More Than Profits: Building a Business That Gives Back and Grows (Guest blog)

What if your business could do more than just make money? To quote Simon Sinek, “People don’t buy what you do; they buy why you do it.” Building a company driven by a passion to make a real difference and give back is no small feat, but it isn’t impossible.

The Rise of Conscious Consumerism

Imagine you're at your favorite coffee shop. Do you just care about the coffee, or do you also want to know that the beans were ethically sourced and that the company supports fair wages for farmers? If you're like most people today, you probably lean towards the latter. This shift is what we call conscious consumerism.

Patrick Lencioni once said, “Great companies obsess over their values and make sure everything they do lines up with them.” Today’s consumers want to support businesses that align with their values. They’re not just buying products; they’re buying into a company’s ethos.

How to Meet Consumer Expectations

So, what do modern consumers expect from businesses? Let’s break it down:

• Be Accountable in Everything You Do:

Transparency is key. Think about the clothing brand Patagonia, which is known for its commitment to environmental sustainability and ethical labor practices. They’re upfront about their supply chain, and consumers love them for it.

• Take a Stand for What’s Right:

When Nike featured Colin Kaepernick in their ad campaign, it sparked conversations and showed that Nike wasn’t afraid to take a stand on social issues. Sure, it was risky, but it resonated with their core customers.

• Generously Give Back:

TOMS Shoes built its brand on a one-for-one giving model. For every pair of shoes sold, they donate a pair to someone in need. This simple, generous act has built incredible loyalty and respect for the brand.

Defining Your Business Purpose

Your business’s purpose is like the North Star. It guides everything you do and keeps you on the right path. When you articulate a purpose that resonates with your customers and employees, it’s like magic. It creates a bond that's hard to break.

Mission statements are a great place to start. For example, Warby Parker's mission statement is, "To offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses." It’s clear, it’s compelling, and it holds them accountable.

Incorporating Social Impact Initiatives Into Your Business Model

Want to show your customers you mean business when it comes to making a difference? Here are a few ways to incorporate social impact into your business model:

• Charitable Donations:

Partner with organizations that align with your mission. Be transparent about your contributions. This isn’t about bragging—it’s about showing that you’re serious about giving back.

• Employee Volunteering Programs:

Encourage your employees to volunteer. Offer paid time off for volunteer work or organize company-wide volunteering events. It’s great for team morale and helps build a culture of giving.

• Sustainable Sourcing and Production:

Walk the walk. If you claim to care about the environment, make sure your business practices reflect that. Source materials responsibly and partner with suppliers who share your values.

• Non-Profit Partnerships:

Collaborate with non-profits that share your goals. This can amplify your impact and show customers that you’re committed to making a real difference.

The Benefits of a Purpose-Driven Business

Being purpose-driven isn’t just good for the soul; it’s good for business. Here’s why:

• Attracting and Retaining Top Talent:

Today’s workforce wants more than just a paycheck. They want to feel proud of where they work. A purpose-driven business attracts passionate employees who are in it for more than just the money.

• Improving Brand Reputation and Customer Loyalty:

A strong commitment to social impact can boost your brand’s reputation and earn you loyal customers. People are more likely to support and stick with brands they trust and respect.

Make Your Business Purpose-Driven

Ready to take the plunge? Here’s a challenge: Start by reviewing your mission statement. Does it reflect your values and goals? If not, it might be time for a refresh. Next, think about one way you can give back—whether it’s through charitable donations, employee volunteering, sustainable sourcing, or a non-profit partnership.

Remember that Simon Sinek quote? “People don’t buy what you do; they buy why you do it.” Show your customers that your “why” goes beyond profits, and watch as they become your biggest fans.

Author Name: Cameron Magee

Author Bio: Cameron Magee, the owner of avad3 Event Production, is a passionate and dedicated professional who began his journey in event production as a curious 12-year-old at his childhood church. Today, he leads a team of hard-working production professionals, having built avad3 from his college dorm room into a national production company, committed to both client success and the well-being of his team.