Can a business be good and profitable?

The age-old phrase, “it's just business” was sometimes considered a justification for treating others poorly and acting in self-interest. These days, however, “good business” is aligned with having a positive influence and creating a favorable impact upon society, while balancing this with sustainable growth and development. 


At Techbuyer, we define good business as the practice of measuring success through both traditional financial measurements such as profit as well as social impact and values. This is not to say that profit is unimportant, in fact, it is essential – without profit, we will not survive. We believe a ‘good’ company should measure its overall success against the upholding of its values, rather than just the figures on the balance sheet.  


Using recognized Frameworks to measure the impact a business has outside its own four walls is a good place to start when measuring the difference that that values led decisions can make. Techbuyer uses the UN Global Goals for Sustainable Development (SDGs) to measure our contributions towards a sustainable future and helping create a better world in line with our beliefs.

 

Purpose Led Businesses

A clear purpose is the core focus for any organization striving to be known for good business practices. While purpose is supported and fuelled by revenue, a values led company does not lose sight of its purpose as it grows, changes, and develops.


For Techbuyer, sustainability, the creation of a circular economy, and supporting people, our customers, employees, and community, are the principles on which we build our business. Because of this, the services we provide, the research we commit, and the products we ship are built around a central purpose – the desire to create a better future.

 
When we signed up to support the SDGs in 2019, we assigned targets against three goals that aligned with these values. This not only allows us to focus our attention onto what matters most to our company, but it allows us to establish good business practices that make a difference to our planet and the people within it.

 
As an added-bonus, being a purpose-led business drives additional opportunities through increased reputation; with 50-90% of a buyer’s purchasing decision being made before they even interact with a sales person, a good reputation is essential for attracting prospects, raising awareness for your company and growing your audience. Allowing your values to drive your business forward is an important aspect of developing your brand and creating a good reputation.

 

People Focused Organizations 

People are an intrinsic part of any organization; from clients and customers to employees and relationships with other business partners, a company could not work without the people in and around it. 


By offering fair wages, fair prices, good working conditions, high-quality customer service, and opportunities for growth, training, and development, a company can retain employees and customers whilst also conducting their operations in a fair and ethical way.  


To ignore the people-centric nature of a business is to lose touch with the world outside. This is explored by Good Business who state that:  


“The best brands are [an] expression of those people [within your business]. So of course, they have points of view and care about particular things and seek to contribute to the world in a way that reflects their beliefs. Brands that are detached from the world have lost this link to people.” 


The process of building a good brand is fundamentally linked to people. By zoning in on providing the best for customers and employees, a company develops an atmosphere of professionalism, fairness, personality and quality.

 

Planet Aware Companies 

A focus on sustainability is quickly becoming an integral aspect of the business world. A recent study revealed that 87% of consumers want brands to act now to encourage a sustainable future and 81% of people prefer to buy from a sustainable seller. These numbers suggest the growing interest in environmental best practice by consumers, highlighting that more and more businesses will have to develop their strategies sooner than originally planned.

 
Having and complying with a Sustainability Strategy is an important element of good business and something that concerns customers. Being aware of how your company affects the environment – and working to reduce this impact – allows your organization to help make a difference on a larger scale and contribute towards a brighter future. It Is also essential for business development in a world in which public opinion, legislation, and operations are becoming increasingly linked to sustainability best practice.

 
By focusing on sustainability, you can advance your business’ development, be a powerful retainer of talent, attract customers whilst enhancing your brand reputation. In a recent study by IBM Institue for Business, 71% of employees and employment seekers say that sustainability focused companies are more attractive.

 
We use our commitment to the SDGs to direct our sustainability efforts and track the progress we make. From reducing the impact of e-waste to donating waste as a resource to be used in creative and innovative ways, we work to improve the impact of our company on the planet and create a brighter future for all. Find out more about our SDG targets and progress so far: Find out more about becoming a sustainable business here.

 

Profitable and Financially Stable

Profit and being a good business are not two opposing forces within the business world.  


Investing in sustainability, the people behind your organization, your values and purpose, and the world around you should not be considered a financial sink or a waste of money. Instead, these practices can become the cornerstone to good business. 


Using the available frameworks out there to measure the impact of your business is an effective strategy to get started with good business practice. Also, as these frameworks are often globally or nationally accepted, such as the Greenhouse Gas Protocol, the UK-based real Living Wage, and the SDG’s, aligning with a recognized frameworks can bolster your business reputation.  


Applying to and contributing to frameworks not only allows you to do good for people, planet and profit, but it also prepares your business for a future of success.  


To find out more about futureproofing your business head to our three-part series here.