The Power of Partnerships

  • Oct 16, 2019

As much as we all aspire to be all things to all people, unless you’re an omnipresent, omniscient being or a pug that’s not a reality. As an overachiever, I’ve tried, and found the best results always come from focusing on your strengths and passions and persevering.

So, what’s the magic recipe to growing a successful and incredibly efficient business without being either a pug or a deity? Partnerships. 

Smart. Strategic. Partnerships that are mutually beneficial to all parties. Who doesn’t like a win-win scenario?

We’re seeing successful partnerships play out everyday in the Electric Vehicle industry. Companies that make chargers and superchargers for electric vehicles (EVs) need public and residential places to install their chargers. Car manufacturers and vehicle related businesses need chargers to be readily accessible to tamp down the fear of mileage limitations of EVs. Utilities need a new customer base.  Real Estate Developers need new innovative projects. Together they continue to form creative partnerships that lead to pilot projects to install chargers, ordinance changes to favor chargers, legislative changes that address everything from charger rates to locations and permitting. 

We recently highlighted an innovative EV partnership in Detroit on InfoHive. This partnership brought together utilities, the city, real estate developers, automotive manufacturers, and nonprofits. A lot of entities grew their supporters, their customers and grew their business by thinking outside the box and seeing the value in collaboration. Vanilla Ice is right- Stop. Collaborate. And listen.

These EV partnerships are building innovative pilot programs that grow their businesses, develop industry leaders, and build relationships with consumers and leaders to strengthen their brands and their businesses. 

A Happier & More Profitable Future

  • Sep 17, 2019

 Photo by Larry Downing/Reuters

What would happen if we all took the brave step to create the world that we want to live in? A world where it is not only okay to choose to be happy but where happiness is encouraged and enriches your bank account. 

The world can be better. It can be a place where happiness is elevated and good acts are rewarded. You can make it happen. I can make it happen. Businesses can and are making it happen by prioritizing sustainability, ethical business relationships and investing in employees and their communities.

The financial data has been telling us for years that being good to your employees, your community and your supply chain can lead to more profit.  If we think of capitalism in terms of game theory, being generous leads to others being generous in return. Being a good community partner, leads to consumers wanting to support your business. It’s the best type of vicious cycle – vicious happiness. 

This summer business delivered bold action and took positive steps to create  good in the world while increasing profit. 

Business Roundtable took the bold step to re-frame the purpose of business in the U.S. The new purpose for business is to take the lead on sustainability and prosperity by creating long term value for consumers, employees, suppliers, and communities. 

181 CEOs signed the Business Roundtable statement to re-define corporate responsibility as benefitting society and move corporate responsibility away from a laser focus on shareholders. This phenomenal shift makes for a better world and higher profits. 

Another bold step was taken by car manufacturers, who were dissatisfied with federal government action on emissions.  Car manufacturers approached the State of California and worked toward a standard agreement on emissions. This outside the box thinking improved business and our communities.

I’m going to let you in on a secret…. Good things can and do happen. This ideal world where people do good things and capitalism is no longer a dirty word whispered in hushed corners, isn’t a pipe dream from a Swede longing for her mother country. It’s happening and it’s happening in the heart of capitalism.

Welcome to the future where we’re happy and we’re profitable. 

Ways to Find New Partners and Amplify Your Impact

  • Aug 14, 2019

We were asked to compile a list of the best ways to find new partners for mission-driven businesses looking to increase their impact, while staying focused on their business. Rather than keep those creative ideas close to the vest, we wanted to share.

  • Talk to your competitors. It may not seem intuitive, but by collaborating around goals of mutual interest, you save time and money, and combine forces to address your goals together.
  • Find nonprofits that are working on similar goals. To access funding, nonprofits often need private sector partners to join forces. They are set up to receive funds that can be allocated to your business for social impact goal development and implementation.
  • Talk to donors. While traditionally donors have funded nonprofits exclusively, the tide is turning, and foundations want to fund businesses that are improving social impact in areas they care about.
  • Find speaking gigs. Even at local meetups, or larger conferences, the more you get your message out about the work you are doing to address social impact goals, the more opportunities for partnership and engagement will come your way.
  • Ask your customers to get involved. From simple cause marketing tactics (add $1 to the cost of your product for a specific social impact goal) to more crowdfunding type opportunities, customers want to support socially-minded companies.
  • Consider ways your product or service could be incorporated into bigger brands or entities’ impact strategies. Partnering with bigger, more powerful companies doesn’t mean you give up autonomy. It just means you can amplify your impact and focus on profitability. (partnership does not mean buyout!)
  • Understand what your suppliers are doing. There may be ways to join forces with suppliers around a particular social impact project or program.
  • Join groups like We Mean Business (climate change) the Climate Collaborative, membership programs around the Sustainable Development Goals or programs through trade associations.
  • Learn about a new geographical region that’s important to your brand. Finding local partners can help accelerate your brand and messaging.
  • Find a mentor to learn from and share ideas with. Having a sounding board outside of your organization will help promote creative new ideas and can be a great way to test new products.
  • Be open to creative partnering. You never know when a coffee meeting with a company that is considered different or unique can lead to bigger things.
  • Find a way to survey local communities in geographies of importance to your brand. By targeting your services and products to specific needs, you have better opportunities for sales.
  • Apply for awards. There are so many new types each day and often the application isn’t onerous. The rewards can be fruitful both for impact and financially.
  • Admit where you have shortcomings and consider which types of partners could help you fill in existing gaps both for impact and for advancing your sales.
  • Find a like-minded brand to co-host a social media campaign to promote your social mission and draw visitors to your website/online store.
  • Start local. Reach out to local nonprofits or community organizations to identify opportunities for volunteerism or employee giving back days.
  • Leverage employee interests in their causes of personal interest. Dedicate each week or month to a different employee cause. Raise money and determine collectively (or in concert with the cause) how it can be utilized to best promote social impact.

Our thanks to guest blogger, Joanne Soneshine of Collective Impact. To learn more about Joanne’s work, go to https://www.connectiveimpact.com

The Expectation of Corporate Values

  • Jul 17, 2019

Creating and reporting on sustainability plans is no longer the exception among the world’s most successful companies. Sustainability reports are expected.

93% of the world’s 250 largest companies (in terms of revenue) are now reporting on sustainability and social impact. AMD, Xerox, Target, and Salesforce are just a few of these well-known responsible corporate citizens. 

Companies are increasingly taking a stand on social impact issues. Whether it is signing the CEO Action for Diversity & Inclusion™, the MacArthur Foundation’s CE 100 (Circular Economy) pledge, or joining the #EmbracingSustainabilityChallenge, major CEOs are jumping at the opportunity to let customers know they care.

Some corporations are moving beyond signing pledges and are creating sustainability plans. Many successful corporate social responsibility programs choose a specific issue that is carefully in alignment with the values of their employees and customers. Think HEB and education, Patagonia and the environment, or Dove’s Self Esteem Project.

By choosing a social issue that resonates with your client base and employees, your business stands to increase customer loyalty and employee engagement. Properly communicating your commitment to the issue grows your customer base.

Generations X, Y, and Z are increasingly concerned about social impact and 73% of all consumers believe that a company should do more than just offering a product or service. Customers research the sustainability, diversity, and benefits of a brand before making a purchase or becoming an employee. With Gen Z, a larger cohort than the Baby Boomers, it behooves all companies to begin social impact programs before customers choose a competitor they consider to be more in line with their values.

If your business already has a social impact, are you talking about it? Let the world know. Your company should be synonymous with your good works. 

If you’ve been waiting to implement a social impact program, the time is now to get started.

Get ahead of this growing movement. There are no drawbacks to doing good in the world.