When Daniel Fitzgerald decided to stop developing real estate and start selling hot sauce, he knew he wanted to do it in a way that would positively affect communities across the United States. So, when he co-founded Small Axe Peppers, he made sure the company deployed a circular business model that allowed community gardens to turn peppers into a reliable cash crop.
The following approach, inspired by Small Axe Pepper’s, may help you find ways to help your business give back.
Rethink your model
Think critically about your business model, both in how you plan it out and how it works in practice. You may not be able to replicate a mutually beneficial relationship like the one Fitzgerald and the community gardens were able to establish, but there may be minor ways to align better with your vendors or your customers to put capital to good use.
Choose the right vendor
It’s tempting to choose the cheapest vendor but selecting one with an eye toward social impact is another great way to give back. The first step in finding the right vendor is to set your own standards. Succinctly define what your company stands for and how it conducts its business, and make sure all your practices ladder up to these values. Clearly explain these standards to your vendors and hold them accountable.
Communicate your vision for good
Small Axe Peppers reported an “exponential growth in demand” by communicating the company’s circular economic model, which allowed them to find new customers excited by the company’s approach. Today, 87% of consumers report making purchase decisions based on value alignment. Consider communicating your mission, vision and values as part of your marketing strategy.
Learn more about how you can shape your business to help your community through industry knowledge, hiring practices, and other touchpoints.