#016 Spend Wisely And Have It Codified
Where you spend your dollars says a lot about what you value.
First — an exercise.
Have a think about the things in life you really value: it could be your health, family, friends, pets, future adventures, education. Whatever is it, I want you to note down your top three things.
Done? Great. Now open your banking app.
Look through the last ten transactions or so. How many of your recent purchases were spent in the pursuit of things you cared about?
Perhaps you care about sustainability and you recently bought some reusable products? Perhaps your friends and family are your world, and you recently bought them a present? Perhaps there was very little overlap at all.
What we choose to spend our money on, says a lot about what we value in the world. But sometimes, without spending consciously, there can be a gap between who we spend our dollars with and the version of the world we’d like to see.
However, as consumers in a capitalist society, one of the greatest way we can support change and let our voices be heard is through our dollars.
So, what’s the big idea?
Businesses generally have a lot more spending power than individuals. Think of all the costs of simply running a service driven business — from software subscriptions, insurance, utilities, rent, professional services (like legal and accounting), to clothing and office equipment. It adds up pretty quickly.
So imagine if all of that money spent — which was going to be spent anyway — went to organisations that were trying to create a positive impact in the world. For example:
- Switching energy providers or plans to one that’s carbon neutral and relies on or invests in renewables
- Using a bank and superannuation fund that doesn’t invest in things that hurt people or the environment
- Choosing to order your catering through a social enterprise or business led by marginalised groups
None of these changes is particularly hard, but it does take thought.
Usually when we’re setting up our business, we’re making a tonne of decisions in a small amount of time — creating systems that, once up and running, we don’t usually think about again.
This post is an invitation to take a moment and think about how you’re spending. An invitation to go back to those providers, and see if there are more impactful options out there.
Getting Started
🌱 Step One: Run An Audit
It doesn’t have to be a thorough one — any start is good for now — but make a list of all of the regular spending your organisation does.
Still too much of an ask? Perhaps start with just one area that your business spends more than most. If you have physical products, this could be packaging and shipping. If you’re a service provider, perhaps it’s gifts, events, or catering.
🔎 Step Two: Research Your Options
In wonderful news, there is growing demand for impact-driven businesses, and so there are now heaps of organisations out there whose mission is to connect you to them. For example, check out:
- Supply Nation — who provides Australia’s leading database of verified Indigenous businesses, across Australia
- Social Traders — who mission is to foster social enterprise growth by helping them access the buying power of government and businesses.
- Goodsmiths— Australia’s best selection of social impact businesses, across food, clothing, homeware, beauty and gifts and experiences.
With a bit of digging and Googling, I’m sure you’ll find heaps of options.
If you find any good databases to share, let me know and I’ll update this post 😉
🔥 Step Three: Make The Change, And Commit
Dive into the change. Make the time and we promise it’ll feel amazing on the other side. To make sure this change isn’t something that just sits with individuals within your organisation though — I know you’re probably sick of hearing this — but it helps to have it codified, in some guidelines, or a policy.
To make this easy, we’ve prepared another template for you to be inspired by, or even copy and adapt to your own needs. Simple!
By sharing the responsibility across the organisation and setting it as a norm, this will become a regular practice for your organisation, rather than an exceptional thing.
Conversation Starters
If you need some ways to open this conversation with peers, seniors or even your own internal dialogue, here are some things you could ask:
- What do we proportionally spend the most money on?
- What are our organisational values and how does our spending (or other activities) reflect them?
- In what ways do we support other local businesses with our work?
- What systems or services do we use without question? What services or providers are due for a second look?
Going Further
Like many of the suggestions in this section, I feel like a next step to take would be to publicly stand behind your spending — that is to say, publicly post how much of your spending (in percentages) went to organisations that shared your values. And perhaps, how much room there is for improvement!
If you’re a small business owner, you’ll also know that dollars aren’t the only form of support that helps businesses thrive. If you do use a local and ethical business you love, support their work even further by helping others find them — leave a review, tag them in social media, give them a shout out. All this helps a tiny business to stand out from the rest, and can mean the world.
