SIDE NOTE: For our devoted followers: you probably saw that we were MIA last week. Well, BDN has some exciting news…but we aren’t telling today 🙂 Stay tuned! We promise to share soon. We invite you to read on for this week’s entry on the unique relationship between business and community.
The central premise behind creating shared value is that the operations of a company and the health of the communities around it are mutually dependent. Recognizing and capitalizing on the connections between social and economic progress has the power to create sustainable profitability while serving specific community needs.
The solution lies in the principle of shared value, which involves creating economic value in a way that also creates value for society by addressing its needs and challenges. Businesses must reconnect company success with social progress. Shared value is not social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. It is not on the margin of what companies do but should be at the center of all its strategies.
The opportunities have been there all along but have been overlooked. The time for a new conception of capitalism is now. Businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues we face. We must link what we have to what we need!
- Margaret Coady: Charity, Prosperity, and the Industrial Complex (huffingtonpost.com)