The moral case for eradicating poverty is clear, but what are the benefits for businesses?
Protecting reputation and market value
Appropriate behaviour by companies can be key to generating successful returns. Modern media allows consumers, employees, shareholders and investors to be better informed about a company’s supply chain and working practices, and can also be instrumental in mobilising public opinion and campaigning for change.
Businesses need to work with their various stakeholders on these issues in order to manage their reputation, sales and, ultimately, share price.
Securing sustainable and productive supply chains
Many companies have suppliers in different countries and need to ensure continuity and quality of supply in order to maintain market share. This can be done by making sure that producers are paid a fair price, that international labour standards and land rights are adhered to and that local communities are supported.
Entering emerging markets
Developing countries can represent significant market opportunities for businesses, often known as ‘base of pyramid’ strategies. It is about developing new low-cost products and effective business models that address the basic needs of the poor, such as energy or lighting, in a sustainable and equitable way.
Contributing to state and economy
By paying and collecting taxes with complete transparency in developing countries, businesses can support the local social services and infrastructure, and contribute to economic growth, which in turn will secure their supply chain and create a new generation of consumers for their products.
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