In the face of climate disasters and increasing political polarization, it is no wonder consumers’ faith in institutions is at an all-time low. Whether government or business, nearly every institution has been impacted by the new age of cynicism with one curious exception: small business.
While over 43% of consumers say they have “very little” or “no” trust in big business, over 70% say that they have a “great deal” or “quite a lot” of trust in small business, according to a recent Gallup poll. Consumer faith in small business is particularly strong amongst millennial consumers, the largest consumer segment today: 72% say they’re more committed to supporting small businesses than they were pre-pandemic. But will this goodwill last forever?
One way for small businesses to stand out vis-a-vis their larger counterparts is to lean into purpose. By infusing principles of sustainability and social impact from the start, these companies can sidestep the troubled legacies of incumbents and lean into their ability to be more nimble and innovative.
In this piece for APCO Worldwide’s Stay Ahead, I identify a few reasons why small businesses should seek to differentiate themselves by emphasizing best practices in sustainability and social impact.
