Socially responsible and conscious companies are the way forward. Not only should companies find ways to give back to their communities and to better their neighborhoods, but they should also aim to work with an emphasis on the triple bottom line. If you aren’t familiar with either practice, it may be time to brush up your business practices. It’s easy to exploit others for the sake of your own profit, but consumers are becoming more conscious, global citizens. Give back, and you can leave the world in a better place.
Triple Bottom Line
The triple bottom line is a method of production that places emphasis on people, planet, and profit.
- People
Workers deserve a fair wage. When you opt for the cheapest or do not closely monitor your production or where your product comes from, you are encouraging the exploitation of workers. This is true in every industry that sends its orders overseas. The practice of haggling for the lowest price might seem smart, but not if it means the companies you choose could subcontract dangerous and even illegally operated warehouses. Put more effort into sourcing out your supply chain, and you’ll ensure you give back to companies abroad just as you can give back to those at home.
- Planet
You have already heard labels such as “organic” or “Fairtrade,” and that is exactly what this factor is about. Ensuring that your production and processes are either circular or sustainable can help the environment immensely by keeping it green and beautiful for future generations.
- Profit
No company can exist without profit, which is why while you are ensuring fair working practices and environmental standards are met, you also need to ensure your business can grow.
Giving Back to Your Community
Big or small doesn’t matter. Every company can give back to their community. This can be done by sponsoring groups that help at-risk kids, or it can be simply by using an investment company that cares about its social impact, like Lemonade Insurance. As always, you will have to read reviews in order to determine whether a company or insurance plan is right for you. Choosing companies to work with that have that social impact emphasis, however, can help expand your reach.
Other ways that you can give back to your community are just the same as any individual can give back to their community. Participate in community events, hold fundraising specials, and even put a share of your profits into community projects or donate to charities. This philanthropy isn’t a waste of money, either, in fact, it’s one of the best ways to advertise. You will get your name out there online and locally you will improve your community. The better off your neighborhood, after all, the more money your neighbors will have to spend with you.
Profit at all costs is not a sustainable method of business, especially not when giving back to your community can increase your standing and better your customers. Invest in your neighborhood, and in the world, and you will have invested in your own future.