Fascinating times in the US. I have just read a very interesting and informative article of a new type of corporation, a benefit corporation. While your normal very day type corporation requires a focus on ‘profits’ a benefit corporation also has a social responsibility, ethics and sustainability mandate. It’s a focus on maximising profits and doing good at the same time. Marrying profits and social responsibility in business will not be easy, but the benefits to businesses and the environment will be huge, especially as eco conscious brands are becoming more sort after by consumers.
If you are considering a socially responsible business, look into becoming a benefit corporation so that your business has a legal mandate for sustainability and responsibility. I understand that there are also provisions to change your existing business structure. It’s my opinion that the demand wave for socially responsible businesses is still coming to a head and the way of the future.
To find out more, the article written by Michael Crooke former CEO of Patagonia can be found here:
Socially Responsible business – Music to My Ears!
Absolutely!
I hadn’t heard of Benefit Corporations as a legal business type – thanks for sharing!
Yes, it was new to me as well, it’s one of those things I just love to share around, the more business owners that know about it the better 🙂