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Responsible business: 2014 trends

It seems a long time since the financial crisis erupted in 2007 and finally in this new year prospects are starting to look up, writes Stephen Howard Business in the Community chief executive.

The Office of National Statistics tells us that an economic recovery is underway and following a period of relatively flat growth, the economy was growing at its fastest pace in three years in the third quarter of 2013 and the rate of unemployment has continued to fall.

Given this good news, I have been asked what I think the year ahead has in store for the responsible business movement. It is hard to predict the future, but I believe that there are a number of emerging trends that will become increasingly prominent.

First, I believe that business will begin to rebuild trust with the public by being increasingly open and transparent about how they deliver their goods and services. A big part of this will see businesses engaging their consumers in their story.

Second, I believe economic growth will remain positive. But more businesses will recognise that in order to generate transformational growth, in both the economy and within their businesses, they will need to grow their companies by embedding responsible business values.

Thirdly, and related to the above point, more and more business leaders and investors will come to understand that the value that their business creates is linked to the activities, relationships and interactions that happen inside as well as outside of their business.

And finally, young people will take an ever more important role in shaping the future strategies and actions of business. Young people and the next generation of leaders more often than not understand the importance of doing the right thing alongside the profit motive.

The year ahead offers us all an opportunity to lay the foundations for a fairer society and more sustainable future. I look forward to continuing to work with business to address some of the most pressing issues of our time.

This was posted in Bdaily's Members' News section by Business in the Community .