Five Cornerstones of Good-oriented Businesses
Good impact is good for business. At Saxum, we’re obsessed with applying the power of good to drive business and social imperatives.
We have identified five cornerstones of the most impactful good-oriented businesses in the market – critical elements that all organizations must execute effectively to positively impact both business and society.
Brand DNA is the essential first cornerstone to connect good endeavors with an authentic organization. If you asked every employee within your company to state the company’s purpose, could they? If only a quarter of employees can do it, it’s likely time to look into your brand DNA and better understand how you present yourself internally and externally.
The good you can achieve in business and within a community begins with a strong sense of knowing who you are. Yet, too many enterprises and organizations set out into the wild without knowing themselves, jeopardizing their impact. Brand DNA is the essential first cornerstone to connect your good endeavors with your authentic organization.
Does your company feel a sense of responsibility to take a stand on issues that are important to its stakeholders? If so, how does your company determine its brand’s position on these specific issues?
Organizations that maximize their good impact often adhere to the same core principles:
- They deliver for all stakeholders–not just shareholders
- They take a stand where it counts
- They’re laser-focused on impact
- They empower their people
- They focus on uniting, not diving
Environmental. Social. Governance. ESG. Three simple letters with huge implications. These directives are increasingly driving investment, business, and customer relations, but too many brands view ESG as a trend and not an intentional drive for change. The truth is, ESG has become a priority far beyond its original intent, and it’s no longer enough to speak solely to those with a financial stake in your business.
Employees, consumers, and almost all stakeholders want to support companies and organizations with the same values. So ask yourself: How aspirational is your company or organization regarding ESG practices, and how is accountability for implementing strategies shared across the company?
When it comes to tracking your company’s brand impact, what does your process look like? If the data you’re collecting isn’t measurable, it isn’t actionable. Businesses and organizations must capture their real-time impact appropriately to inform stakeholders and shareholders, track progress, and quickly identify strategic paths forward.
Data should reinforce every decision your company makes and should also be used to show your stakeholders that your actions are making an impact.
Think about how you’re communicating with your stakeholders. Do you tailor your communications outreach to each audience’s unique needs and perspectives?
Be transparent. Sharing progress can energize your stakeholders and shareholders. Consistent, clear communication with your audiences is critical to help fuel your impact for good and help you maintain momentum as your business or organization marches into the future.
How great at “good” are you?
From your mission to how you share progress with the people you serve, your business or organization should have a strong footing within all five cornerstones for good.
Wondering where you currently stack up? We created a free, 10-minute assessment that will evaluate your business or organization and provide you with a customized report, including actionable insights to help achieve a greater good for both business and society.