What benefits can a company obtain from an impact economy approach?
The word impact is a concept that refers to a blow, that being physical or symbolic; on the other hand, the economy is the science focused on the analysis of resource distribution for satisfying the material necessities of human beings. In this regard, we can understand impact economy as every measure, action or announcement that generates an effect on the economy or society, and not necessarily on just one specific group of people.
Traditional companies have a general ignorance on what an impact economy can provide:
- Benefit social reputation and image.
- Create competitive advantage.
- Great level of satisfaction among clients.
- Improve employee productivity.
- Create value for stakeholders.
- Increase profitability and cost effectiveness.
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Impact economy guide
Through this guide we want to show the main obstacles and situations that companies might face when transitioning from a traditional economy that focuses on the benefit of shareholders to an impact economy where social and environmental aspects are also taken into account for the benefit of not only shareholders and clients, but also society and the environment in which the company develops its activities and business practices.
In this guide we have included recommendations about how to approach this changes and the actions that should be carried out to achieve such an evolution.