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MNP careers are Different by Design. As an entrepreneurial firm, we truly believe there are no limits to where your career can go.
As recently as 10 years ago, the consensus among entrepreneurs was generating profits and acting with a social
purpose were mutually exclusive. Most argued (and many still do) a business’ function is to maximize revenues,
minimize costs and optimize shareholder value. Generating positive social and ecological outcomes, on the other
hand, is the domain of charities, non-profits and non-government organizations.
However, that point of view is shifting rapidly as a growing number of professionals recognize many of the costs
incurred by for-profit organizations have the potential to benefit their community. In fact, a business owner’s
social impact can be enormous; and so, too, can the potential benefits to their bottom line.
Today, there are countless examples of socially-driven brands who are not only surviving, but genuinely thriving
while benefitting their employees, stakeholders and the public. That said, you’ll want to be weary of a
one-size-fits-all approach. With numerous ways for your business to make an impact, it’s important to choose
opportunities which align financially, culturally and practically with your goals.
Paying taxes is unappealing. But it is also a necessary part of doing business. Ideally, your corporate tax dollars
will enable the government to deliver a well-educated workforce, build and maintain public infrastructure, provide
services to ensure public welfare and wellbeing and ensure economic stability.
This is not to say you need pay more than your fair share of taxes. However, adhering to this social contract
between yourself and the government sets the stage for you, fellow businesses and the community to thrive.
Sharing business profits with employees is an effective way to incentivize your workforce, improve your bottom line
and increase the value of your business. Moreover, with greater economic outcomes for individuals and families,
profit sharing plans typically correlate to greater employee wellbeing and job satisfaction.
Charitable giving has numerous potential benefits for both your business and the recipient organization – especially
when the cause connects closely to your business’ corporate mission and values. Most obviously, these donations (of
time, money or both) immediately benefit people in need. But they can also increase your brand’s profile in the
community while increasing employee morale by allowing them to take and active role participating in worthwhile
Your organization has plenty of opportunities to magnify its impact by carefully selecting the vendors and suppliers
you choose to work with – especially as more businesses seek to create social value. The first thing to consider is
whether your partners’ values align with your own. Next, whether they also give back to the community. That way the
money you’d spend regardless will systematically filter down to other impactful initiatives at no additional cost
As the saying goes, “charity begins at home.” Owning a successful business offers numerous economic benefits which
allow you to support the people most near and dear to your heart – your family. You can invest in your children’s
education. You can teach them about the principles of entrepreneurship, such as hard work, commitment and financial
management. You can also involve them in your organization’s corporate giving programs to provide hands-on exposure
to how businesses can create social impact.
Darrell Wiens, CPA, CA, is a Partner with MNP. To learn more about how you can improve your business’ social
responsibility – and how MNP can help – contact Darrell at 780.969.1414 or [email protected].
Related Topics:Small Business; Goodwill; Operational Effectiveness
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