Coro’s Blog: On Purpose

Do you know the Role of your Business in Society?

Published on July 30, 2021

Lethal heat waves. Incinerated town in a global hot spot. Mass Indigenous graves. A roiling pandemic. Rising recognition of systemic racism. It’s hard to take it all in as an individual. And harder still to consider how your organization might respond. Until now.

This article posted to Competent Boards summarizes the steps boards and management can pursue together to address these societal trends and become a force for good:

  1. Adopt a social purpose as the reason your company exists and ensure it is implemented via the corporate strategy and in the company’s relationships.
  2. Set the course for your company to transform its business model and the ecosystem in which it operates to align with and contribute to a sustainable future.
  3. Identify and collaborate with the influencers in your sector and value-chain to address shared barriers and opportunities – this may include using the influence you hold in key industry and professional associations to mobilize them to adopt societal purposes.
  4. Determine how your company can use its influence, reach, scale, platforms, and power to transition the systems in which it operates to be more sustainable and equitable.
  5. Agree on a game plan for your business to become regenerative, restorative, socially just and a beacon of hope for your employees and partners.

Boards have their work cut out for them. Business has operated in its own interest for a century. It is now time to act in society’s interest. Doing so will put your business on a positive path – and that’s good for everyone.

Read the article at competentboards.com.

Competent Boards

Subscribe to Coro’s Newsletter

A few times a year, Strandberg Consulting sends out a newsletter to keep Coro’s network up-to-date on her latest projects, publications and tools. You may subscribe to the newsletter here or visit the archives.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Do you know someone who may be interested in this? Share it.

You may also be interested in ...

blog-oct-11-2024-2
Oct 11, 2024
 in Leadership Strategies
The single-minded drive for profits in modern shareholder capitalism exacts a heavy toll on society. Accelerating climate change, mounting biodiversity loss, widening inequality, and eroding public trust are among the most damaging consequences of this economic paradigm. Its focus on profit as the primary purpose of business is a threat to human and planetary well-being.
blog-apr-15-2024
Apr 15, 2024
 in Leadership Strategies
The purpose ecosystem is coming of age. You can see this when you start coming across academic research defining it and studying its potential and constraints, when you watch it come to fruition through your or others’ deliberate efforts, or when over 100 CEOs of purpose-driven companies endorse a Call to Purpose
becoming-pro
Nov 23, 2023
 in Leadership Strategies
More and more companies are adopting a social purpose as the reason their business exists.