Doing good is good business
Kit Altin and Alice Hooper
The world has changed. It is no longer sufficient to behave, as Milton Friedman proposed, as if the "Social responsibility of business is to increase its profits" and to increase profit alone. There is a litany of evidence which demonstrates without a shadow of doubt, that, not only can brands be a force for social good while boosting the bottom line, but that moving forward, they must.
Indeed, there is now a new paradigm where it is possible to have it both ways, facilitated by consumer demands, a new understanding of how social good can improve the bottom line and contextual trends such as the age of transparency.
Many well respected business leaders and top FTSE-100 companies have started to take this path – previously seen as that of most resistance – to generate both social good and business success.
"Serving the interests of all major stakeholders – employees, suppliers, customers, creditors, communities, the environment – is not at odds with the goal of maximizing corporate value; on the contrary, it's essential to achieving that goal."Dominic Barton, MD, McKinsey