Note: This blog post was originally posted by the Vancouver Economic Commission in May 2020.

As the world turns toward economic and social recovery, many individuals and businesses are questioning whether it makes sense to return to “normal” – with many calls to base our rebuilding efforts on improving our collective future and outlook.

In designing and implementing restart plans, we have a golden opportunity to recalibrate the way we live and work, to consider our impact on society and the planet, and to adjust our actions accordingly as we rebuild our world. Businesses have more reason than ever to consider their impact – on their employees, suppliers and customers, as well as the community and the environment – not only from an altruistic mindset, but also to build a foundation for resilience and profit.

Co-founder of Decade, Brianna Brown, got the opportunity to speak with the Vancouver Economic Commission to talk about why impact enterprises will emerge at the forefront of global pandemic recovery.

COVID-19 has severely disrupted global economies. Why should businesses choose to focus time and resources on designing an impact strategy, rather than prioritizing profitability?

 
Now is a pivotal moment for companies to take a look at the way they do business – particularly since studies have shown that impact-driven businesses are stronger, more resilient and, in many ways, more profitable, than businesses for which impact isn’t a priority.

Many businesses fundamentally believe leaving a positive impact on the world is the right thing to do, and the devastation caused by COVID-19 will serve as powerful motivation to take action. For others, impact strategy is tied to legacy – helping the world tackle broad social challenges like climate change, or non-inclusivity and diversity – captures attention, strengthens brand presence and increases customer loyalty.

The other component is attracting and retaining talent. People want to work at companies that are giving back in some way, and employees of these businesses tend to show higher levels of satisfaction, engagement and investment in their work. Although unemployment is at an all-time high, from what we’re seeing the war for talent is still alive and well. Many of the companies that are most resilient today are those with strong people and culture practices. We anticipate this will continue in post-COVID-19 recovery.

Finally, impact is important for startups and other businesses seeking acquisition down the road. There are lots of angel investors out there who will only consider investing in companies demonstrating social and environmental responsibility. Impact is a huge value add.

How will impact enterprises succeed at navigating the economic crisis?

 
We’re seeing impact in a whole new light during this crisis. Unlike previous recessions, our current environment is showing consumers a lot of elements that were once hidden. For example, people are starting to understand the tenuous nature of global supply chains, and demanding to know how companies are ethically, safely and sustainably supporting suppliers and consumers.

Local businesses have also been thrust into the spotlight. When you walk down the street and see your favourite coffee shop boarded up, it instills a sense of loyalty and desire to support other local businesses. There are plenty of feel-good cases of local businesses doing good, whether they’re hair companies producing hand sanitizer or apparel companies outfitting front-line workers, and these are the stories we celebrate and share. People gravitate towards companies that strive to do good.

What is Decade’s role in helping businesses design impact strategies?

 
We are a management consulting firm whose overarching goal is to help businesses leave the world better than they found it. We guide companies and individuals down the path towards becoming impact enterprises, starting with identifying what impact means to them and continuing towards designing an impact strategy and creating communications and initiatives that support it.

What programs does Decade offer to help businesses transform into impact enterprises?

Decade offers Getting to 80, a B Corp certification and purpose design program. This exciting, fast-paced, six-day over three months program teaches entrepreneurs to harness the power of the B Impact Assessment; the ultimate purpose design tool in a world that needs companies to change. The goal is to help companies achieve B Corporation certification and join a community of leaders who drive the movement of business as a force for good. We originally delivered this program in person in partnership with the Vancouver Economic Commission and BDC, under the name ‘Impact 6 Pack’. As the world shifted online in 2020, we did too. Moving the program online allowed us to serve companies across Canada. We’ve now supported 40 companies through Getting to 80 & Impact 6 Pack, across seven Canadian provinces. We are currently recruiting for our February cohort and have limited spots available, applications are open here.

We also work with businesses one-on-one that are interested in understanding the positive impact their company can make, becoming Certified B Corporations, or developing an impact-focused strategic plan. Our Mobilize program is our flagship offering - a 3-day program for organizations that have chosen the path to impact leadership through integrating a new set of skills, tools, and frameworks required for impact to be set as a core part of one’s business. The program is ideal for business decision-makers who seek to understand where impact has a place in business, how corporations can be more intentional in creating change to reduce inequality and improve sustainability, and how impact can be measured and benchmarked. This program is a true embodiment of our manifesto: We believe every company can leave the world better than they found it, every person deserves to feel the delight of change making, and absolutely anything is possible.

2020 has been a watershed year for the impact business movement. Our challenges are great - from the pandemic to the climate crisis to rising social and economic inequality. And at the same time, we’re seeing businesses rise up to these challenges. As business leaders wake up to these challenges, they equally wake up to the solutions that businesses are uniquely positioned to take. We strongly believe that impact enterprises will be at the forefront of pandemic recovery, that ultimately people have a desire to work for, buy from and invest in businesses with a purpose. There’s really no downside to exploring an impact strategy.