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:
- 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.
- 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.
- 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.
- 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.
- 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.