How often have we heard that the key to a successful business or enterprise is through impact creation? Well, quite a lot. Keeping the environment safe and helping uplift society is a great way forward. The vision might differ from people to people, but the core idea should always have a social impact. The shift from Corporate social responsibility just existing to become a critical factor in the workings of a company is remarkable.
Entrepreneurs have begun to understand the need for a better societal setup and have started responding in their own ways. Another essential aspect of a responsible business is aligning your vision with strategic goals and giving you a competitive advantage. There are a few more benefits of responsible business practices.
• Increase the efficiency of the employees and motivate them to learn a new set of skills and talent. This also helps them to be better and foster the community they are working in. They can leverage core skills and talents as a means to their end. The idea behind a successful company is to set a strategic goal to empower their teams.
• Companies have the resources and means to create a more significant impact. Hence, many people tend to trust in those companies more than individuals. Through responsible business and inclusive growth methods, they can lead to a more cohesive society and contribute to a more sustainable economic system.
• Enterprises in the current times have recognized the sheer potential of responsible business to provide benefits in terms of access to capital, cost savings, risk management, employee satisfaction, sustainable operations, ability to innovate, and most importantly, customer relationships all sprout from people in the community.
What Practices are popular amongst responsible businesses?
The first step to practicing responsible business is eliminating negative impact. This impact can be in terms of environment, employee support, sustainability. The stakeholders play a vital role in implementing positive practices at workspaces. Businesses have started hiring consultant firms on how to ease up the procedure and create sustainable impact. There is substantial research on the development of environmentally or socially viable business options. These tools have proven to be helpful in many ways.
At Amealio, we target the sections of society that can be benefitted from our business model and have been focusing on those key areas. Our idea is to create an environment for local communities that creates a ripple effect through our initiative Udbhav and reach out to as many people as possible. It is not only about helping a few people but making it a way of life.
For this reason, we plan to involve the students, youth, and community members in giving back activities and events to cultivate that giving back is not just in the way of money but in imparting a variety of skills and talents to the impoverished. Thus, creating awareness in the next generation citizens.
It is a belief that the prosperity of any business is directly proportional to its impact on society. The idea is a multiplier effect so that when companies hold hands or decide to come together to work on a cause, the result is likely to influence a larger group of people.
Michael Porter, Faculty at Harvard Business School, has shared his model of ‘creating shared value.’ According to this model, businesses need to rethink capitalism to solve contemporary issues while creating value. This can be achieved through identifying new markets and creating innovative business models.
Kate Raworth’s ‘Doughnut Model’ is another example of how business can operate in “the safe and just space for humanity.” She explains this in seven steps; Change the goal, See the Big Picture, Nurture Human Nature, Get Savvy with Systems, Design to Distribute, Create to Regenerate, Be Agnostic about Growth.
How do we measure the impact and rate models?
Our platform is designed to crowdsource funds through various activities on the app and put the funds to use in the social give-back program, apart from our employees’ contributions. Our referral programs for users so that each qualified referral and download of the app instead of giving cashback, etc. We contribute that referral towards the social initiative and provide it to someone in need. That Rs 50 of referral for someone in need could mean a lot. Spreading the word could make a world of difference in someone’s life.
This is the best way of extending help to people in need.
Managing and measuring impact is the most critical component for our business to understand the positive and negative reactions of it on the people and world we live in.
Amealio focuses on helping F&B and Hospitality businesses with ease of doing business by putting Voice, AI, and mobile technology to use and create sustainable impact. Our team is inspired by the idea of giving back to society. You can also be a part of it through our initiatives and help build a better world for the generations to come.