We have some good news to tell. There are some positive side effects of making impact. It’s already an extensive list of benefits when we talk about doing better business for people and planet, but research shows as well these positive side effects for those who stand out and make impact by doing good and doing business. We’ve got them listed for you.
1. Attracts talent
According to a research of Deloitte from 2021, the biggest concern for Gen Z and millennials is climate change. They demand from companies to take they lead and become more and more sustainable. They also have their own reasons why they want to work for a sustainable company. So by doing more sustainable and social business you can create a flywheel. By attracting more purpose driven employees your change can accelerate as they will drive the change with you.
2. Boosts innovation
It makes sense that when you are changing and challenging your company’s current way of working new insights will arise. A recent research of McKinsey shows indeed that an emphasis on sustainability can boost product innovation.
3. Builds a brand reputation
As a company you have a story to tell. It’s about your product & services. But more importantly is your why. By focusing on the impact you are making, your story can be an inspiration, a gateway to a collaboration for an even better world, an investment elevator pitch and so much more. Your way of working is your brand. More customers and stakeholders will engage with you when you have a strong brand reputation. This will lead again to more options for you to run a better business.
4. Reduces costs
5. Drives competitive advantage
When competition is though and not following suit on making impact, you have found a sweet spot of competitive advantage. Where sustainability can be niche for some markets, it also can give you the benefit of being an early adopter and drive change from that position and eventually become the standard.