Purpose and profit

You’d think by now that the debate for purpose would be over. The current crisis has rapidly accelerated sector change. Even the most damaging and resistant businesses have declared intent to be more purposeful.

But still, too many business leaders are confused about its role. They question what it is and how purpose can create real value. They question whether it is relevant when the focus for many is on recovery.

Some treat purpose as a response to consumer-activist demand, a knee-jerk reaction to a public outcry. Others see purpose as a tactic rather than connecting purpose to long-term, sustainable profit. (It is the reason why the case for investment in purpose remains a constant internal challenge).

But if ever in doubt— or denied, it’s clearer now than ever before, that business is dependent on a more equal, healthy society and sustainable environment.

During the recent crisis, we have seen many great demonstrations of what the Business Roundtable announced last August as the purpose of business leadership to be: ‘leading companies for the benefit of all stakeholders – customers, employees, suppliers, communities and shareholders’.

Though it’s heartening to see such genuine demonstrations of good however, let’s be clear. This is not about altruism. Nor should a purposeful approach be limited to a time of crisis. Doing good is not only good for the world, it makes sound commercial sense in the long-term.

A business that cares for society and the environment helps create sustainable supply chains.

It removes future liability for harmful impacts.

It attracts customers and staff through shared values.

Purpose has the power to create real value for a business, as well as for wider society.

Purpose gives meaning and relevance to business stakeholders.

So, if business leaders do not integrate purpose into recovery, they run the risk of becoming irrelevant, and in conflict with the values of the people they wish to attract.

Now is the time to act.

And during the worst economic recession of our times, we all need businesses to thrive.

At GOOD, we understand that the road to becoming a more purpose-driven business isn’t always straightforward. That’s why we’re running a series of events to help bring clarity to purpose.

We will consider the different approaches you can take; why now is the best time to create value through purpose for your individual stakeholders, the business and wider society.

And we’ll be exploring the most common way in: Collaboration, and what the new form of ‘partnership’ – born of sector convergence in the landscape, looks like.

The GOOD Purpose Event: #1 Commercial Rewards & Risks

Thursday 15th October 2020 @ 3pm

Brands and Businesses have a vital role in helping to create a fairer, healthier society and more sustainable environment. Now, more than ever before, people demand it.

The risk of not adopting a more purposeful approach to business is irrelevance at best, hostility towards the brand at worst. Yet many business leaders are still unsure where to start and how to create commercial value from purpose. Even in times of economic uncertainty, brands and businesses need to reconcile the need to rebuild and recover with the need to have a positive impact.

In GOOD’s Ultimate Purpose Event #1, we will:

1. Explain the seismic shifts driving change and how purpose creates value
2. Identify the consumer attitudes shaping future demand
3. Examine how some brands have responded
4. Provide practical advice on how brands and businesses can create a stronger and sustainable future through purpose.

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The GOOD Purpose Event: #2 Convergence & Collaboration

How Commercial Brands & Charities can create shared value by working together

Thursday 22nd October 2020 @3pm

During the COVID-19 crisis, we have seen an acceleration of a much-needed collaboration between the commercial and charity sector— for the two to work together based on mutual interest, to help solve real-world problems. This has highlighted an era of ‘convergence’ in which new-form partnerships have the power to create value for both commercial and not-for-profit organisations to help the world prosper.

In GOOD’s event on ‘Convergence & Collaboration’ we will:

1. Explain the driving force behind this convergence of interest in the landscape
2. Share the new form of collaboration between commercial business and not-for-profits – identifying how value is created
3. Present best practice learnings and insights on partnerships and collaborations for inspiration
4. Offer some practical ‘do’s and don’ts’ for businesses seeking to collaborate with a charity

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