This insights post is a summary of the original blog post published by MC Comunicaciones. View the original blog post: Beyond profitability: How to be a triple impact company?
Over the last couple of years, more businesses have been looking to pursue goals that aren’t just about profitability. Some companies have started to adopt a more social and environmental vision.
This is part of why the global market sees more brands raise their standards for economic, social, and environmental contributions.
What is a Triple Impact Model?
The triple impact model is a shift in an organizations culture that’s based on three core pillars:
- Social: The process of a company placing a higher priority on their relationship with their surrounding community outside of revenue.
- Economic: Even though business want to increase profits, this mindset puts more emphasis on fair business practices and support for all stakeholders.
- Environmental: A company’s operations should be environmentally friendly with initiatives to use clean energy, reduce carbon emission, etc.
Where Did This Movement Start?
The idea of triple impact companies first gained traction during the 2008 financial crisis in the U.S. Some business leaders at the time realized that environmental and social responsibilities were taking a back seat to profit growth.
As the movement got going, more business leaders wanted to focus on creating a better world for future generations. One example of this movement happened in Ecuador, where 900 businesses came together to form a group called “Collective Benefit and Interest”.
The Impact of Communications
For any business looking to become a triple impact company, you need buy-in from stakeholders across various disciplines. It’s important for your brand’s efforts to be recognized by other businesses, the target audience, and industry leaders.
To really take advantage of this business strategy, your brand needs to have effective communication. You want to be able to share accomplishments and milestones with different stakeholders.
To learn more about how your business could work to become more of a triple impact company, read the full blog: Más allá de la rentabilidad: ¿Cómo ser una empresa de triple impacto?
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