Wao Summit 2024: Harnessing the power of business

Love it or hate it, business has power. And though the force of commerce has historically been associated more with exploitation than regeneration, the tides are changing and bringing new ideas to shore. In fact, B Corp consultant Tim Jones thinks business is the most powerful tool for creating the kind of long term positive change we need.

“Individuals are typically too small to make a big difference,” says Jones, who will be running a B Corp workshop at the 2024 Wao Better Business Day. “And, as we’ve seen in the US and even here in New Zealand, it’s not uncommon that government decisions are made based on business decisions behind closed doors.”

The B Corp (or Better Corporation) movement suggests that business could be done a whole lot better - that it could be a force for good, and, quite possibly, it could save us in our mission to create a thriving and socially just future.

By definition, Certified B Corps are businesses that seek to balance purpose and profit and are willing to be held accountable for this. The rise in the number of B Corps is a testament to the credibility of this framework, with 422 certified companies in New Zealand including local businesses like Greenhawk, ahha, MONS Royale, Lake Hawea Station and Felton Road. Jones’ workshop is about demystifying the certification process for local Southern Lakes business owners.

With ideas like these in the foreground, the Wao Summit programme for 2024 has been designed with a major focus on local business. As non-profit Wao Aotearoa director Monique Kelly says, they have enormous potential to amplify community action - the action which has been at the heart of the Wao Summit since it began seven years ago.

“Business owners are also usually locals who are concerned about the future of this community,” Kelly says. “They’re in touch with the reality of what’s happening and are eager to integrate this into their business.”

The Wao Better Business Day will be held on Wednesday, 30 October, in Wānaka. Alongside a stacked line up, Jones, who runs B Corp consultancy business Grow Good, will be leading a workshop called Go B Corp For Good. As well as explaining the certification process, the kaupapa of the session is to explain how to leverage the framework for better business practices.

Jones says one of the biggest challenges faced by those considering the B Corp journey is people not thinking they’re good enough. “A lot don’t even attempt to do B Corp because they just go, ‘Well, we won’t be as good as Patagonia or some other company that is doing some pretty cool stuff.’ So there’s a lot of imposter syndrome.”

Most, he says, are underestimating and underselling themselves. We are, after all, usually capable of much more than we believe. The other most common challenge is the lack of time and the perception of a lack of resources, though Jones says that for smaller businesses, the cost of change is usually low. For larger companies with big systems to overhaul, there are certainly bigger upfront costs involved.

The desire to do good by people and the planet is not rare, but in business, it can lose out pretty quickly to the bottom line. But according to Jones, recent insight reports show B Corps have been outperforming ordinary business in terms of top line growth. He says the evidence is overwhelming that making these changes is also good for business.

As Kelly says, businesses are under increasing pressure to change the way they operate in order to get financing. “So the Better Business Day is an opportunity for them to upskill, and to have the support to do this.” Kelly will be running a workshop called How to Shift a System, which will take us through the nuts and bolts of how to drive transformative change through a systems lens.

With a challenge as vast as climate action, it can be overwhelming to know where to start. This is what climate change consultant and principal consultant at Environmental Accounting Services, Dr Carly Green, will be offering guidance on in the session Mastering Climate Action Priorities. Whether your business or organisation is just starting out on its emissions journey or you’re looking to level up your efforts, this class will help you prioritise action.

Of course, we can’t talk about the future of business without thoroughly examining it through a tech lens. In the Cybersecurity in the Green Economy session, cybersecurity expert Nick Baty will talk about transitioning to a carbon-zero yet digitally insecure world, and how to manage cyber threats for a safer future.

“I don’t think we can overstate the importance of this,” Kelly says. “I’m most looking forward to gaining a better understanding of how AI and technology are going to impact and influence the coming decades.”

To finish off the day, the Let’s Do Better Business panel will bring Dr Carly Green, Tim Jones, Nick Baty and Alec Tang (climate advocate at KPMG and member of the Climate Reference Group) together for a future proofing korero at Wilson & Dorset.

The world of commerce is a powerful one, and this has often been fraught with negative connotations. But what if we can harness this power, and use it where it’s needed most?

The 2024 Wao Summit Better Business Day will be a rich and juicy exploration of all that is possible in this space. Tickets can be bought for individual workshops, but priority will be given to full day pass holders. Trust us, this is a day worth skipping the office for.

Full programme and tickets available from wao.co.nz