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Posted by Sarah Brown on 08 May '15
5 compelling reasons why the wheel of success runs faster when you commit to an ethical business
It’s no longer enough to do CSR and hope your charity donations will make people think you are a good business – there are compelling reasons why visions, values, innovation, treating people well and thinking about the impact of what you do will make you more successful.
This week I was talking to a group of business people about how to create a successful 21st Century Business and I gathered some data to support the different issues that go to making a business balanced and successful over the long term.
- 75% businesses expect to collaborate more
- 91% global consumers are likely to switch brands to one that supports a good cause, given similar price and quality
- companies with a clear vision and values outperform similar ones by 700% (see Built to Last by Collins)
- 92% would buy a product with a social and/or environmental benefit if they could and more than 2/3rd have in the past 12 months
- innovation is the engine of economic growth and improved living standards. Over the last 50 years returns on research and development (R&D) have ranged from 20-75%
You can find out more about Winning by being Good here