In the digital world, consumers are more aware than ever about the effect of their purchasing decisions. Avoiding fashion made in sweatshops is one example. This means more and more people are demanding like-minded socially aware companies as well as environmentally and socially friendly products. We recently published an article on the difference between marketing for profit and not for profit. Read it here to get some inspiration >>>
Social impact for a business should be incorporated at the very foundation of their operations, and be considered and reflected in each business decision. It should be authentic, meaningful and sustainable, as well as ingrained in company culture. Habitat for Humanity is one social impact Not-For-Profit, who focus their efforts on building houses for the poor. However, For-Profit and Social Impact can co-exist. Ford and HBO might be a surprising examples of this. Also accessible online education system Lynda.com is rated highly in the social impact arena. If a business is not of a social impact nature, companies can implement this in a variety of other ways from product purchasing decisions to staff initiatives, matching employee donations for a cause, or donating a percentage of company profits.