If the success of a company has traditionally been measured by its turnover volume, other factors related to the major trends of the moment are currently coming into play. And society is immersed in a change of model in which sustainability permeates everything in its triple aspect: economic, environmental and social. Precisely, the combination of these parameters is what is determining the real scope of companies under the prism of the new paradigm.
The origin of this transition is not unique, but the international crises of the last two decades – financial, health, war, climate and migration – are motivating a reconversion in the way the world works. So, is capitalism in crisis? Ángel Bonet, founder and president of the consulting firm ImpactCo, believes not, but that it is mutating: “This system works and has shown that it makes society progress by generating well-being. You simply have to adjust the model. As? Measuring the social and environmental impact of companies to give it the same relevance that sales or profits have always had.”
But if a firm is economically successful, why would it worry about those other elements? “Given that change is unstoppable, in the coming decades all companies and investments will have that social and environmental DNA. Adopting this mentality means acquiring a clear competitive advantage,” the expert emphasizes. Not in vain, Bonet’s thesis – detailed in his book Companies that grow with soul— is that organizations “must have double accounting, economic and social, and both must be connected with elements of value generation for the shareholder and society,” he explains.
On paper it sounds good, but changes of such magnitude usually arouse suspicion. On this issue, the head of ImpactCo recognizes that “the biggest challenge is gaining the trust of leaders, since not everyone is prepared to adopt this disruptive innovation model.” In his opinion, “our main task is to reeducate them in this new business vision. Later they will discover that creativity flourishes when you are brave, come up with ideas and try them. All of this makes companies more resilient,” he says.
Bonet himself admits that his point of view is “very optimistic” because, so far, “our clients are investors, businessmen and shareholders who, beyond wanting to lead the markets, are good and bright people at heart. That makes it easier to take the step.” In addition to this initial predisposition, “when they are aware of the value they can generate by improving society and regenerating the environment, interest in addressing these global challenges grows and they contribute with innovative and sustainable solutions. Technology and digitalization help with this. The benefit of helping far outweighs the risk of not trying,” he says.
What can be done with the ‘unconvinced’?
For leaders not yet attracted to the new economy, ImpactCo proposes a reasoning: “Without a balanced society, which has an equitable redistribution of income – based on meritocracy – and a healthy planet, the market cannot exist. It goes without saying that without a market there will be no companies,” recalls its founder. Likewise, it puts more cards on the table to reconvert the undecided: “It has been shown that companies’ investments in social justice and environmental regeneration are allowing, in the short term, greater access to capital, but also to the best talent, since “This one looks for commitment and organizations with a purpose,” he clarifies.
In his case, Bonet is clear that “my dream, although it may sound paradoxical, is that our consulting firm is irrelevant in the long term because, if we end up being really unnecessary, we will have completed our purpose.” To achieve this, ImpactCo works on two lines. On the one hand, lobbying the main European and American business associations to convey the benefits of the new economy of purpose. In parallel, the consulting firm works with the media and social networks, documenting data, statistics and business success stories.
“Our model is based on being a consultancy boutique to provide an excellent service, with committed and offshore teams, which allow us to establish alliances with experts in all social, environmental and technological fields,” explains Ángel Bonet. These links are created between businessmen, philanthropists and third sector organizations “to together help vulnerable groups, in a kind of model.” philanthrocapitalist”, he highlights.
To achieve success, ImpactCo has restrictive confidentiality agreements with its clients and investors: “We do it this way because all our projects have a high impact on value and innovation,” specifies its president, who concludes his analysis of the new business reality by giving a piece of advice that can prevent companies from falling into the mistakes of the past: “The strategies of converted experts are no longer valid, those who until recently were recommending the opposite of the economy of purpose. Users, consumers and clients are exhausted from the old consulting formulas,” he concludes.
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