October 2022
Whether music, technology, retail, or just the corner grocery store, adding social value to a business purpose is essential and beneficial.
By Hawa Atongi
It is widely known to many CEOs and managers that making a profit and keeping a business afloat from generation to generation is not an easy task and that is where the addition of social value to a business’ purpose is vital.
It is Now the Way
Adding a socially benefitting component to a business model is one of the best ways to establish social value and this is how it can help:
Improved Reputation: social benefit is the value the society gains without necessarily patronizing a business’s product or services. For example, a shoe factory can decide to donate free shoes to those who need them in the community, and by so doing the business establishment gains support from the community leading to brand recognition and a strong reputation for the business.
Increase in revenue and profitability: when the business gains the respect and support of the community, the business will find it easy to market its products or services leading to an increased customer base which translates into an increase in revenue and profitability.
The continued growth of the company: once the business is loved by the community and the business is making a profit, the business will get a competitive advantage and therefore the business will continue to grow from generation to generation.
