Purpose Beyond Profit: Creating Community Impact
A deep, clear sense of purpose has long been a contributing factor for successful organizations. But while purpose is necessary, to work fully, it must be deeply connected both internally and externally. Organizational purpose allows your company to build partnerships with local and global communities, providing mutual benefits to both sides of the equation and creating even stronger impact as each group aligns and works toward shared goals and visions.
Your business, your purpose, and your community
Businesses do more than create profit by providing a product or service - they also have a profound impact in the communities they serve and support. By having a clear and compelling purpose, organizations are better equipped to shape the world around them. Whether on a local or globe scale, businesses have the ability to build shared commitment to meaningful causes and inspire others to act.
Truly purpose driven businesses support each other and their communities by putting purpose into action. At a local level, businesses can become involved through volunteer work, donations, taking part in local activities, encouraging other businesses in the area, and so much more. Additionally, businesses can create a huge impact on the local economy. City and county taxes mean more revenue goes back into the community, where it can fund city roads, schools, parks, and other endeavors. Meanwhile, the local job market can grow as the organization expands, creating a more sustainable community, and providing a sense of connection among employees, the organization, and the local population.
While businesses can certainly make a significant impact at a local level, it's also important for organizations to think of community at a global level. Especially in today's world, organizations can make a difference beyond the communities where they are physically based. Moreover, employees and consumers have new expectations from the businesses they support. According to the 2021 Porter Novelli Purpose Premium Index, "73% [of respondents] say to win their support, companies must show how they are supporting communities and the environment." Organizations can meet these expectations by leading with purpose, and ensuring their work and actions align to this purpose.
Your commitment to impact
More and more consumers, employees, and executives understand that corporate commitment to social impact is non-negotiable. To thrive in this context, organizations need to move beyond saying the right things to doing the right things. From new hires to top executives, businesses must find ways to deliver real social impact in both their immediate communities and across the globe. Here are some examples of how an organization can generate positive impact:
Choose the right initiative for your business. Your company should identify a social impact initiative that aligns with an existing business interest — doing so helps build trust and employee buy-in and is more likely to make a long-term impact. Examine what your company provides and how it can be applied to further the interests of all the communities you serve. Committing to social responsibility and putting resources behind that commitment shows that your company is dedicated to following through on promises to improve both your organization, your immediate community, and the world at large.
Assess your organizational abundance. Think critically about what your organization can offer besides money — what other ways can you actively support social causes? Dedicating personnel, networks, and operations to meaningful causes generates social impact and builds public goodwill and loyalty. Skills-based volunteering opportunities connect employees to nonprofits, offering them support in addressing specific business challenges such as developing marketing plans or designing fundraising efforts. Examine your company’s talent wealth and ask how your people might be able to bring about positive change.
Find and build partnerships. Multi-sector partnerships can support companies’ existing work and open doors to new opportunities. Businesses that invest in research and nonprofit philanthropy can help expand their reach and impact across multiple sectors, regardless of physical locality. Working with academics, nonprofits, and other field experts boosts your company’s credibility by demonstrating that it takes corporate social responsibility seriously, not just for marketing purposes. To establish partnerships authentically, companies must truly value and respect the experts they engage with, especially those with lived experience.
Live your company values. Business leaders should assume the role of representing the company’s character through their personal values and individual ideology. More and more, consumers and investors search for like-minded companies and CEOs that live by their organizational purpose and values.
The greater good
Local communities provide opportunities for growth as well as resources to support businesses. Global communities provide a voice for sharing your purpose to a larger audience and instituting real change in the world. But until your company has truly embodied its purpose — resulting in inspired, engaged, and thriving employees — you will be challenged to spread that purpose to your communities in a meaningful way. If your company is struggling to engage with its communities (or if that relationship has yet to be established), you need solid strategies to connect on a fundamental level. A few examples to help you get started:
Invite the community into your company culture. Once you have established a need that aligns with your company’s purpose, values, and abilities — find ways to build that connection. Employees may find that their skills are a good fit for volunteering opportunities, or that the products they produce may be useful to local shelters or facilities. Create and support a giving attitude among employees, inviting them to submit ideas for projects and nonprofits that may be an excellent fit for the services or goods your organization provides.
Create an internal volunteering committee. To build regular volunteer efforts into your culture, form an internal committee that drives monthly volunteering commitments. These committees should focus on researching and building volunteering opportunities and managing the logistics of larger-scale efforts.
Replace team-building exercises with volunteer efforts. Volunteering provides great opportunities for team building while allowing your organization to voice its purpose with consistency and clarity. Regular volunteer activities create impact and build social capital — internally and externally, locally, and globally.
Get involved. Consider every opportunity to connect and engage with the public by participating in specific events, programs, and sponsorships that align with your company’s purpose. Your employees are your greatest asset. When they champion your company’s purpose, they will feel inspired and engaged, both within the workplace and within the broader community.
Use your social media influence to amplify impact. Businesses with a large online following can help highlight social causes and initiatives, increasing awareness and reach to new audiences. Get creative with your social media – for example, sharing links is great, but what if every shared link generated a small donation to the nonprofit you featured? Think big.
The relationship between a business and community should be a mutually rewarding one, built on trust, shared values, and commitment to a better future for all. When synergies are aligned, everyone benefits. In the words of Bob Fitch, founder and CEO of Fitch Consulting: “We can create a better world for everyone, by creating better workplaces. For us, the starting point is creating great places to work; places where people feel more inspired and engaged. From there we can create lasting change, and positive impacts in our communities and our world.”
Learn more about creating a positive impact in your business community and join the conversation at fitch-consulting.com.