Why mission-led business makes better business sense

Using business as a force for good or engaging in ‘better business’ means considering the impact that you have on people and planet, alongside your profitability. It means finding purpose in what you do, and behaving as responsibly as you can. It isn’t a template or linear model but takes many forms, and it’s certainly not about perfection - there is no right or wrong answer. Businesses can focus on improving a particular output, such as reducing their carbon emissions, or take a more holistic approach such as that encapsulated by the B Corporation Certification. According to the Better Business Act, 76% of people in the UK want businesses to be legally responsible for their impact, it’s the direction with which businesses will need to head in order to survive and thrive. Whether big or small, companies need to take ownership of social and environmental impact and purposefully consider the ways in which they can make our world a better place.

Why better business is gaining momentum

The concept of the "better business" movement has been gaining popularity in recent years and is becoming an essential consideration for businesses, largely because consumers now demand that companies act ethically and responsibly. According to a 2019 survey by Cone Communications, 87% of consumers said they would purchase a product because a company advocated for an issue they cared about.

In a world where businesses are increasingly being held accountable for their impact on society and the environment, those which put a clear purpose or mission at the heart of their brand tend to have more loyal customers and employees, as well as better financial performance.

Mission Lit written by Richard Johnson, gives modern leaders the tools to create future fit businesses that lead with purpose. The topics cover how to find your ‘why’, what to do about it, and how to measure and live by what you put out into the world. The book includes case studies and insights from businesses including Monzo, Finisterre and Beryl, who offer practical pointers for successfully using purpose to outshine profit-blinkered competitors.

How to adopt better business practices

1. Commit to a goal

One way that businesses can start to become purpose-driven is by looking at the United Nations' Sustainable Development Goals (SDGs). These 17 goals are designed to address some of the world's most pressing issues, such as poverty, climate change, and inequality. By aligning their business with one or more of these goals, companies can make a real difference in the world while also enhancing their brand reputation.

2. Be accountable to a certification

Another way that companies can become purpose-driven is by achieving the B Corp certification. B Corps are companies that are certified by the non-profit organization B Lab as meeting the highest social and environmental standards. To become a B Corp, a company must undergo a rigorous assessment process that looks at everything from their governance structure to their environmental impact. Companies that become certified as B Corps are part of a global movement that is dedicated to using business as a force for good.

3. Invest in your people and their environment

The workspace sector has an opportunity to support improved business practices and positive impact, by providing the right conditions, community and care. As much as 97 percent of employees regard their workplace as a symbol of how valued they are by their employer. People, as the beating heart of better business, need inspiring and caring environments in which to achieve great things.

At x+why, we know know that sustainability takes many forms – our spaces support purpose-driven business through their green materials that reduce, reuse and recycle waste, but also through their community of like-minded and inspiring businesses, and purpose-driven events and programmes. All of which supports greater goals and ambitions, and creates a more circular, regenerative and resourceful environment.

Positive impact needed

As the demand for purpose-driven companies continues to grow, businesses that fail to act ethically and responsibly risk losing customers and damaging their brand reputation. By adopting sustainable business practices, aligning themselves with the SDGs, and becoming certified as B Corps, companies can not only do good in the world but also enhance their financial performance and build a loyal customer base.

Wherever you start, just start. We’re at a point in our collective history where positive impact from the business world is needed more than ever, whatever form that might take for industries, businesses or individuals alike.

Get in touch