With profit being your main goal, consider trying some of these money-making strategies for small business owners:

Explore Alternative Business Premises

There once was a time when every business had to have its own dedicated premises from which employees could work full-time. Thankfully, we’ve stepped into a new era characterized by remote work virtual offices and serviced office spaces.

You no longer have to rent or buy a dedicated corporate space. Instead, you can explore cheaper alternatives that give you and your employees far more physical and financial freedom. Employees can enjoy more work-life balance and creativity with virtual offices and serviced office spaces, while you can benefit from increased productivity and cost savings.

Invest in Automation Software

Time is money when you’re running a small business. The more time you spend performing a task, the more it costs to complete. As a result, your business makes less profit per hour. An effective way to avoid this drag and bolster your bottom line is by investing in automation software.

Identify the time-intensive parts of your business and explore technological advancements that could streamline those processes. For example, accounting tools might speed up payment tracking, billing, and invoicing. Meanwhile, client relationship management (CRM software should make marketing a faster, easier, and more effective task.

Diversify Your Offerings

You might be making a reasonable amount of money with your current products and services. Still, there’s potential for you to make even more by diversifying your offerings. Think of products and services that could complement your existing offerings and lead to enhanced customer satisfaction in the process.

For example, a wine industry marketplace may include aftermarket harvester parts in their offerings. Or an electrician might sell high-quality power usage meters. The more associated goods you can offer, the more customers you’ll appeal to and the more profit potential you should enjoy.

Improve Customer Service

Satisfied customers continue to shop where they feel valued. So if you make the effort to improve your customer service, you should enjoy a loyal customer base for years to come.

Whether you work on the frontline or have dedicated employees for this role, consider customer service training. You may even like to try some of the following tips:

• Offer multiple support options like email, social media, and phone
• Foster a customer-centric culture
• Actively seek customer feedback
• Engage with customers on social media
• Provide regular training and development

A few small changes in how your employees greet and care for your customers may significantly affect how much money your business makes.

Try Paid Marketing

As scary as paid marketing channels can be for a business owner lacking experience in this area, it’s worth exploring for its profit-generating potential. Marketing enables you to reach a wider audience. You can explore many different marketing options in the online space, like Google Ads, social media ads, SEO, and influencer marketing. You can also explore more traditional options like radio ads, newspaper ads, and flyer drops.

Marketing is more cost-effective now than ever before, especially in the digital world. Just set a budget you can afford, track the results, and adjust your campaigns to ensure they keep achieving the desired results.

Maximizing your profit potential as a small business owner doesn’t have to be costly or complicated. It can often be as easy as improving customer service, exploring alternative business premises, marketing your business, and diversifying your offerings.

The post 5 Cost-Effective Strategies for Small Business Owners to Maximize Profits appeared first on Zophra.

The Aesthetic Appeal of Artificial Plants

Options for an artificial plant for indoor spaces have come a long way in terms of realism and variety. From lush tropical leaves to delicate floral arrangements, these faux creations can be almost indistinguishable from their natural counterparts. Integrating them into your home decor can add a sense of freshness and vitality without the worry of watering, pruning, or sunlight. When paired with real elements like wooden planters or natural stone, artificial plants can create a harmonious balance that enhances the overall look and feel of a room.

Another advantage of artificial plants is their versatility. They can be placed in areas where real plants might struggle to thrive, such as rooms with low natural light or fluctuating temperatures. This flexibility allows for creative freedom in designing spaces that feel both natural and inviting, regardless of the environmental conditions.

The Therapeutic Benefits of Natural Elements

While artificial plants provide aesthetic and practical benefits, incorporating natural elements into your indoor spaces can offer therapeutic advantages. Studies have shown that being surrounded by natural materials like wood, stone, and living plants can reduce stress and improve mental well-being. By combining artificial plants with these natural elements, you create a calming and restorative environment that nurtures both the body and mind.

Natural elements can also improve air quality and create a more healthful living space. For instance, certain live plants are known for their air-purifying qualities, removing toxins from the environment. Pairing these with artificial plants ensures that your indoor space remains green and vibrant, while also contributing to a healthier indoor atmosphere.

The Sustainability of Mixing Real and Fake

In today’s eco-conscious world, the sustainability of home decor choices is increasingly important. Blending artificial and natural elements can be a sustainable approach to interior design. High-quality artificial plants last for years, reducing the need for frequent replacements and minimizing waste. When combined with sustainably sourced natural elements, this approach can reduce your ecological footprint while still allowing you to enjoy the beauty of nature indoors.

It’s also worth considering the maintenance and resource requirements of real plants. Water, fertilizer, and pest control can all have environmental impacts. By using artificial plants in some areas, you can enjoy the green aesthetic while minimizing these impacts.

Creative Ways to Blend Artificial and Natural

There are countless ways to creatively blend artificial and natural elements in your home. One approach is to mix artificial and real plants within the same space, arranging them so that they complement each other in color, texture, and size. You can also use natural materials like pebbles, wood, or water features to enhance the realism of artificial plants, creating a seamless blend that tricks the eye.

Another idea is to use artificial plants in hard-to-reach places like high shelves or wall installations, where maintenance of real plants would be challenging. This strategy allows you to add greenery to every corner of your home, without the worry of upkeep.

Bringing Nature Indoors: A Harmonious Blend

In conclusion, the fusion of artificial plants with natural elements in interior design is more than just a trend—it’s a practical and aesthetically pleasing approach to bringing the beauty of nature indoors. This blend not only caters to the visual appeal but also to the emotional and physical well-being of the inhabitants. By thoughtfully combining these elements, you can create a space that is both serene and vibrant, a sanctuary that reflects the best of both worlds. Whether you’re a seasoned plant enthusiast or a novice decorator, this approach offers endless possibilities to enhance your living space in a sustainable, low-maintenance, and beautiful way.

The post Mixing Real and Fake: Blending Artificial Plants with Natural Elements appeared first on Zophra.

This question gains significance as more seniors, especially those in retirement communities, get more into expressing themselves through what they wear. We’re diving deeper here, exploring how top designers are changing up their game for an aging population that appreciates style.

Inclusivity in High Fashion

High-end fashion is no longer what it used to be as designers start embracing their clientele’s diversity. It’s clear in the way they are designing, especially for seniors now. They’re using adjustable fits that work with our ever-changing bodies and comfortable yet plush materials.

Designers keep both looks and comfort in mind, aiming for outfits to be stylish but also easy to wear at the same time. This new trend shows us an exciting movement – age isn’t just appreciated. It’s celebrated through timeless designs fit for all ages.

Functional Elegance

High-end fashion for seniors is starting to focus more on functional style. Creativity in design now goes hand-in-hand with easy wear, which is especially important for many older folks. You’ll see things like simpler buttons and user-friendly cuts popping up more often, so high-end fashion isn’t a struggle for those with issues moving around or using their hands.

This down-to-earth take doesn’t compromise the heart of high-end clothing at all – it actually updates it by inviting everyone to join in! This way, designers are opening up their shops wider while also making sure that everybody gets invited to the party when it comes time to strut new styles.

Cultural Shifts and Representation

More seniors are stepping into the fashion and lifestyle scene than ever before. This shift shines in high-end styles where runways and ads now feature a diverse age range. Designers take pride in dressing older models, highlighting grace that only comes with years of life wisdom.

This not only resonates with senior consumers. It’s also painting beauty as more holistic and realistic within the industry itself. As this keeps up, expect to see an understanding of style that goes beyond age, truly embracing everyone out there.

Sustainability and Legacy

Finally, there’s a big focus on sustainability and legacy in high-end styles for older folks. More seniors are mindful of how fashion affects our planet today. That’s why they’re choosing classic items that bring luxury lasting through the years ahead.

Designers aren’t far behind – their latest collections don’t just wow visually but are also environmentally conscious and durable. It matches up nicely with what many seasoned shoppers want, sticking to quality over quantity and leaving something good for the generations after us.

Conclusion

To sum it up, the high-end fashion scene is finally warming up to seniors. They’re recognizing that older folks do matter in style trends. This move towards embracing everyone shows a hopeful shift in how we perceive age, beauty, and fashion itself.

The post Are Designers Considering Seniors in their Haute Couture Collections? appeared first on Zophra.

However, business owners and managers don’t always know the type of training to offer to benefit themselves and their employees. With a new working year on the horizon, you might like to explore some of these training opportunities for 2024.

Collaboration Skills

Collaboration skills are crucial for employees to work well as a team and enjoy effective communication for a harmonious working relationship. While many employees already have excellent collaboration skills, there’s no harm in prioritizing collaboration skills training to refine their skills and possibly learn new ones. Collaboration skills training can help employees work toward common goals, share knowledge, and combine abilities.

Sales

When you rely on your employees to sell and upsell to your customers, it’s important to ensure they have the right skills and tools to do so. Invest in sales training so your employees can learn new selling techniques, brush up on their negotiation skills, and gain new product knowledge.

Cyber Security

The biggest cyber threats facing the average company aren’t necessarily outsiders. They can be your own employees. Employees who haven’t been trained in identifying a cyber security risk may inadvertently put your business at risk. New research has even found that employees are just as likely as cyber criminals to cause cyber incidents.

Protect your business by investing in a comprehensive cybersecurity training program for your entire team. Whichever program you choose, ensure it includes essential topics like safe data handling phishing, and password management. The more your employees know about cyber risks, the easier it might be to keep your business secure.

Customer Service

Your employees are an essential asset. They are responsible for ensuring your customers have a great experience with your business so they continue to return. There are no guarantees this will happen, but you might improve your chances by investing in customer service training.

Customer service training involves teaching your team how to communicate with customers, use support software, diffuse situations, and expand their product knowledge. When you look after your employees with learning and development opportunities like these, you can rely on them to look after your customers.

Wellness

The average workplace can be stressful, even when that’s not the business owners’ intention. Short staffing, customer complaints, and large workloads can all take their toll. Alongside addressing some of these issues, you may also promote wellness management programs.

Your employees can learn to reduce their stress, maintain a better work-life balance, and even try new tools like mindfulness meditation. However, it’s important to note that wellness training isn’t a substitute for addressing employee wellness problems. It’s just ensuring your team has tools they can access when needed.

Soft Skills

You might have hired your employees based on their technical skills, but soft skills can be just as important. Employees with excellent time management skills, conflict resolution, and critical thinking can be pivotal to your business’s success.

Invest in soft skills training if you want your workers to refine these skills. When your team has an opportunity to polish and improve their skills, they may return the favor with increased performance.

You might already have a highly skilled team, but that doesn’t mean they can’t be more valuable to your business than they already are. Write these learning and development opportunities on your 2024 to-do list to help your employees reach their full potential.

The post New Year, New Skills: 6 Types of Training to Consider for Your Team in 2024 appeared first on Zophra.

Beyond the obvious bonding experience, here are five fascinating benefits that make baby massage a must-try for parents and caregivers.

1. Promotes Healthy Skin

Baby massage provides an excellent opportunity to introduce the best organic baby skincare products into your routine. As you engage in this delightful practice, consider using organic oils or lotions specially formulated for delicate baby skin.

These products help maintain the skin’s natural moisture balance, preventing dryness and promoting a healthy complexion. Choosing the right skincare products ensures your little one receives gentle care, free from harmful chemicals that may be present in conventional products.

Organic baby skincare lines are often made with gentle ingredients that are less likely to cause irritation or allergic reactions. They can also have soothing properties, helping to calm and relax your baby during the massage.

2. Enhances Bonding and Emotional Development

An amazing benefit of baby massage is the profound bonding experience it creates between parents and their infants. Through the gentle touch of massage, a strong emotional connection is fostered, promoting feelings of security and love.

The close physical contact during massage releases oxytocin – often referred to as the “love hormone” – in both the parent and the baby. This hormonal boost not only deepens the emotional bond but also contributes to a sense of well-being for both parties. It also helps regulate stress levels and creates a nurturing environment for your baby.

3. Can Improve Sleep Patterns

For many parents, the quest for a good night’s sleep is a constant struggle. Thankfully, gentle massage has been shown to promote relaxation in infants, helping to regulate their sleep patterns. The calming strokes and rhythmic movements of massage signal to your baby that it’s time to wind down. As a result, babies who receive regular massage often experience more restful and longer sleep durations.

Furthermore, the bonding experience created through massage can strengthen the parent-child relationship, fostering a sense of security and trust that can contribute to better sleep quality.

4. Alleviates Discomfort and Gas

Babies commonly experience discomfort from gas, colic, and other digestive issues, leading to moments of distress for both baby and mom. Massage provides a gentle and non-invasive solution to alleviate these sensations.

The rhythmic motions of massage can release trapped gas, ease digestive discomfort, and promote better bowel movements. Additionally, the tactile stimulation from massage can help infants become more aware of their bodies, fostering a sense of comfort and relaxation.

5. Stimulates Cognitive and Physical Development

The power of touch extends beyond emotional and digestive benefits – it also plays a crucial role in a baby’s cognitive and physical development. Through the exploration of touch during massage, babies become more aware of their bodies and surroundings.

The sensory input received through touch during massage can also help strengthen neural connections and promote cognitive abilities such as problem-solving and language development. Gentle movements and tactile stimulation during massage can also enhance muscle tone and coordination, laying the foundation for future physical milestones.

Embrace the Magic of Touch

Incorporating baby massage into your daily routine is a joyous and rewarding experience for both you and your little one. The benefits extend far beyond the immediate moments of connection, promoting emotional well-being, better sleep, relief from discomfort, and stimulating overall development. Just be sure to enhance the experience with the best organic baby skincare products, ensuring your baby receives the gentlest care for their delicate skin.

The post The Power of Touch: 5 Fascinating Benefits of Massage for Babies appeared first on Zophra.

Here are five effective ways to navigate and learn from negative reviews:

1. Respond Promptly and with Empathy

Whether someone uses your business to buy commercial kitchen equipment or mend a dress, they deserve prompt attention when they raise a concern. Of course, it would be more convenient if people contacted you directly with their complaints. However, that’s just not the way some customers like to do things.

When you inevitably encounter one of these customers, it’s vital that you address their negative review promptly and empathetically. In doing so, you demonstrate to the customer and anyone else reading the review that you are committed to customer satisfaction.

Craft a thoughtful response that acknowledges the customer’s experience without being defensive. Express gratitude for their feedback and apologize for any shortcomings they experienced. Emphasize your dedication to rectifying the issue and invite them to contact you directly to resolve the matter fully. This public display of responsiveness is crucial as it showcases your commitment to customer service to potential customers browsing reviews.

2. Continue the Conversation in Private

While it’s crucial to respond to negative reviews publicly, you must also offer to continue the conversation privately. Provide contact information or direct them to a specific point of contact, such as an email address or phone number. When they reach out, be prepared to discuss the issue in detail.

Direct communication not only allows for a more personalized resolution but also prevents potential conflicts from escalating on a public platform. Just be sure to respond promptly as it’s highly likely that they’ll return to the public platform with more complaints if you don’t follow up on your promise to resolve the issue privately.

3. Extract and Act on their Insights

Embrace negative feedback as an opportunity to refine your operations and enhance the customer experience. Analyze recurring themes in complaints to identify potential areas of improvement within your business. Use these insights to implement necessary changes and prevent similar issues from arising in the future.

4. Showcase the Resolutions and Reveal Your Growth

After addressing a negative review and implementing changes based on feedback, consider circling back. Follow up with the customer who left the review, thanking them for their input and sharing the steps taken to rectify the issue. If possible, offer an invitation to revisit your business, perhaps with a complimentary add-on or special discount. This is an easy way to showcase your commitment to resolving concerns and delivering a better experience. It may even earn you a new or revised 5-star review.

On your social media platforms, consider sharing the occasional story about how customer feedback led to positive changes within your business. This transparency not only highlights your responsiveness but also showcases your commitment to continuous improvement.

5. Create a Positive Review Cculture Around Your Brand

Make it easy for satisfied customers to leave reviews. Display signage or reminders within your business, include review links in follow-up emails, and create incentives such as loyalty programs or discounts for those who leave feedback. A steady flow of positive reviews can dilute the impact of occasional negative ones and contribute to a more positive online reputation.

Embrace feedback as a tool for evolution rather than a setback, and let it propel your brand toward continuous growth and success.

The post Feedback Finesse: 5 Effective Ways to Handle Negative Reviews and Feedback appeared first on Zophra.

To fortify your brand and make the journey a little smoother, here are seven critical mistakes to dodge from day one.

Mistake 1. Dropping the Ball with Market Research

You’ve figured out a killer USP for your product, you’ve set up your team with collaborative workspaces and executive offices, and your website has all the snazziest digital bells and whistles – all this may mean nothing if you haven’t backed it up with comprehensive market research.

Understanding your target audience, your competitors, and relevant market trends is crucial. Neglecting this step can lead to misaligned products, sub-par services, and an inability to meet the needs and wants of your audience.

To dodge this mistake, invest time and energy into detailed market research. Analyze consumer behaviors, preferences, and pain points. This groundwork will shape your business strategy, enabling you to tailor offerings that truly resonate with your target market.

Mistake 2. Skipping Your Budget and Financial Projections

Without a clear budget and financial projections, you’re at risk of underestimating costs and overlooking the seasonal aspects of cash flow. You may also fail to see the value in saving up an emergency fund, leaving you high and dry if a financial crisis threatens your business.

Dodge this rookie blunder by creating a detailed financial plan. Establish a realistic budget, and monitor cash flow diligently. A professional bookkeeper or financial advisor can provide invaluable insights, helping you be more prudent in your financial management.

Mistake 3. Working From a Mental Business Plan

Many entrepreneurs assume a mental business plan can be just as effective as a written one. However, this leaves you at the helm of a directionless enterprise that won’t be able to secure funding or attract partners.

Avoid this mistake by meticulously outlining your business goals, target market, revenue streams, and growth projections in a thorough business plan. Remember to revisit and adapt it as your business evolves.

Mistake 4. Winging it with Marketing

Relying solely on word-of-mouth or expecting instant traction without strategic marketing efforts can hinder business growth. To dodge this issue, invest in a well-defined marketing strategy. Utilize every channel at your disposal – including social media, content marketing, SEO, and targeted advertising – to reach your audience effectively. And remember that consistency and adaptability are the keys to marketing success.

Mistake 5. Being a proud solopreneur

Going it alone or hiring inadequately can hinder innovation and growth. Avoid this mistake by assembling a talented and diverse team. Each member should bring unique strengths that contribute to the company’s success. Cultivate a positive and inclusive work culture that fosters collaboration and creativity.

Mistake 6. Getting set in your ways

If you fail to adapt to market shifts, customer feedback, or emerging trends, you risk becoming obsolete before you’ve even launched. To steer clear of this pitfall, solicit and act upon feedback from customers, pivot strategies when necessary, and embrace innovation.

Mistake 7. Assuming you can Plead Ignorance

Neglecting legal and regulatory compliance is a grave error that can result in hefty fines, lawsuits, or even business closure. To dodge this mistake, seek legal counsel early on and comply with all relevant laws and regulations. You’ll also want to safeguard intellectual property and establish clear contracts with partners and suppliers.

While the journey of entrepreneurship will always be fraught with challenges, evading these common stumbling blocks can significantly enhance your chances of finding success.

The post Startup Stumbling Blocks: 7 New Business Mistakes to Dodge from Day One appeared first on Zophra.

Look After Your Machinery

Crops and livestock are usually the main focus on a farm, and while this makes sense, they’re alive after all, machinery maintenance can sometimes get overlooked since it doesn’t live and breathe. Your machinery, however, makes keeping your crops and animals alive much easier, so it’s wise to ensure things are properly maintained.

This can be as simple as making sure your grape harvesters have genuine Braud parts, or as complex as maintaining multiple schedules for servicing and equipment care across various types of machinery. It really depends on what equipment you have on site. But the bottom line is that effective farm management hinges on diligent machinery maintenance, so don’t be tempted to skip a service here or there.

Operate in a Sustainable Manner

Farms rely heavily on the climate they operate in for their success. Too dry, and everything wilts. Too wet, and your crops will flood, Too windy, and your animals and crops may suffer.

Because of this, it’s important to operate sustainably so future generations can also enjoy their love of farming. One way to do this is to practice social procurement. This basically means that elements in your supply chain provide more value than their standard purpose, i.e. reducing waste or benefiting the local community.

Keep on Top of Your Records

Just because your time is spent on the land, doesn’t mean you can avoid paperwork. This mundane task is crucial to running any successful business, so it’s vital that you keep on top of your records. We recommend doing this digitally as it makes keeping on top of things a whole lot easier.

There are some super helpful programs for planning and forecasting that require a few basic data inputs to work. Just remember to run a good backup and disaster recovery system so that if anything ever goes wrong and your data gets lost or corrupted, you’re not up the metaphorical creek without a paddle.

Market Your Products Appropriately

Different types of farms will need to present themselves to the world in different ways. For example, there’s no point in marketing to end consumers if you only operate in a business-to-business capacity. By the same token, those who only sell their produce locally won’t get much value from running a campaign that targets the entire state.

To ensure that you’re marketing your products appropriately and putting your best foot forward online, we suggest engaging the services of a digital marketing agency to help you create your website and establish your brand presence. You’ll also benefit from the creation of an expert strategy, and if you need to pivot or want to introduce new offerings into your product range, your assigned specialist can help.

Running a farm is tough, and there are a whole host of elements you need to keep on top of if you want things to run smoothly. That’s why it’s important to focus on efficiency and find ways to keep on top of everything. The strategies above were designed to help farmers improve their operations – we hope you found them useful.

The post Cultivating Success: 4 Simple Strategies for Effective Farm Management appeared first on Zophra.

1. Have You Conducted Truly Thorough Market Research?

Comprehensive market research will provide you with valuable insights to make informed decisions about market entry strategies, pricing, and product localization. Consider:

• Market Size and Potential: Is there sufficient demand for your products or services? Are there gaps in the market?
• Competitive Landscape: Analyze competitor strengths and weaknesses to determine how your offerings can stand out.
• Cultural and Social Factors: Understand the cultural norms, values, and preferences of the target market so you can tailor your marketing and products to suit.
• Regulatory and Legal Environment: Research customs, tariffs, licensing requirements, and intellectual property protection laws.
• Economic Conditions: Evaluate factors like inflation rates, currency exchange rates, and the overall business environment.

2. Do You have a Market Entry Strategy?

To select the appropriate market entry strategy, consider factors such as your business goals, budget, and risk tolerance. Common entry strategies include:

• Exporting: You can start by exporting products or services to the new market. This may involve finding local distributors or using e-commerce platforms.
• Joint Ventures and Partnerships: Collaborating with a local partner can provide you with local knowledge and resources. However, it also requires negotiation and planning.
• Franchising: If you have a well-established brand, franchising can be an effective way to expand internationally.
• Wholly-Owned Subsidiaries: This is the most direct and control-oriented approach. You establish your own presence in the new market, but it can be costlier and riskier.

3. Have You Adapted Your Branding to Suit the New Market?

You will likely need to adapt your branding to suit the new market’s preferences and cultural nuances. This includes:

• Localization: Translate your marketing materials and adapt them to the local language and culture.
• Understanding Cultural Sensitivities: Be aware of cultural differences that may affect your messaging.
• Pricing Strategy: Consider consumer purchasing power, competitive pricing, and any relevant regulatory restrictions.
• Distribution Channels: Assess the most effective distribution channels in the new market.
• Brand Positioning: Determine how your brand will be perceived in the new market.

4. Are There Any Legal or Regulatory Requirements to Navigate?

It’s essential to understand and comply with local laws and regulations, which can vary significantly from one country to another. Consider the following:

• Import and Export Regulations: Look into customs duties, licensing, and other requirements.
• Intellectual Property Protection: Protect your intellectual property through patents, trademarks, and copyrights.
• Taxation and Compliance: Understand the tax implications of doing business in the new market.
• Employment Laws: If you plan to hire local employees, familiarize yourself with local labor laws, including hiring, termination, and employee benefits.

5. Is this Move Truly Financially Viable?

Having a clear financial plan will help you make informed decisions about your international expansion and manage risks effectively. Consider the following financial factors:

• Market Entry Costs: Calculate the costs associated with market entry, such as legal fees, licensing, marketing, and distribution.
• Operating Costs: Estimate your ongoing operating expenses in the new market, including rent, labor, utilities, and inventory.
• Revenue Projections: Develop realistic revenue projections based on your market research and pricing strategy.
• Currency Risk: Be aware of currency exchange rate fluctuations and their potential impact on your finances.

By considering these five questions, you can increase your chances of a successful international expansion while minimizing potential risks.

The post International Expansion: 5 Things to Consider Before Moving into a New Market appeared first on Zophra.

Now that we have a broad overview, let’s zoom in on what social value is and why it matters. Below are five important points all business leaders should know about social value:

1. Social Value Creates a Competitive Edge

In a highly competitive marketplace, social value can help businesses stand out from the crowd. As consumers become more socially and environmentally conscious, they tend to favor companies that hold similar values. When consumers vote with their dollars, socially aware businesses grow and investors take notice.

Furthermore, as social and environmental issues become more severe, regulators reign in on the worst excesses. Any business that falls on the wrong side of the tracks might see its brand reputation take a dive as customer loyalty withers. With that will go market share and profitability.

2. Social Value Promotes Transparency

Businesses that set unambiguous goals and metrics for tracking social value make their intentions clear while providing a way to track how well they do. This is key. Outlining a set of clear metrics fosters a sense of transparency.

Customers, shareholders, and other relevant stakeholders will appreciate the ease with which they can track and report the company’s impact over time. Whether they meet the targets or not, tracking progress gives valuable feedback. Furthermore, if they reach the goals, then companies can justifiably celebrate their achievements.

3. Social Value Attracts Talent

In a world where climate change and social issues dominate the headlines and pose serious problems, employees want to find ways to help. Many aren’t content working for an organization that only focuses on the single bottom line of profit. Instead, they want businesses that focus on the triple-bottom line: people, profit, and the planet.

Social value is a powerful way for businesses to show their commitment to something larger. This attracts talent, and that talent boosts productivity and innovation.

4. Social Value Fosters Positive Social Change

Positive social change results from businesses that embrace social value. It’s easy to see why. When a business sources its material from a diverse group of suppliers—especially marginalized groups that face barriers to entry—that creates economic opportunities and social inclusion for those communities.

In addition, workplace programs such as training, mentoring, and apprenticeships, help improve the skills and employability of current and future workers.

5. Social Value Reduces Risks

Lastly, it’s important to consider the risks and costs associated with social value. In both cases, it creates a buffer that benefits businesses.

Social value reduces risks by encouraging businesses to diversify their supply chains. If you depend solely on one supplier, you’re at their beck and call. If their supply chain gets disrupted or they choose to raise their prices considerably, there’s not much you can do. However, if you cultivate a network of multiple suppliers, then you have more options. When uncertainty arises, you can rest easy knowing you have quite a few backup plans.

In addition, integrating social value into your business keeps you in compliance with relevant laws that affect your industry. Furthermore, it mitigates reputational damage (which is costly) and lowers your environmental footprint.

Whether in your hiring practices or daily operations, incorporating social value into your business model is a great way to create a positive impact. It lifts up people and the planet while contributing to your profitability.

The post Own Your Impact: 5 Things All Business Leaders Need to Understand About Social Value appeared first on Zophra.