Today is Better Business Day – a day dedicated to celebrating responsible business practices and their impact. Here at I Love My Job, we’re proud supporters of the Better Business Act, a game-changer for how businesses operate.
In this blog piece, we’re going to cover everything you need to know about Better Business Act and how you can support the movement.
Understanding the Better Business Act
The Better Business Act is all about flipping the script on how we view business. It’s like hitting refresh on the old notion that companies are solely profit-making machines. Instead, it’s urging businesses to zoom out and consider everyone impacted by their actions – from employees and customers to the communities they serve and the environment we call home. This fresh perspective acknowledges that businesses play a vital role in society and should prioritise making a positive impact alongside turning a profit.
The Importance of Responsible Business Practices
Why is embracing responsible business practices so crucial? Well, it’s because businesses have a huge impact on the world around us. By getting on board with ethical and sustainable practices, companies can become engines of positive change in areas like environmental conservation, social equality, and economic development. Plus, businesses that put corporate social responsibility front and centre tend to win big with customers, keep employees happy, and set themselves up for long-term success. So, not only is it the right thing to do, it’s also a smart way to do business.
How the Better Business Act Drives Change
The Better Business Act serves as a game-changer, setting clear expectations for corporate behaviour. By legally mandating companies to consider the broader impact of their decisions, the Act establishes a framework for more ethical and sustainable business practices. This includes measures such as transparent reporting on social and environmental performance, robust governance structures that prioritise stakeholder interests, and incentives for companies to invest in initiatives that benefit society as a whole. Through these mechanisms, the Better Business Act empowers businesses to become drivers of positive change in their communities and beyond.
Celebrating Better Business Day
Today is Better Business Day – celebrating the trailblazers and innovators shaping a world where business can be a force for good. The Post Office, P&O, and many other high-profile corporate scandals have made it clear that the current model of business – where making profit for shareholders is prioritised – is broken. To help solve the urgent problems facing society today, all businesses need to be empowered to think beyond profit and create solutions to the social, environmental, and economic crises we face.
Introducing the Better Business Act. The Better Business Act calls for an amendment to Section 172 of the Companies Act, which sets out the ‘job description’ for company directors to ensure they align social and environmental impact with shareholder returns. This small change in the law will make a big change in the world, allowing businesses to make decisions in all of our long-term interests.
A coalition of over 2,700 businesses are backing this change and now it’s over to you. Time to elevate your voice and support the Better Business Act.
You can join the movement for better business today by signing up to support the Better Business Act – 👉🏼 Sign Up Link.
Today is #BetterBusinessDay – celebrating the trailblazers and innovators shaping a world where business can be a force for good. 📣
— Better Business Act (@betterbizact) May 16, 2024
🎬 We asked six business leaders to help spread the word and make the pitch for better business.
Learn how you can support the campaign.👇 pic.twitter.com/p7lzQTiZeG
As we reflect on Better Business Day and what the Better Business Act represents, let’s recommit ourselves to supporting businesses that strive for good. Whether you’re running a business, working for one, or simply showing your support, we all have the power to make a positive impact. By getting behind companies that prioritise fairness and environmental responsibility, and by speaking out in favour of legislation like the Better Business Act, we can work towards making businesses better for everyone. Let’s unite to drive change, brainstorm innovative solutions, and create a brighter future for all.
