In 2021, purpose and profit go hand in hand. Business priorities are shifting, and the metrics for a company’s success are no longer tied to financial performance alone. Investors, consumers and other stakeholders are increasingly concerned with business as a force for good, diversity and inclusion initiatives and environmental, social and governance (ESG) practices. It’s no surprise that 64% of consumers say a brands primary purpose should be making the world a better place. Some of the most recognizable brands around the world have decided to lead by example: Deloitte, Dave’s Killer Bread, AT&T, Bank of America, General Motors, Koch Industries, and MasterCard to name a few. These organizations see the value in combining purpose and profit, not only for the way they’re improving the lives of others, but in the business results they receive in turn.
One critical opportunity for companies to integrate their purpose into their business decisions is in choosing which businesses to partner with. It’s more important than ever to have business partnerships at every level of your supply chain that help drive your organization’s purpose and ESG goals. It’s time to explore how the right partnerships can drive economic opportunities for not only your company, but for the communities in which you do business.
Be Purposeful in who you Partner With
Companies that are truly purpose-driven don’t make purchasing decisions or form partnerships based solely on the fact that they’ve done business with the company for a long time. Progress most often requires change. It’s important to reevaluate who you partner with and uncover the way their company is balancing ESG priorities and business outcomes. There may be another organization that could meet your business’ needs while helping you contribute to the betterment of society at the same time. Take a closer look at who you are doing business with to ensure they are balancing purpose and profit.
One of the easiest ways to do this is by partnering with companies committed to diversity and inclusion who employ individuals from untapped talent pools. This includes people who have been unemployed for an extended length of time, people with criminal histories, people with disabilities, racial and ethnic minority groups, and veterans. Partnerships like these deliver for your business while at the same time elevating other communities, helping your organization be more inclusive.
Discover Which Businesses are Making a Difference
There are easy ways to discover companies you can feel good about partnering with. As a resource for you, we’ve created a list where you can find companies committed to business as a force for good. The more thoughtful you are in your partnerships, the better off your company will be.
Global Impact Sourcing Coalition (GISC)
The Global Impact Sourcing Coalition (GISC) is a global network of businesses that strive to create jobs for those who most need them through the power of procurement and global supply chains. If you’re unfamiliar with the term impact sourcing, it’s a business practice where companies prioritize suppliers that intentionally hire and provide career development opportunities to groups of people who often have limited prospects for employment. Learn more here about how you can join the GISC and what organizations are already involved.
Society for Human Resource Management (SHRM)
SHRM is a thought leader in best practices surrounding issues impacting today’s evolving workplaces. This organization is a great resource to learn more about how to create a workplace where employers and employees thrive together and is made up of over 300K HR and business leaders committed to transforming the workplace for the better. Learn more about the different organizations that are members of SHRM and how your own organization can become a member here.
Second Chance Business Coalition
Second Chance Business Coalition is a collection of large private-sector firms like P&G, Microsoft, Texas Instruments and more, committed to growing second chance hiring and advancement opportunities within their companies. Take a look at the organizations taking part in second-chance hiring here.
Certified B Corporations are a great place to start looking for organizations that provide a balance of purpose and profit. They are made up of a group of 4,065 companies across 153 industries globally and are legally required to consider the impact their decisions have on workers, customers, suppliers, community, and the environment. Learn more here about who these companies are, what they believe in, and how your own organization can become B Certified.
Impacts of Purposeful Partnerships
Partnering with purpose-focused companies does more than impact your bottom line. Take a look at the outcomes you can expect:
For your employees to feel connected to your brand, they need something bigger to believe in than your products and solutions alone. Today, many employees want to feel that they are affecting positive change in the world. By partnering with purpose-driven organizations, your employees will have a better understanding of your company values and how your business is doing more for the world than simply working toward revenue.
Brand health is increasingly becoming an important metric to track. Brand awareness is always something to consider, but how your business is perceived in the marketplace is even more important. You always want your brand to stand out and be recognized, but it needs to be for the right reasons. By partnering with purpose-driven organizations, you’ll contribute to the overall health of your brand. Customers are looking at more than just your products when they decide to do business with you. They will do their own background checks to ensure your brand’s values align with their own. Commitment to purpose can also be a key differentiator in a crowded marketplace, allowing your business to stand out from its peers. This is hugely important because 66% of consumers are willing to switch from a known brand to an unknown purpose-driven brand.
Measurable Social Value
At Televerde, we have the goal of helping change the lives of 10,000 women impacted by incarceration over the next 10 years. Our partners feel good about choosing us to help them reach their revenue goals because we are actively committed to our purpose and delivering on it every day. They know that by partnering with Televerde, they are supporting a mission to change lives and they can see the measurable impact they’re having. When our partners outsource sales and marketing services to us they know that they are helping to create social change.
Increased Customer Trust and Loyalty
Your organization has many goals: growth, delivering exceptional service and products to your customers, satisfying your employees, and more. But a goal that often gets put on the back burner is ensuring your customers trust you. 79% of Americans are more loyal to purpose-driven brands than traditional brands. With trust comes loyalty, and this means more lifetime customers. Doing business with purpose-driven brands will show your customers you care about more than profit, earning their trust and their loyalty in the process.
Last but not least, purpose-driven partnerships will deliver ROI for your company. Yes, purpose is at their core, but so is delivering tangible results for your business. Once you experience what it’s like to work with a company grounded in purpose, you’ll see that they are committed to delivering excellence for their customers so they can continue to drive their mission.
As you think about who you will partner with to take your company to the next level in 2022, be sure to reevaluate your current partnerships and take a closer look at how you can excel when you partner with purpose-driven brands. Interested in seeing how you can outsource to a purpose-driven company for your sales and marketing need? Contact us today to schedule a consultation and learn more about how our business model has been delivering ROI for some of the biggest B2B brands for over 27 years, while changing lives in the process.