What does it mean to be a purpose-driven business?

Gavin Willis, founder and CEO of Search Seven, explains.

There has a been a huge cultural transformation in the last couple of decades, whereby it is no longer enough to be profitable. There is a responsibility to contribute to a sustainable planet and a fairer society; it is essential to have a purpose.

To get us started, here are a few stats around what it means to be purpose-driven:

• Consumers are four to six times more likely to purchase, protect and champion purpose-driven companies. (Global Study by Zeno Group)

• Purpose-driven companies experience higher market share gains and grow three times faster on average than their competitors, all while achieving higher workforce and customer satisfaction. (Deloitte)

To include another stat by Deloitte, the below infographic shows how the ethos of a company plays a significant part in the consumers decision-making stage too:

Data from an EVERFI consumer survey backs this up, with the infographic above showing that consumers expect a positive social impact from companies:

In summary, it is fair to say, that people’s views certainly do shape the market.

This change in social purpose is seeing a positive impact on companies’ profits, with investors and banks using social and environmental impacts as a key criterion for funding a business. It also has an impact on the value price of the company too.

Backing this up with how potential consumers and the company’s current, and potential, workforce view the company, it has never been more important to focus on your company purpose.

So, what is company purpose?

The way I see it, a company’s purpose is twofold: to solve issues for people and for the planet, and to not benefit from causing problems. This means not only returning interest on investment, but reducing a company’s impact on the environment, delivering value for clients, providing meaning to employees, contributing positively to society, and encouraging positive changes and innovation.

Company purpose is often referred to in terms of Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG) strategy, community engagement, corporate sustainability, or impact investing. These concepts differ in scale, scope and intent, and their definition is also influenced by the department under which their responsibility falls.

What does social purpose look like?

The importance of social purpose in corporate strategy cannot be overstated.

While the purpose of a business should inform all its activities, it is the initiatives that focus on improving society that are most visible to external stakeholders

These initiatives can take various forms, from short-term projects with limited scope to longer-term programs with significant impact. Below are some examples to inspire and inform:

• Community outreach events and programs

• Educational programs, including skill development

• Investment in infrastructure and community spaces

• Awareness and behaviour change campaigns

• Knowledge sharing and early career support

• Employee volunteering

• Sponsorships

Social purpose initiatives can target various community sectors based on a company’s industry, location, values, and social or environmental impact. A company may choose to focus on the community surrounding its local headquarters or extend its reach across an entire country. It may help the elderly, young mothers, children, young adults, former prisoners, unemployed people, or any other group that can benefit from its support.

For instance, a bank may offer financial education to prospective clients, a cosmetics company may raise awareness of sun safety, a supermarket may sponsor a competition to encourage school children to learn about healthy eating, and a technology company may help children develop STEM skills. The possibilities for how an organization can impact society are endless.

For a small business like ourselves, Search Seven focus most our CSR efforts on social purpose.

Our aim and ethos is to contribute positively to society and provide meaning to employees. We do this by engaging the community and charities alike in events that we organise and host. We sponsor charity events, and we encourage employee volunteering, with many of the team helping their chosen charities at their own fundraising events.

Time for action

With the acknowledgement that it is essential to be driven by company purpose and to practise corporate social responsibility, it is time to act. Any company not embedding an authentic mission into its strategy will be left behind by consumers, the workforce, and investors.

What is your company’s purpose?

How can you embed a successful CSR strategy into your business?

Corporate Social Responsibility (CSR) refers to a company’s commitment to social and environmental responsibility in its operations and interactions with stakeholders. In recent years, CSR has become increasingly significant as consumers, employees, and investors demand that businesses consider their impact on society and the environment.

As we mentioned in the first chapter on company purpose, and within the stats that were shared, being a purpose-driven business will not only make you feel better about making an impact on society and the planet as a whole, but it is also what consumers and team members are looking for in a business for them to engage with it.

As the CEO of Search Seven, I’ve outlined seven tips for implementing a successful CSR program:

1. Identify your stakeholders: Determine the parties impacted by your company’s operations, such as employees, customers, suppliers, shareholders, and the local community.

2. Set CSR goals: Determine which issues are most relevant to your stakeholders and set specific, measurable, achievable, relevant, and time-bound goals to address them. Can you set a tangible target to aim for? What about creating a campaign to bring it all together and give it its own identity?

3. Engage your employees: Involve your employees in the development and implementation of your CSR program. This can not only ensure that the program aligns with their values but also fosters a sense of pride and ownership amongst your workforce. Do you offer a match-funding scheme to encourage fundraising engagement? What about a team charity event?

4. Communicate your CSR efforts: Share your CSR activities and accomplishments with stakeholders through your website, social media, and other channels.

5. Partner with non-profits: Consider partnering with non-profits or other companies that share your values and goals to make a greater impact. Form and build strong relationships with the charities you are supporting too – keep them involved and engaged in your activities and give them the chance to have a voice.

6. Consider sustainability: Sustainability has become a critical aspect of CSR, and many companies are implementing initiatives to reduce their environmental impact. Conducting a sustainability assessment can help identify areas for improvement and set sustainability goals.

7. Be transparent: Be open and transparent about your CSR efforts, including any challenges or setbacks you may encounter. This can help to build trust and credibility with stakeholders. Can you do an impact report after your efforts to show the impact you had on helping charities?

Implementing a CSR program can benefit not only society and the environment, but also your business by improving relationships with stakeholders, attracting and retaining top talent, and enhancing your company’s reputation.

If you are interested in embedding a strong CSR programme into your business, then please get in touch with Gavin to book in a CSR chat, where he can share Search Seven’s own fundraising journey, and the best practises they have adopted over the last 12 years in their efforts to raise £100,000 for charity. Please email gavin@searchseven.co.uk

www.searchseven.co.uk