, or another important cause. For example, former NFLer Justin Watson launched BLQK Coffee to support Black communities, donating 25% of profits to initiatives that boost food justice, education and more. While of course, not every business is equipped to donate a quarter of its profits, even just 1% can make a massive difference.
3. Offer pro bono services
Another clever way to share your support for those in need is to offer your services on a pro-bono basis. For example, law firms could offer pro bono services to clients from underserved communities. Depending on the kind of services and capabilities your company offers, this can be an easy way to give back to the community while doing what you do best.
4. Develop a sustainability plan
If your organisation hasn’t already developed a sustainability plan, it’s never too late to start. A big part of looking after your triple bottom line includes being conscious of your environmental footprint as a company and taking steps to ensure it’s minimised as much as possible.
There are several ways to ensure your company is as green as it can be like encouraging remote work, sourcing sustainable materials, and conserving water and energy where you can. If you’re unsure where to start, you could always hire a sustainability expert to act as a consultant to help you minimise your footprint.