Can “Social Purpose” and “Economic Profit” co-exist within the same business strategy

Nowadays , it’s very common  in the business world to find companies that try to address societal issues that have previously gone unmet. Social impacts and inclusive growth are themes that should grow in line with other traditional business priorities.

External factors such as current public sentiment and media coverage are encouraging many entrepreneurs to reevaluate their current strategies and take new actions .

Inclusive business-driven growth efforts require collective action and knowledge sharing to understand and implement best practices in the future, as well as a well-defined strategy embedded in organizational priorities.

Groups such as the World Economic Forum and the Social Progress Imperative show that collaborations and partnerships with other business leaders as well as governmental and nonprofit organizations are needed when trying to scale and implement solutions.

Finally, it is fundamental to measure internal and external factors for sustained impact. Internal factors include employee engagement, retention, and attraction which prioritise purpose beyond profit. External factors might be measured throughout financial and non-financial mechanisms  that show the broader impact of their efforts.

In conclusion, to drive progress in this area, businesses need to develop strategies at senior leadership levels with clear goals and targets, cultivating partnerships and implementing a strong measurement program.