How to Profit with a Purpose
Hello, Monetization Nation. Welcome back to another faith episode. Today we’re going to talk about profiting with a purpose.
Here are the key takeaways from this episode:
- Corporate social responsibility and a company purpose help us attract and retain better employees, attract our ideal customers, and grow our profits.
Corporate Social Responsibility
Corporate social responsibility has become extremely important. Statistics have shown that it can actually drive greater employee satisfaction, customer satisfaction, and profit.
The company LSTN, founded in 2013 by Bridget Helton and Joe Huff, connects individuals, families, and communities through sound. They teamed with Starkey Hearing Foundation to restore hearing. For every pair of headphones that they sell, they restore hearing for a person in need. So far, they’ve already given the gift of sound to more than 20,000 people in the US, Peru, Kenya and Uganda (Source: Fast Company).
Think about that for a moment. How would you feel to work for a company that had helped 20,000 people receive the gift of sound again? How much more motivated would you be to work for that company? Imagine being a consumer. Would you be more likely to buy products from this company, knowing the good that they’re doing in the world? Consumers will probably even pay more for those products than they would for products from companies that are not making that type of social contribution.
Rick Warren, a pastor, said, “The Bible teaches that we are to love people and use money, but we often get that reversed and you start loving money and using people to get more money. Money is simply a tool to be used for good.”
And Bob Dylan, a singer, said, “All the money you made will never buy back your soul.”
We must focus on using the profits that we generate to do good, and it will actually help us to generate more profits.
I recently read through a 2019 Afalc CSR (Corporate Social Responsibility) survey that gave many different statistics showing the difference that social contribution and purpose within organizations can make for our companies. Here are a few examples:
- 70% of Americans believe that it’s either somewhat or very important for companies to make the world a better place.
- 77% of consumers are motivated to purchase from companies committed to making the world a better place.
- 73% of investors state that efforts to improve the environment and society contribute to their investment decisions.
- 88% of employees believe that it’s no longer acceptable for companies to make money at the expense of society at large.
- Nearly 70% of employees say that they wouldn’t work for a company without a strong purpose.
- 60% of employees said they would take a pay cut to work at a purpose driven company.
- 90% of employees who work at companies with a strong sense of purpose say they’re more inspired, motivated, and loyal.
It’s clear that we, as employers, should look at corporate social responsibility and giving back to social causes if we want to attract and retain skilled employees.
Our challenge for today is to find or refocus our cause. We should find a cause that we are passionate about and our ideal customers are passionate about. Then, let’s find ways that we can make a meaningful difference for that cause. Let’s allow our community and our employees and our customers to be part of those causes and the difference we’re trying to make.
Let’s do it because it’s the right thing to do, without expecting anything in return. As a natural result, it will probably help us attract and retain better employees. It will probably help us attract our ideal customers. And it will probably help grow our profits.
As Arianna Huffington, a famous entrepreneur, said, “Making money and doing good in the world are not mutually exclusive.”
Thank you so much for joining me for this episode. I wish you success at profiting with a purpose.