Can businesses learn from the third sector?

Can businesses learn from the third sector?

As the financial year comes to an end and we begin to revive, refocus and rebuild, Sarah Case, partner at Azets, looks at what businesses can learn from the third sector to help them thrive.

Organisations in the third sector all have one thing in common, they think about their “purpose” everyday; everything they do, they do to achieve that purpose, it is the very reason they exist. One of the many changes COVID-19 has brought, is the importance of businesses having a purpose. 

Many of the marketing campaigns that followed lockdown had to present a version of the business that kept it relevant for the world we found ourselves in, so businesses began to acknowledge their place in society, either by acknowledging their contribution or the contribution of others and slowly began the mainstreaming of “purpose” within the corporate world.

The focus on “purpose” is both an opportunity and a threat for companies. Most are already expected to have policies and opinions on issues such as diversity, climate change, mental health, corporate social responsibility, etc. Companies who rise to the challenge of not just being accountable but actively engaging with a purpose, can prevent the negative backlash that those who fail to take this seriously can face. So, what can your business learn from charities to help it  develop, articulate, and live its purpose?

• Know your place in society, how do you fit into the bigger picture, what do your outcomes achieve in society?
• What accountability do you have to achieving your impact, how do your measure your success?
• Engage with the elements of society that your purpose improves, your team, your customers, your local community.
• Work with others. Charities often work in partnership to achieve more or have more impact, the power of groups of likeminded businesses could create great influence and action.

As we all begin to revive, refocus and rebuild during 2021 consider your purpose, the impact you make and how you can articulate it, live and develop it.

For further information please feel free to get in touch with Sarah Case.