Business Influence Strategy: Altering Your Enterprise by Shaping the Community
Entrepreneur and community-minded individual Soon Hagerty is the co-founder of Boundless Futures Foundation and the founder of The Good Bowl. Hagerty's philanthropic approach to business is rooted in gratitude for the opportunities afforded by the United States, where he and his family arrived with little more than $300. Hagerty shares insights on the power of purpose-driven companies, highlighting how a clear mission can foster team camaraderie and promote financial success.
The Allure of Purpose-Driven Businesses
Purpose-driven companies revolutionize the way they perceive success, prioritizing contributions to humanity's greater good alongside financial gains. Deloitte sees immense potential in businesses that align their missions with societal needs, stating that "companies that lead with purpose and build around it can achieve continued loyalty, consistency, and relevance in the lives of consumers."
Hagerty's personal journey and values underscore the benefits of purpose-driven businesses. As he explains, a mission-driven enterprise can invigorate team members and spark community involvement, fostering an emotional connection that engages both staff and customers.
The Importance of Balancing Business and Social Responsibility
While the social impact of purpose-driven businesses is vital, it is essential to maintain focus on the actual business itself. As Hagerty stresses, a robust, high-quality product or service is indispensable to attract and retain customers, even when coupled with altruistic endeavors.
Crafting a Successful Purpose-Driven Business Strategy
Fashioning a purpose-driven business strategy may not always require an intricate blueprint. Hagerty suggests beginning with instructional goals that resonate authenticity and take baby steps towards illustrating the company's social mission. Engaging the community and leveraging grassroots efforts are powerful methods to enhance visibility and generate support for the organization's impetus.
It's Not All About the Finances
Contributing to societal good does not necessarily require substantial monetary commitments. Finding ways to integrate corporate values into relevant services or collaborations with organizations in need may prove advantageous.
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[1] The Return on Purpose: Why Businesses Must Pursue Social Good to Build Trust, Enhance Reputation, and Maximize Impact. Fortune (2018).[2] Deloitte Insights Report (2018).[3] Cloverpop Diversity Decision Making Study (2014).[4] SEIC Advisory Council Report: The Power of Purpose in Business. Stanford Graduate School of Business (2018).[5] Patagonia: Don't Buy This Jacket. Patagonia (2014).
Soon, Hagerty will be delivering a keynote speech at the Website Business Council event, sharing his insights on the importance of purpose-driven businesses and their potential impact. Finding inspiration in Hagerty's journey, several entrepreneurs are planning to adopt a similar approach, incorporating social responsibility into their own business strategies.
