There is a place for ethical business

In ‘Now, that's what I call Business!’ host Brianne West, founder of Ethique and Incrediballs, reflects on her journey from tackling plastic waste in the beauty industry to venturing into the world of sustainable drink-making. Each episode, she covers a new topic. 

Here’s a ChatGPT precis for this week or listen here.

This episode, West delves into the world of ethical business. She provides an update on Incrediballs, her mission to revolutionise the beverage industry, discussing flavour development, packaging challenges, and the exciting prospects for the future.

The core focus, however, shifts to debunking the myth that businesses cannot care about people and the planet, and still be profitable. West backs her argument with three studies. 

The first, a Wharton School and London Business School study, analyses Nielsen data from 2008 to 2016, revealing a direct correlation between a company's ESG (environmental, social, and governance) credentials and a 10% increase in product sales.

The second study, by Nielsen and McKinsey & Co., spanning from 2017 to 2022, supports the idea that products with strong ESG claims outperform those without in two-thirds of categories. West stresses that this trend isn't limited to niche audiences but spans various demographics.

Lastly, a Deloitte study from 2023 reveals that one in three consumers actively choose not to buy a brand due to ethical sustainability concerns. Transparency and accountability in the supply chain are highlighted as crucial factors that improve consumer trust.

West urges businesses to embrace ESG principles, saying that ethical practices not only contribute to a better world but also lead to increased sales, trust, and loyalty. 

She challenges the myth that financial sustainability and ethical business practices are mutually exclusive, reinforcing the idea that businesses caring about more than just profit ironically make more money.