January 24, 2011 / 1:39 PM / 8 years ago

Management Tip of the Day: How to profit from doing good

A man walks over a colourful carpet in this file photo. REUTERS/Johannes Eisele

BOSTON (Reuters Life!) - Many companies still have a long way to build their reputations for doing good, as opposed to merely doing well, but there are certain steps that can help, says Harvard Business Review.

The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (www.hbr.org). Any opinions expressed are not endorsed by Reuters.

“In the past two decades, many corporations have made strides in shedding their reputations as polluters, exploiters, and gluttons. But there is still a long way to go until doing good is an accepted norm for successful businesses.

How can you help your company get there? Try these first steps:

1. Ask people to think about the bottom of the pyramid. There are billions of underserved, poor consumers in the world. Encourage your people to learn more about these populations and think about ways your company can serve them.

2. Educate your team. Send out articles and websites, invite speakers, and get the discussion going about how your company can contribute to and profit from social change.

3. Do a sustainability audit. This one doesn’t have to be company-wide. Focus on how your unit can reduce waste and increase sustainability. Can you cut back on your use of supplies or make travel more efficient?”

-Today’s management tip was adapted from “To Profit from Doing Good, Start Small” by Ron Ashkenas.

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