CanadianSME Small Business Podcast

Shaping the Future: Strategies for a Purpose-Driven Economy

Episode Notes

In this enlightening episode of the CanadianSME Small Business Podcast, we have the pleasure of hosting two distinguished guests: Coro Strandberg, Chair and Co-founder of the Canadian Purpose Economy Project, and Maureen Young, Vice President of Social Purpose at Coast Capital. Coro Strandberg, a Canadian pioneer and visionary in marketplace innovation, focuses on propelling society towards a sustainable future by assisting businesses, governments, and industry associations in their strategies around social, environmental, and financial progress. Maureen Young drives the vision of "Building Better Futures Together" at Coast Capital, leading the implementation of long-term social purpose impact plans and integrating these principles throughout the company's operations.

Key Highlight Points:

• Coro discusses how 'A Call to Purpose' aligns with the changing economic dynamics and growing consumer emphasis on social responsibility, including an example of a business that successfully adopted this approach.
• Maureen provides strategies for businesses navigating the transition to a purpose-first economy, balancing profitability with social/environmental responsibility, and measuring success beyond financial metrics.
• Insights into the tangible benefits of adopting a purpose-driven approach for brand reputation, community connections, consumer loyalty, and market competitiveness.
• Maureen elaborates on how Coast Capital defines and integrates social purpose into its corporate strategy and culture, and the changes observed since this integration.
• Coro's perspective on how businesses can generate real value and significant impact by prioritizing their social purpose, including the necessary shifts in mindset and business practices.
• Common challenges faced by businesses in transitioning to a social purpose model and strategies to overcome these hurdles, including stakeholder engagement.

A heartfelt thank you to Coro Strandberg and Maureen Young for sharing their invaluable insights with us. Their perspectives have shed light on how businesses can create meaningful paths that benefit both people and the planet. We hope this episode has provided our listeners with key takeaways on the importance and impact of adopting a social purpose in business.

We also express our gratitude to our partners: RBC, our exclusive banking partner; UPS, our exclusive shipping partner; and Xero, our exclusive accounting software partner. For more enriching content like this, don't forget to subscribe to CanadianSME Small Business Magazine. Visit www.canadiansme.ca  for more information and resources.