Alongside the obvious goals of increasing revenue, expanding your customer-base, company growth, etc., there are a few major causes that have risen to greater prominence in recent years that every business should pay attention to. Here’s what they are and what your company can do about them.
Diversity, Equity, and Inclusion
Out of all the goals on this list, diversity, equity, and inclusion is by far the broadest category. From racial justice to socioeconomic equity to accessibility, there are dozens of areas to be concerned with. The deeply ingrained institutionalized errors of society have been placed in the spotlight more than ever before, and it’s impossible to ignore all the social issues we face. Of course, some businesses are more impacted by this than others, but it’s become standard practice for companies to issue statements on the matter. This doesn’t have to be anything fancy– take a look at diversity, equity, and inclusion statements published by some prominent, well-respected businesses to get a feel for the language used. It’s also a good idea to consult your employees and sometimes even your community on what they feel is important to include. The main goal is a concise, honest statement of your institution’s commitment to positive change to serve as a reminder of actions the company must and is currently taking. This should be published on your business’s website and sent out to all employees, or released on social media if you wish.
Climate change is near the top of many individuals’ list of concerns as we move further into the 2020s, and it’s in every business’s best interests to invest in sustainable practices. Less waste, decreased pollution, and more ethically sourced products not only help the planet but also show customers that you care about much more than profit. Working toward a greener future can be tough on small businesses without much room in the budget to spare, but the investment will pay off in the long run as more and more consumers shift toward sustainable products. And if the federal government makes good on its word and tightens environmental restrictions on companies, you won’t want to be caught unawares; it’s better to plan ahead of the curve. You don’t have to transform your practices overnight! Start as small as you like and plan several steps ahead. Your first phase could be a recycling and composting commitment building up to a certain percentage decrease in company waste– every bit helps. Share your plan with your community to gain their help and support as you move forward.
Finally, a significant part of every type of goal companies strive toward is transparency. In a social media-crazed world where privacy has all but ceased to exist, consumers expect more and more from businesses in this regard. Build the idea into your social media marketing plan and make sure to communicate with your customers. In regard to the two goal areas outlined above, let your community know what you plan to do and why– show them you’re listening and don’t be afraid to admit past mistakes. While the main motivation behind every sustainability or equity effort should be intrinsic and genuine, your audience may not realize you’re working so hard toward solutions if you don’t let them know.
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At Lodestar Advisors, we chart a custom growth path for each of our clients because we understand each individual, each business, has their own path. Ultimately, our success is driven by your success– we want to see your business flourish. If you’re interested in working with a top-notch business advisor, give us a call at 443-280-0890 or send us a message through the online form at the bottom of our webpage. We can’t wait to start this journey with you!