Profit vs Social Impact... Why should businesses care? (2024)

Ken P Oke

▪Empowering digital transformation ▪Fostering stakeholder engagement ▪Accessing new markets ▪Accelerating #SDGs and #CSR ▪Consolidating and monetizing digital assets for new revenue via AI Tools & Advanced Networking

1y

Profit vs Social Impact ..especially in a country like #Nigeria, where socio-economic challenges are prevalent.You are right!..While profit is essential for the survival and growth of businesses, there is an increased need for businesses to prioritize social impact.However,The way businesses are approaching their social-economic programs - is like trying to boil the ocean...same old & outdated "Tech" making sustainability unnecessary difficult.Every dept, sales channel are all disconnected. Every1 working in silos.There is limited collaboration.Their social impact programs are not followed up. ..all fragmented.No Ongoing Engagement.Once events i.e., online meetings, virtual conferences are DONE They are GONE.Difficult to gain #online #traction.Adverts are Very Expensive,Inefficient Leads & Unsustainable Advertising Campaign.There are no #dataanalytics to generate intelligent insights.The available solutions in the market today (are NOT competitive enough) to deliver an end-to-end stakeholder's engagement for #businesses, #investors, #traders, market women & #youthsWHAT NEXTSupercharge your Social-Economic Programs - via #VirtualCareer fair & #Jobfair with Pitch #Contest; prioritizing #socialimpactThanks

Marcus M.

Working towards impacting and contributing to Sustainable Development through Sustainable Procurement & Sustainable Supply Chains

1y

Great article. Sustainability in its simplest means “everlasting”. Should an organisation want to make sustainable economic profits, this required everlasting positive return on its return on investment. If irresponsible use of and investment in resources (human it otherwise), everlasting economic return is not possible. As in time resource will be depleted, human capital will cost more due to the erosion of rights, satisfaction etc.Leadership in this space must come not only from governments but also from the private sector. When problems need to be addressed when it seems like tipping point has been surpassed, Regulations will not create the change. In a competitive (somewhat combative) capitalist environment, a combination of strong leadership, brave and bold leadership, regulation, incentives mixed with a long term focus are some of the key ingredients for change.Thank you for bringing a focus to this important agenda, Nigeria is not alone in this struggle.