If we observe closely, we will notice the presence of global problems around the world, waiting to be solved. Global problems such as climate change, healthcare, human rights, food security, etc. Any business/ company that wants to thrive in today’s world has to be deliberate in creating meaningful and value-added products and solutions that will solve a problem. Once they succeed in solving a problem, that way they will not only make profit but also make a positive impact on the world.
Building an agile organization that is positioned for long-term success, should ensure that there would be partnerships and collaborative efforts to bring innovative products and services to the market. Leading multinational businesses/corporations have understood that by finding solutions to the world’s greatest problems, they can reduce costs, dominate the market, mitigate risks and increase profits.
In solving world problems such as eradicating poverty, solving the issue of climate change, human rights abuse, etc. The national government does not have the full ability and resources to address global problems. Such issues are only addressed by multinational businesses/ corporations, because they have the profit motivation, worldwide influence, and might to tackle and accomplish these purposes.
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Lately, businesses that are leading the way ahead of others, are those that are innovating solutions to social, economic, and environmental problems, which has accrued large profits for them. For example, Visa and Paypal have indeed solved a worldwide problem, where they have made it easy to pay for good services, also making it easy to move and receive funds between people. It has been reported that social, economic, and environmental challenges threatening the world today are likely to increase exponentially in the coming decade.
Global problem-solvers are noticed to be doing three things well. Companies/businesses that profit by finding solutions to global problems do three things well:
- Include sustainability on the governance agenda: The board of directors has the legal and fiduciary responsibility to ensure the company’s prosperity. The risks and opportunities described here are boardroom issues. Sustainability is a governance matter.
- Collaborate with other companies/NGOs: Thoughtfully and purposefully identify and collaborate with NGO/nonprofit partners who bring expertise as well as credibility, relationships, and access to communities where the company seeks to engage.
- Engage with stakeholders: They build trust with consumers, employees, investors, and communities where the company/business has a presence.
Any company seeking to make a difference to global problems should look at these areas and more to bring about possible solutions. Companies that discover solutions to global threats have so much to gain. The greatest opportunities for businesses to profit are in emerging markets, especially in Africa. In Africa alone, consumer-facing industries will grow by $400. A 2015 Nielsen study found that brands with a demonstrated commitment to problem-solving and sustainability, grew 4 percent over the year, compared to less than 1 percent growth of their competitors. This reflects consumers’ increased desire to buy from brands that have a positive impact on society.
