Our mission is to help small to mid-size companies create strategic, sustainable and measurable impact in the social and environmental causes their employees and customers care about.
To stay relative and competitive with consumers you must meet their needs. According to consumers,
83% of Americans wish more of the products, services, and retailers they use could support a social or environmental cause
90% of consumers want companies to tell them the ways they support social or environmental causes
71% of consumers would pay more for a product and service giving back to a social or environmental cause when faced with buying from a brand that gives back vs. a brand that does not.
Your Concerns & ‘I Impakt Consulting’s Solutions’
Many have concerns and questions as it pertains to making an impact, and we decided to address some of these concerns and questions. I Impakt Consulting, LLC is hoping our responses will help you on your journey to make an impact through your business.
1)Business Owner: I already give back
I Impakt Consulting: Giving back does not equate to making an impact. If you do not know if your giving is making an impact on the beneficiary, you could be wasting time and money — making no impact.
2)Business Owner: My customers nor employees know how I give back through the business.
I Impakt Consulting: Your customers and employees want to be a part of making an impact too. In part, you will be building sustainability in the impact you are aiming to make, once you include them. Serve your employees and customers by taking the time to understand what cause they care about. Include them in building and executing the strategy for making your companies impact.
3)Business Owner: I do not know if my customers and employees care about the cause I’m giving back to.
I Impakt Consulting: Your employees and customers may not care about the cause you are giving back to. If you are just giving back without making an impact it only matters to the degree that you are wasting time and money. If I assume you are aiming to make an actual impact, I recommend that you ask your employees and customers what they care about and integrate their feedback into your strategy for making an impact.
4)Business Owner: My annual strategic meeting does not have a part carved out to talk about how we are going to make an impact.
I Impakt Consulting: Purpose-driven businesses have impact at their core. It is in their DNA. At the helm of every annual strategic meeting is a conversation about profit and strategic direction. Impact should be on the agenda of that meeting. If you attempt to drive impact through your business by a mere marketing campaign without impact being at the core of who you are as a business, your customers will notice and will likely take their business elsewhere.
5)Business Owner: I don’t think my company makes enough profit to give back right now
I Impakt Consulting: Profit is not required to make an impact in your business. For example, you can make an impact by hiring an underserved demographic. Most companies have a hiring budget and as the owner, you have the power to make an impact simply through your hiring decisions. In addition, your customers want you to make an impact. If you are in business, you need to ensure you are meeting your customer’s needs.
6)Business Owner: My volunteering includes painting houses or something that has nothing to do with my expertise
I Impakt Consulting: You can optimize the value you bring through skill-based volunteering. Skill-based volunteering leverages your skills to impact a cause. For example, a Project Manager or Systems Developer may decide to make an impact through volunteering at a nonprofit. The nonprofit will most likely value their technical and professional skills to help the nonprofit create efficiencies and execute projects over having them build a garden. There is a time for planting trees but with limited resources how can you optimize your companies resources to increase your impact.
7)Business Owner: I’m only giving back through a nonprofit because that’s the only way I know to give back
I Impakt Consulting: There is more than one way to make an impact. Also, remember that just because you give back does not mean you are making an impact. As a business owner, it is your responsibility that your time and monetary resources are maximized and usually that will require additional due diligence in the form of research. Take time out to discover the alternative ways of making an impact.
8)Business Owner: I don’t think I have enough time to give back right now
I Impakt Consulting: You can make an impact with a limited amount of time available if you focus on making a strategic, sustainable and measurable impact. There are many volunteering hundreds of hours and making no impact. There are others using their limited time and making a great impact.
9)Business Owner: I decided to donate 10 percent, and I do not know how I came up with that number. In addition, I have not validated that 10 percent is the amount I should give away
I Impakt Consulting: Many businesses set their aim to give back 10 percent. Any money you give back should make an impact and should make business sense. Do your margins allow you to give back ten percent? If your aim of making an impact is giving money, ensure it fits within your financial constraints.
10)Business Owner: I’ve partnered with a nonprofit, but I don’t feel the need to have a contract
I Impakt Consulting: When we use contracts in our business, it shows that we take our business seriously. When we partner with a nonprofit to make an impact, it is serious business. A contract helps both parties understand the seriousness of the impact they are making, and it is also used as a tool to outline the scope of work, timeline and more. It is needed.
11)Business Owner: I don’t know if my giving back is having a negative impact
I Impakt Consulting: It is critical that you do your due diligence for the cause you choose to impact with your business. It is possible for your positive give to turn negative in another area. An example would be the U.S. dropping food down from a plane in a poverty-stricken country that lives miles away from the drop and would require the beneficiaries to cross a dangerous area to get the food.
6 BENEFITS OF BEING A PURPOSE-DRIVEN COMPANY
Purpose answers the question of WHY and ultimately becomes the lifeline of a company. Building a company without purpose is akin to placing a beating heart into a cadaver which is pointless. At some point, you’ll stop and ask what is this all for. Yes, we are profitable. Yes, we are scaling but what is the purpose. The vision and mission will keep you focused in a direction. Purpose will ensure your focus in going in the right direction.
Our purpose will always be for more than just ourselves. It sets the life of your company on a path that can only be paved by you. It is as unique as your DNA. Many will find their path leading to impact a social or environmental cause in our world. These companies are driven by leaders who understand the footprint their companies make will either have a positive or negative impact in the world. These leaders have chosen to ensure it’s a positive impact.
4. NEW CUSTOMERS
Purpose is contagious. Consumers are attracted to companies with purpose. It pulls in those who are like-minded with purpose, and it pulls in those who desire purpose but have yet to possess it. Purpose will attract customers that were once loyal to brands they used all their life to your brand. It’s powerful enough that 89% of consumers will switch to a brand with a purpose-driven company making an impact over a brand they know about that is not making an impact according to Cone Communication.
2. CREATE A LEGACY
The Merriam-Webster dictionary defines legacy as “something transmitted by or received from an ancestor or predecessor or from the past.” A company with purpose has a legacy. The impact your company made through its purpose will surpass your life and the life of your company. When it’s all said and done you won’t wish your company had made more profit. You won’t care about the building where your recurring monthly meetings took place. You may care about the time you either spent or invested that ultimately leaves you thinking about the legacy you build through purpose or the legacy you chose not to build by not having a purpose. Purpose leads to Impact and Impact leads to Legacy.
5. INCREASE EMPLOYEE RETENTION
Employees with purpose will seek to work with companies with purpose and they will stay loyal to those companies longer than their counterparts without purpose. Engaging employees in your company’s purpose can go a long way in retaining employees. Seventy-four percent of employees believe their job is more fulfilling when they are able to make a positive impact at work. On the flip side, fifty-one percent of employees won’t work for a company that doesn’t have strong social or environmental commitments. Truly engaging with your employees through purpose makes for a healthier sustainable environment for your company.
3. CUSTOMER LOYALTY
A company with purpose, impact, and legacy will have loyal customers. The impact your company makes through your purpose will transform your customers into a community. Those belonging to a community feel connected and valued. They feel a sense of purpose which is part of what keeps them loyal to the community. This is proven by research citing that 88% of customers are more loyal to companies who make a social or environmental impact (Cone Communication). True impact only comes through purpose. Many companies attempt to make an impact without purpose by donating volunteer hours and money, but these companies more than not end up wasting time and money. Giving is not the same as impact. Impact is making a difference. It’s leaving a legacy. It’s fulfilling a purpose. This is the impact that drives loyalty.
6. INCREASE REVENUE
It is a fact that having a purpose-driven company can help you increase your revenues. It’s not fiction, consumer behaviors have been analyzed and the data proves that consumers buy more from a purpose-driven company than one that is not – IF.
The word IF in the Merriam Dictionary is defined as “a condition or supposition.” It’s important that we note this definition because there are conditions to increase your revenue by having a purpose-driven company. One crucial condition is the company must have purpose in its DNA not just as part of an initiative a company came up with to drive a marketing campaign. When purpose is a part of a company’s DNA it will be the lifeline that flows to its heart. A consumer can see a company without a heart a million miles away. These companies have been known to experience the reverse effect of increased revenue by over 75% consumers who would boycott a company with their wallets according to a Cone Communications report.