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The new U.S. tax code creates a significant opportunity for companies to improve lives around the world while simultaneously growing their bottom lines. The reduction in the corporate rate from 35 percent to 22 percent will free up cash that offers the potential for business and social transformation.
As someone who has spent 25+ years helping companies create and communicate their corporate social impact initiatives, here are four initial pieces of advice to help leaders drive toward effective strategies and greater impact:
- Recognize that this opportunity is not about giving more philanthropy, although that’s important, too. It is about making new, highly strategic investments in people, processes, and R&D that make social impact a highly strategic and valuable component of your business.
- Identify what your company and people do best and prepare to apply those skills and resources toward social challenges big and small. Generate a list of assets you might bring to the table, and carefully consider that how you do your work may be more valuable than what you do. Remember to include your skills, processes, access to data, relationships, and marketing reach, among many others.
- Find your niche. Dedicate the time and resources to clearly understand and define the social challenges you want to address. Do not quickly jump toward activating the best sounding solutions; trust in a collaborative process is a must. Integrate and apply user-centered design, system thinking, product development and other approaches to articulate problems and innovate around them.
Read the full article about how CEOs can make impact investments with the corporate tax cut by Mark Feldman at TriplePundit.