By Jonas Bogoshi- CEO at BCX
The question, “What does social impact mean for businesses in SA?”, will be a key topic of discussion at The Directors Event on 9 June 2023.
It is a pertinent question that may change how we view our contributions towards the well-being of our country. I believe social impact for South African businesses refers to the intentional efforts made by companies to create positive and sustainable changes in the social, economic, and environmental conditions of South Africa. It entails businesses identifying and addressing the unique social challenges and needs of our country, while also contributing to its development and well-being.
Traditionally, the primary goal of a business has been to generate profits and create value for shareholders. However, there has been a growing recognition of the need for businesses to go beyond their financial bottom-line and consider their impact on the broader community, environment, and stakeholders. We must recognise and acknowledge the important role that business has played in driving social impact to date. According to the Trialogue survey 2022, South African companies have spent approximately R10.9 billion on social impact initiatives across various sectors.
It is becoming more urgent for us, in business to look outside our industry comfort zones. Social impact for South African businesses must extend beyond regulatory compliance and focus on proactively addressing the specific social challenges of the country. By aligning our business investments with the needs of society, businesses can contribute to the overall well-being and sustainable development of South Africa.
This alignment also provides the ability to extend resources to key issues such as job creation, socio-economic inclusion, community development, and environmental sustainability. As BCX, we recognise that innovation and technology can also play a role. It can be a driver for such social change. By developing and implementing innovative solutions, we can improve access to essential services, enhance efficiency, and promote sustainable practices. This includes areas such as renewable energy, healthcare technologies, education platforms, and financial inclusion solutions.
Accepting mutual responsibility is another key factor. Partnerships and collaboration can derive greater value and outcomes. By cooperating with various stakeholders, businesses, including government agencies, nonprofits, and civil society organisations, can amplify our social impact. Organisations can leverage their expertise, resources, and networks by partnering with various entities to address complex social issues more effectively.
Through The Director’s Event, we are creating a platform for South African leaders to have necessary conversations about the role that business can play in creating positive change and moving the dial on the challenges we face in the country.
Click here register your virtual seat to SA’s Biggest Board Meeting – The Directors Event.