Day one of the Impact Summit 2021 Virtual Conference focused on how businesses have adapted to ever-changing societal norms – focusing on issues such as diversity, environmentalism, and tech for good.

The whole event itself is a celebration of tech sustainability and a chance for people to come together to discuss businesses that put planet before profit.

During day two of Impact Summit, delegates heard how firms can add value to their organisations by adopting value-led business models and placing sustainability high on the list of priorities going forward.

We are beginning to see purpose-driven firms popping up across Scotland, with Covid-19 and the climate crisis sparking a heightened interest in sustainable business.

Operating in a more socially conscious consumer environment, organisations must now think outside the box in terms of their business models.

Do you want to simply make a profit and disregard environmental concerns and a changing social landscape, or make a concerted effort to leave the world a better place than you found it?

Companies should be doing more.

Kicking off the day was Douglas Lamont from Innocent Drinks, who focused on why better business “means a fairer and more sustainable future for all”.

Innocent became a Certified B Corporation in 2016 – an emerging form of business that balance purpose and profit to drive their business models. By law, B Corporations must consider the impact of their decisions on their workers, customers, suppliers, community, and the environment, and Lamont said Innocent is firmly committed.

According to the better business act campaign, Lamont said, “directors have a clear responsibility to consider people, property and planet”.

Continued discussion around inequalities and climate also continued into day two, with Oxfam’s Dr Dhananjayan Sriskandarajah asking how businesses can start making a difference.

The main driver for business in a capitalist world is profit. Companies are always adapting and changing their business models to maximise their financial gains. However, Sriskandarajah and Lamont say businesses should be building a sustainable business mindset.

Wealth creation is good, but once you have made that profit, why not take extra profit put it towards sustainable ideals, helping to protect the planet while still maintaining growth.

Businesses can make a difference

In 2021, people are more awake to the idea of sustainability, and more likely to buy products if three main areas are considered: people, profit, and the planet.

Sriskandarajah believes that good is about “sharing profit,” and not hoarding wealth for personal gain. However, the pandemic has changed so much in our world. Sriskandarajah said that billions of people are now going hungry due to the effects of the virus.

However, the pandemic has the potential to be used as a “reset button,” he said, and to look at different ways to run businesses for a better future.

And Covid-19 isn’t going anywhere any time soon, according to the news from India and parts of the UK.

Covid is a crisis on top of a crisis in many parts of the world that we work in, said Sriskandarajah. “The best way out of this pandemic is to provide adequate protection for all people. In the same way with climate change, we have to provide a safety net for those who are affected by no fault of their own,” he said.

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Democratising consumer power will help address issues with business and prompt change-making businesses more conscious of the world they live in, more sustainable and more progressive in their values.

One way that businesses could be looking to make a difference is through partnerships. Chris Gale, from eBay UK, explained how you can build impactful partnerships that drive real change.

To do this, Gale says, a business leader must start conversations and set out challenges with potential partners quickly. This will ensure that you can work together more easily and establish how partners can “fit together,” a vital part of sustainable partnership.