It’s not that growth is unimportant or that it isn’t a useful metric – it can create jobs, wealth, and career development opportunities – it’s just that it’s an incomplete metric. Growth of what. Growth toward what end.
A growing number of companies, investors, and consumers are interested in measuring something in addition to growth. Impact is the new growth. People want to know the social and environmental impact of the companies they buy from, invest in, and work for.
As consumers lose trust in business, it’s never been more important to demonstrate that your company is creating benefit for society as well as for your shareholders. Just like business magazines keep score of our fastest growing companies, we need to keep score of our highest impact companies.
The impact rating system used to certify B Corporations (companies certified to create benefit for society as well as shareholders) is also being used by more than 1,000 companies to benchmark their impact on their employees, community, and the environment. It’s being used by private equity investors and banks seeking high-impact investments. It’s free, confidential, and available online to any company even if they think B Corps are the dumbest idea they’ve ever heard of.
So go ahead, measure your growth, but measure your impact too. It's free, takes about an hour, and won’t hurt a bit.