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Your Business Has The Power! Introducing Profits for Progress.

Posted in Our Community @ Jul 15th 2011 10:50am - By Judy Gillespie
Hands & a paw

80% of consumers would switch brands if the other brand was supporting a cause.

2 out of 3 consumers would be willing to pay more if that brand supported a cause.

That's the power behind the potential success of sustainable social contribution according to Dr Michael Warren in his recent Nova Scotia TedX talk - Profits For Progress - Sustainable Social Contribution. Dr Warren is a vet as well as the MD of DVMelite - a veterinary managed website development company.

Dr Warren believes that all businesses have the power to make a difference through social contribution that’s tied to the revenue of the business. He also walks the talk as each time a practice signs up to DVMelite, his company sets up a free web page for a charity of the practice's choice.

Contributing to a charity makes us feel warm and fuzzy but how does 'Profits for Progress' allow your practise to turn social contribution into a powerful business strategy?

Firstly, a strong social commitment can provide a true competitive advantage – take another look at the statistics in the opening sentence! Secondly, employees can become huge advocates of both the charity and your practice, encouraging both loyalty and personal satisfaction amongst your team.

The true magic is that ultimately it becomes a win-win situation. As your profits increase so do your contributions to your charity, this encourages even greater advocacy and goodwill from others, further generating business and causing profits to expand making your contributions even more sustainable – awesome!!

It’s not all about money either – donating specialised services or products from your business can have an even greater impact with your team than donating cash. All you need to do is think outside the box to determine what your businesses strengths are and how can you use them to support those in need. e.g. for every X number of new clients that joins your practice you could donate a box of medical supplies to a charity in need.

So are you ready to take on a challenge?

Here’s what you need to do to be a part of Profits for Progress – just apply this formula to your business

For every X (something in your business that represents growth)

We will donate

Y (ideally a product or service from your business but can be money).

=

Increased profit, increased social contributions, increased employee satisfaction & loyalty, increased productivity!

Introduce Profits for Progress to your business and help those in need AND further your own profits while improving your employees’ satisfaction – who can ask for more than that?

In my next blog, I’ll talk about how Vetanswers intends on getting involved with Profits for Progress – in the meanwhile tell me what you think – how could your business get involved?

Comments

mwarren_dvm @ Jul 26th 2011 4:59am
Judy, Excellent article and of course on a subject on which I am very passionate. The exciting aspect of the "Profits For Progress" model is that it provides a win-win outcome for all involved, overcoming the typical "burn out" which so often occurs with Pro Bono contribution. Our next challenge for the veterinary industry is to apply this model to the veterinary practice. This will provide practice building good will, a method of sustainable social contribution, and excellent social media material on which to share and discuss with clients. As the Profits For Progress model takes on new life with every application, we would all love to hear any thoughts on its veterinary application and impact any similar model may already be having on your practice or business.
Judy Gillespie @ Jul 26th 2011 10:08am
Hi Michael - thanks for dropping by. I agree with your comments that our challenge is to apply the model to the veterinary industry in a way that works for all. Sharing the good news stories is a great way to start!

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