6 Strategies for Building Socially Responsible—and Profitable—Companies

And they have done that beyond the economy and financial system. What has changed is that corporations now pay attention to their social role.

This shift is the result of several converging factors. Reams of analytic data are now available, so customers and investors have more ways than ever of evaluating companies—and many now expect businesses to be as green, ethical, and transparent as possible. Social media has also given consumers a greater voice. Climate change has made everyone aware of humanity’s effects on life and the planet.

• Create a new model or market. 
• Transform the business. 
• Pursue pure-play alignment. This involves shifting to a new venture, rather than transforming an existing business.
• Offer a substitute product. 
• Focus on operational efficiencies. 
• Recognize an added value.