Why companies are bigger than business

Business is all about making things happen and doing deals. Or is it?

Recent events like the collapse of Carillion have really got me thinking about the nature of business.

Should it should be purely about profit and success, though of course those things are very important? In my opinion, It’s also about having a conscience and an awareness of your social impact.

Without wanting to sound preachy or sanctimonious, companies are bigger than themselves – in terms of their impact. And that means that their social responsibility really counts for something, regardless of their size or sector. I believe that business done well is about much more than just business. Business hasn’t always had the best of reputations, but companies that work hard to do good things alongside their core activity are helping to change that…

How to boost your company’s social impact

Having a conscience and making a contribution sounds great on paper, but what can businesses do to achieve it? Being part of a more supportive network like Catena can help. It means that a company isn’t just working in isolation. That closeness also ensures that a company is more aware of the impact of its activities. Many choose to donate to charity, but there are other ways that businesses can contribute to society...

·      Connect with your community

Companies working in isolation are cut off from their local community. Yet those that interact with it will often end up making great business connections as well as benefiting others. Find groups in your local community that you can work with.  Not-for-profit organisations are increasingly looking to create fruitful partnerships with local businesses.

·      Explore your company’s values

Most companies have underlying values and these can provide a powerful force for good. For example, if a company is a service business, perhaps there is a way to adapt that service to include people from the local community or offer opportunities for new starters. Strengthening your social conscience doesn’t have to be a huge endeavour. It’ll probably be more effective and sustainable if you start small, for example, by setting up a programme for one intern or choosing one charity to support consistently for a year. Whatever it is, choose it based on your values as a company, not just on generating profit. These kinds of contributions can help to boost the reputation of a business in a much better way than simply being driven by a desire to make money!

What we’re doing

By doing business right it is possible to build a community as well as a company. They shouldn’t be treated as separate things. I recently met with the Trent Bridge Community Trust, the community arm of Nottinghamshire County Cricket Club, who have taken on the initiative of working with local schools to provide work experience opportunities in the local area. Our member Universities also have some excellent programmes for businesses to engage with students to gain work experience or carry out projects to address an issue that a business may be facing.

Many Catena members will know that I am a huge advocate of intern power and that I have utilised student strength on many occasions. I'm delighted that many Catena members are now engaging with the opportunities offered by our member universities... We’re also proud that by building up the network, we’re creating a business community all of its own and one which isn’t simply about making business deals, as great as that is. A lot of our success stories are the ones where Catena members have provided valuable support for specific initiatives.

Smaller businesses can and do add to communities in many ways. I'd like to challenge larger businesses to engage with smaller businesses for good, for example, by mentoring, or sharing best practice in a discipline. My next challenge as I look to grow the membership of the Catena Network is to engage with larger businesses to provide connection opportunities as I think many large businesses would benefit from linking with smaller ones and vice versa.

From what I’ve seen of our own activities and those of our members, I know that it really is possible to do business and do good at the same time!

It doesn’t have to be an either/or and that’s great news for both businesses and communities.

Claire Bicknell, Catena