An increasing number of companies are subscribing to the ethos of ‘profit with purpose’ as a way to give something back to the community and environment. This concept isn’t about clever marketing that makes your business look good. Rather, it’s indicative of a company-wide culture that should be reflected in the way you work, the projects you undertake and how you measure success.
More than ever, businesses have a duty to engage in ethical practices that do good for the world. These four pillars of profit with purpose describe a framework that can be embedded within the core values of every company and incorporated into the DNA of every employee.
Four pillars of profit with purpose:
1. Actions over words
Here’s a fact: profit with purpose only happens when people act. As with any buzzword and its inevitable impact, spending all day telling everyone about how you plan to invest your profits back into the community or take on more charity projects in the future sounds great, but it doesn’t do much. Instead, you need to move, shake, get on with it – make an impact, and start actively working within the community to make a difference now.
Our recent work with MARINElife is a good example of what profit with purpose means to us. We identified a need, worked closely with the MARINElife team and created an app that could help save rare dolphin populations off the SW coast of England. Helping to bring digital into sustainability and charity is one way we give back.
It’s already helping the team and local community work together to capture, record and analyse data that will help with the conservation of dolphins.
2. Measure success differently
A key aspect of profit with purpose is often visible thanks to the most common way ro measure business success. Are your KPIs all focused around revenue, audience numbers and capital gains? If so, it’s time for a re-think.
What value do you provide to your customers? Do they use your services because they make people’s lives better or is yours a company people are forced to use because there are no better alternatives in the market? By focusing on customers first, rather than just financial KPIs, you can create products and experiences that delight the people who use them. Naturally, they’ll come back to you for more and will become advocates of your business. This can lead to more customers and repeat business. Start with the customer - the profit will follow.
3. Don’t do harm
As a species, we have a collective responsibility to protect our planet - in fact, our existence depends on it. Businesses are the biggest polluters of carbon and create a huge amount of physical and digital waste through their daily operations. Companies should lead by example and employ a range of sustainable practices into their projects, focusing on work that has a positive effect on the world.
At Digital Detox, we’ve helped companies calculate their carbon footprint to help them implement sustainable practices within their roadmaps and adopt new ways of working that do good. We actively avoid projects that harm the environment, people or the world in any way - and believe that this should be a shared commitment for all companies.
4. Stay profitable
Profit with purpose is only feasible if you’re profitable in the first place – there’s no denying that – but a good place to start is by employing talented people who share a common ethos. Combine this with an open approach to communication, shared accountability on all projects and really clear directives from senior leaders and you’re onto a winner.
Many companies are moving to agile ways of working to minimise risk and increase their speed to market. If you’re not familiar with agile principles, it’s worth doing your homework. There’s a good reason that successful global brands have agile cultures in common!
5. About Digital Detox
As a cross-functional team, we possess a range of skills and collaborate on every piece of work to bring out the very best from the team’s diverse repertoire. Each of our customers is treated as a priority and we all really care about doing a good job. Success is measured on customer satisfaction above all else - profit is a by-product of being a customer focused business.
Profit with purpose helps us focus our attention and efforts on the right things so we can continue to make a positive impact. Our clients trust us to keep their best interests at heart and we do our utmost to look after them, in the same way we try to look after our environment and community. If you’ve got an idea, a challenge or an opportunity you’d like to discuss, get in touch!