Our journey to change the way we work—how we impact our individual worlds and the greater world around us—led us to discover a movement that is taking hold in business called “impact business.” Impact businesses focus on growing their bottom-line profit by creating greater value socially and environmentally.
Often referred to as a “triple bottom line” approach to doing business, success is measured not only by how much profit is produced for shareholders, but also by the positive impact it can have on the lives of its workers, the health of its community in which it operates, and the reduction of harm that it has on our environment.
We believe in impact business so much that we’ve created a new division at Cove.
We have an extraordinary depth of experience in this field, and we want to help your business invest in its impact. Our new Impact Planning division, led by Kristy O’Leary, can help you assess the true value of your business—a value that goes beyond the profit it creates to also include those things that do not fit on a balance sheet, such as community and environmental impact.
Impact planning is an investment choice. Direct investment in impact planning drives profit, creates positive social and environmental impacts, and gives us a deep sense of personal satisfaction that we are doing good. It permeates every level of our organization, and we are proud that we can call Cove an Impact Business.
Although impact planning is rewarding, it is a new frontier. It requires a taste for adventure. It involves relearning things that come naturally to an entrepreneur, which can be challenging. One way to increase our positive impact is by helping others explore this new way of doing business.
Cove’s new impact-planning services are designed to support entrepreneurs, business owners, enterprising families, and successful professionals in their exploration of shifting their impact, to become more inclusive and positive, no matter where they are in the process.
At Cove, we believe impact is the multiplier that brings with it deeper meaning, team loyalty, and increased earning potential. And we can help your organization call itself an Impact Business through our two-step impact-planning process.
Step 1: Impact Audit/Assessment
The first step toward defining your impact legacy is auditing your current impact. In 2016, Cove joined the ranks of companies such as Patagonia and Ben & Jerry’s and became B Corp certified, and our tool of choice for conducting an impact audit is the B Corp impact assessment. Over 55,000 companies have used this assessment tool to measure their global impact. It is the only “egg to plate” certification tool in the business world today. This incubation tool not only conducts the assessment, but it also provides a detailed guide on how to improve your score. It is full of tips and ideas on how to bring you from “egg” (idea) to “plate” (achieving goals).
The B Corp assessment is a powerful tool that helps for-profit companies measure current impacts and plan a strategy to increase impact in five areas:
- Governance: mission statement, transparency, and financial controls
- Workers: compensation, benefits, tenure, attrition, and training programs
- Community: local involvement, suppliers, volunteer/pro bono
- Environment: facilities, energy and emissions, and waste management
- Impact Business Model: Do you have one? How can you develop one? Why does it matter for your bottom line?
As we move through the B Corp assessment, you’ll be encouraged to ask yourself new questions… questions that reveal strengths and weaknesses in your organizational impact.
The gaps in your impact will ultimately become the clay from which we’ll craft elegant solutions. Every weakness is an opportunity to create a policy or program that responds by making this weakness a strength.
Step 2: Impact Legacy Modelling
Your impact is your masterful legacy created with intention. Once we understand your strengths and weaknesses in the impact you are having, we can begin modeling your legacy. Using our impact-planning services, we’ll create a series of legacy modeling options for you. These options function as an a la carte impact menu, allowing you to decide what options align with your brand, your customers, and your big vision. We like to think of legacy modeling as a way to “try on” your future legacy in the present.
Our modeling process is hands-on and tailored to meet your needs. Paramount to the process is creativity. We believe there is only one rule we must follow as we move through this process: leave it better than we found it. Together, we will decide what that means for you and develop a plan to achieve impact and define your legacy.
During the impact planning process, we will review the following areas with you:
- B Corp impact assessment
- impact business model(s)
- Charitable giving/corporate philanthropy
- New product/service development
- Advocacy projects
About Our New Impact Planning Services Division
We’ve been through the B Corp Certification process and all that it entails. And we understand the uncertainty and complexity of driving this process without the guidance of someone in the know.
Kristy O’Leary, a designated B Corp Ambassador and leader of Cove’s new Impact Planning Services division, can help you in your exploration of this new world.
Call us to arrange a complimentary meeting to explore how you can increase the positive impact you, your wealth, or your business is having both from a social and environmental perspective. The great thing is that it may just make you more profitable.