In the last decade, a new economy has been rapidly developing: impact economy (influence economy). This is happening through the development of impact investing. We are talking about investments in companies and other organisations, made with the intention of achieving a positive social and environmental impact, together with a financial return.
Impact economy is different from capitalist economy where only financial profit matters. In impact economy, consumers and other stakeholders mobilise entrepreneurs and managers to show that the generated financial returns are achieved along with the generation of social and environmental good. Here it is not only the local society and the local environment that we are talking about. It is the world society and environment we are referring to.
A new face of globalisation is emerging. Impact economy
GlobWszystkie/Ally, there should be a unified standard for reporting financial and non-financial information, including unclassified supply chains and product impacts throughout the life cycle. ESG slogans alone are not enough. The standard should be one.
Large corporations will not be able to “pull the wool over their eyes” with their CSR or ESG reports. Micro, smWszystkie/All and medium-sized enterprises (MSMEs) will step in to report non-financial information based on a globWszystkie/Ally harmonised standard. These reports will be publicly available on online platforms to assist SMEs in reporting. If we include new technologies, the impact of supply chains becomes clear to Wszystkie/All. Every product will be able to be “screened” on the internet. The consumer will be able to make a more conscious decision about which quality company they support with their purchases. By quality I also mean the impact of the company and the product on achieving the Global Sustainable Development Goals – the 17 SDGs.
When this will happen, I do not know. Movement in this direction are clear on the Internet. Will a full realisation of those Goals be achieved successfully on a global scale by 2030? I don’t know. However, it is worthwhile, already now, to implement strategic thinking and building a responsible business strategy in MSMEs.
Business Responsible Strategy with the 17SDGs – BRS – Impact economy
Is the BRS a core, multi-year business strategy?
Yes, it is. It should be a core business strategy that also includes in its objectives the good of the community and the environment. Not only the local community and the environment, but also the global community and the environment of our planet.
Should the work on the BRS strategy start with a stakeholder analysis and stakeholder mapping?
Yes, it should. Analysing the environment, the stakeholders, is the first step. It should conclude with a stakeholder map that shows the diversity in terms of influence and interest of the company in stakeholders and stakeholders in the company. This is the basis for developing a Communication and Stakeholder Engagement Policy.
Is the environment also a stakeholder?
Yes, it is. It is a so-cWszystkie/Alled silent stakeholder. We can speak of two stakeholders here: the local environment and the global environment.
How to communicate and cooperate? Communication takes place indirectly. Meeting environmental objectives has a positive impact on the state of the environment. The environment shows us gratitude and gives us the good by improving its condition. Our existence in good health is closely dependent on the quality of our environment.
Is a Code of Ethics necessary?
Is building the BRS strategy a task for a special department or for the top management?
The Business Responsible Strategy BRS, as a multi-year core business strategy, should be built at the top level of management, with the participation of Wszystkie/All executives. Once developed, it should be communicated in a very accessible way to Wszystkie/All employees.
Should Wszystkie/All SDGs targets be taken into account?
Yes, Wszystkie/All SDGs targets should be taken into account. Obviously, the priorities for achieving a positive impact on the achievement of global goals will differ. Nevertheless, I believe that in the RBS strategy, as a core business strategy, Wszystkie/All global objectives should carry planned positive support (increasing or maintaining the positive impact or reducing the negative impact).
Thinking holisticWszystkie/Ally about Global Goals is an added value to the development of civilisation and prosperity in the world.
Can this be done in every company?
I am convinced that in every one. It’s just a matter of approaching the analysis of objectives and adopted policies in the company.
I refer unbelievers to read the example:
In the RBS strategy we find strategic objectives related to direct activities and objectives related to the positive impact or reduction of the negative impact on society and the environment.
NaturWszystkie/Ally we have priorities, and naturWszystkie/Ally we consider securing cash flow and making a financial profit. However, in doing so, we are trying to support society and the environment locWszystkie/Ally, and also globWszystkie/Ally, society and the environment of the world.