How Small Business Steps Can Create Lasting, Positive Change
Featured Events | Dec 06, 2022 | Gabelli School of Business
Companies that embrace environmental, social, and governance (ESG) policies are not only capable of creating new markets, but also of driving significant societal change, according to George Serafeim, professor of business administration at Harvard Business School and author of Purpose and Profit: How Business Can Lift Up the World. For example, some companies are using machine learning to survey soil and work with farmers to devise fruitful farming standards which will ultimately improve soil quality and increase the yield of crops.
In this webinar co-sponsored with the CFA Society New York, the Gabelli Center for Global Security Analysis, and the Museum of American Finance, Serafeim outlined the “key ingredients” of impactful business models and discussed how we can view business costs and expenses through a new lens—as assets and opportunities. He also addressed a potential obstacle in implementing such changes—the resistance of skeptics. Serafeim’s advice to gain leadership’s trust? Be an expert on the practices you want to change and clearly illustrate how they will improve a business steadily over time.
“It’s super important to show the blueprints of success. You show that it’s actually something that is truly durable,” he said. “Bringing people with you and creating lots of initially small increments of positive momentum inside the organization is extremely important.”