This paper authored by Phillip Ullmann, Chief Energiser at Cordant Group, discusses the benefits of social business, and the role it can play in creating a fair and robust market economy.
The report suggests that social business should play a central role in improving society. By reorienting around creating beneficial social impacts, business can deliver improved public services, fairer distribution of wealth, better outcomes in training and development for employees at all levels, along with other productivity benefits, while still generating profits and securing the long-term future of the economy.
Several countries around the world are experimenting with new business structures and corporate governance models, some of which appear to be ahead of the UK. the paper suggests we must learn from those around us – not least across the Channel in France – and make sure we do not fall behind in developing world-class businesses to drive our economy.
The paper urges those who concern themselves with how to develop society to set aside entrenched positions and look for collaborative solutions. There are five categories, whether individually or in combinations, for business to begin to address:
- Trust
- Privacy
- Responsibility
- Accountability
- Technology
The paper concludes by stating that allowing social businesses a greater role, both in the provision of public services and the private sector, would not mean imposing a blueprint for change on either. That is the sort of approach that has done much harm. Instead, by allowing social businesses to expand, we believe we offer the possibility of organic change with a strong voice for the consumer, worker and voter.
