How can you create shared value with other businesses?

1 Identify common goals

The first step to creating shared value with other businesses is to identify the goals that you share with them. These could be related to your industry, your market, your customers, your suppliers, or your community. For example, if you are a food company, you might share the goal of improving food security, reducing waste, or promoting healthy diets. By aligning your goals with other businesses, you can create a common vision and a mutual interest in achieving positive outcomes.

2 Assess your impacts

The next step is to assess the impacts that your business and your potential partners have on the social and environmental issues that you want to address. This means measuring and evaluating how your activities affect the people and the planet, both positively and negatively. For example, if you are a clothing company, you might assess how your production, distribution, and consumption affect the water, energy, and waste resources, as well as the working conditions and human rights of your workers and suppliers. By assessing your impacts, you can identify the gaps and opportunities for improvement.

3 Explore synergies

The third step is to explore the synergies that you can create with other businesses to enhance your shared value creation. This means finding ways to leverage your complementary strengths, resources, and capabilities to generate more value for both your business and society. For example, if you are a hotel company, you might partner with a renewable energy company to install solar panels on your rooftops, reducing your carbon footprint and saving costs. By exploring synergies, you can create win-win solutions that benefit multiple stakeholders.

4 Co-create solutions

The fourth step is to co-create solutions with other businesses that address the social and environmental challenges that you want to solve. This means involving them in the design, development, and implementation of your shared value initiatives, ensuring that they are relevant, effective, and scalable. For example, if you are a bank, you might co-create a financial literacy program with a local NGO, providing education and access to financial services for low-income communities. By co-creating solutions, you can foster trust, innovation, and impact.

5 Communicate your value

The final step is to communicate your value with other businesses and your wider audience. This means sharing your stories, results, and learnings from your shared value partnerships, highlighting the benefits and challenges that you faced and overcame. For example, if you are a cosmetics company, you might communicate how you partnered with a social enterprise to source organic ingredients from women farmers, improving their livelihoods and empowering them. By communicating your value, you can inspire others, build your reputation, and attract more partners.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?