How Becoming A B Corp Helped Us Find Purpose In Marketing

I’ve always struggled with the ethics of my chosen profession. Even while poring over copies of Advertising Age in college, my attraction to brilliant campaigns was tempered by the nagging sense that marketers’ influence on our thoughts and values isn’t always good. After all, a marketer’s job is to creatively convince people to do or consume things that they sometimes don’t even want or need.

That nagging feeling led me to spend the first 15 years of my career in health behavior change and nonprofit marketing. Later, my business partner and I founded RoundPeg to create brands and campaigns for organizations committed to social good. But I always had a sense that marketing’s potential for good wasn’t fully realized.

Ultimately it was RoundPeg’s joining the B Corp community that revealed a new approach to marketing that realizes that potential – and solves my professional ethical dilemma – for good.

Our Chance to B Better
It was a no-brainer for RoundPeg to become a certified B Corp in 2012 and incorporate as a Benefit Corporation in 2013. We already operated responsibly and helped clients promote social causes and sustainable behaviors. We figured certification would strengthen our commitment to people, planet and community and we could learn from other good businesses. It did all of those things. But we never anticipated how significantly being part of the B Corp community would influence and inspire us.

Conversations with colleagues at other B Corps told us that the number of companies pledging to use business as a force for good is growing more rapidly than consumer attitudes and knowledge are changing. For this movement to survive and thrive, we need to make buying responsibly the norm.

It became clear that marketing – the practice that has encouraged society’s excess – is the exact tool needed to make the good choice the easy choice for mainstream consumers.

Marketing’s Opportunity
While marketing isn’t the only force to blame for wasteful consumption, its significant contribution can’t be ignored.

Most consumers don’t test the marketing claims of every company, so when a company says they’re doing good, we assume they’re telling the truth. While scandals of goodwashing and worse increase skepticism, consumers are often at the mercy of marketers and remain powerless to distinguish between genuinely good and apparently good companies and products.

As consumers, we’re so far removed from where and how our stuff is made that we're often blind to the effects of our choices. For decades marketers have exploited that. Tapping into our values, they’ve positioned superfluities as necessities, made the case for shoddy products and convinced consumers that obtaining the latest version of everything is essential to creating the best version of oneself.

But time is revealing the negative consequences of decades of conspicuous consumption and consumers are generally paying more attention to what they buy, who makes it, where it’s from and what’s it’s made of. Sometimes they even question whether it’s needed at all.

The rise of socially responsible business like B Corps and Benefit Corporations presents an opportunity for marketers to reverse the damage done by our predecessors by using marketing as a force for good.

Purposeful Marketing: A New Approach
Through Purposeful marketing, we can show consumers that every purchasing decision they make is a chance to be the change the world needs. We can equip them with the information they need to make better choices and invite them to be our partners in change.

While B Corp and other certifications provide context and ensure accountability, mainstream consumers with busy lives aren’t likely to take the time to distinguish the good, the bad and the ugly. Many don’t know that what these certifications mean or even that they exist.

Purposeful marketing champions the companies that are truly doing good to help consumers cut through the fray of false claims. Inspired by our fellow B Corps, RoundPeg applies Purposeful marketing principles to help good brands:

· engage customers by connecting their company Purpose with customer values,
· cultivate long-term, meaningful customer relationships that amplify social impact and profitability
· create meaningful customer experiences
· build loyal communities of influence
· empower customers to be brand ambassadors for social impact

Time for Change
Until the majority of the marketplace demands change, conscious consumerism is at risk of becoming a fad. As marketers and as B Corps, we must encourage consumers to demand that brands act as part of the solution to social problems and invite our customers to be part of the solution.

Our experience as a B Corp taught us that businesses with good built-in do everything else differently, so it’s natural that we should rethink marketing as well. We can’t expect consumers to change the way they think, act and purchase without making changes ourselves. That’s why RoundPeg’s sole focus now is using marketing to help Purposeful brands make buying responsibly the norm.

We urge the visionaries behind purposeful companies – and our marketing agency colleagues – to join us in seizing the opportunity to use marketing for good. When we lead with Purpose, we don’t have to manufacture justifications to win customer loyalty because the shared Purpose itself creates the bond. The more consumers insist on purchasing with Purpose, the closer we’ll get to a world where companies that don’t do good don’t stand a chance.

The B Corp Life is a new blog series geared towards exploring what it’s like to work at a benefit corporation. Why do b corps matter, and what does the future hold for them? Let us know at PurposePlusProfit@huffingtonpost.com or by tweeting with #TheBCorpLife.

Why Investors Should Care About Natural Capital

This article has been submitted as part of the Natural Capital Coalition's series of blogs on natural capital by Adams Koshy, environment, carbon and finance analyst, eftec

We are all investors in one sense or another: through our pension; our mortgage; or even just setting aside a little money in a savings account. In one way or another, we have all gone through the thought process involved in making an investment decision.

To elaborate this, let me take the case of Joe, who's decided to invest some money, and wants to understand how environmental factors could affect the safety of and returns on his investment.

Joe is your average 40-something, and has never considered himself an environmentalist. But like many of us, he recognises that individuals and businesses depend on the environment around us.

Working at a power plant, he's already seen first-hand how much the plant depends on access to reliable water supply, and how its performance is affected by air pollution, waste management and so on. Ever the pragmatist, he realises that all companies must, to varying degrees, have impacts and dependencies on the environment, - whether directly through operations, or indirectly through the supply chain, labour force or other influences. But how do these relationships influence the 'investability' of a company?

The answer to this lies in how these factors affect the performance of the investment: namely through the security of these investments (risks) and their future performance (returns). The reason being that when you invest in a company, you do not invest in its current form, but your perception of a company's future value. The current profit or loss (for example) only provides a snapshot of the state of the company, and a potential indication of the future.

This gives rise to two potential sources of uncertainty for investors.

Firstly, the gap between what a company's management knows of their impacts and dependencies on the environment, and how much of that information is presented to the investors (aka information asymmetry); for example, through CSR/sustainability reports and the extensive Environmental, Social Governance (ESG) tools now available. However, these sources are restricted by the inadequacy of environmental information possessed and/or reported by some companies.

Secondly, macro-level risks for the future, such as the risk of potential regulation that could come into force, or environmental changes that could occur due to external stresses; e.g. a higher price of water due to water scarcity. This too has been compiled in innovative ESG tools. However, this information may be compiled externally, and so is often isolated from the company's decision -makers.

As stewards of your investment, it is the responsibility of the company's management (and its corporate governance) to ensure that the natural environment they depend on is appropriately accounted for and managed, such that both of these uncertainties are minimised.

The Natural Capital Protocol adds key insights into the established reporting and ESG tools. It shines a light on these (fundamental) management decisions, by presenting a clear and adaptable framework for companies to identify, measure and value their impacts and dependencies on the natural environment (or 'natural capital').

The Protocol's four principles offer a checklist to illustrate whether a business' natural capital analysis has a logical process, and allows scrutiny to ensure that financially material issues are acknowledged and dealt with. Although the Protocol is not a reporting, but rather a decision- making framework, this information should then be reflected not only in the operational strategy, but also in the external reporting of the business. Such that consistent, material information is provided to reduce the gap in knowledge between investors and company management, and to ensure that action is taken and strategies implemented to mitigate future risks.

This additional reporting should satisfy Joe's curiosity, but means more for larger, institutional investors (like pension funds). For these investors especially, the Protocol could help them distinguish between different investments, exclude companies that could pose a risk, identify new opportunities for informed investment, and provide the basis to engage with, and challenge, companies that do not adhere to the Protocol.

To highlight the practical application of this, take the recent work led by the Natural Capital Declaration, on the impact to company performance (and their bonds) from risks to their water supply. One of the sectors considered was power: as the case of Joe has already highlighted, they depend on a steady water supply. Unfortunately, due to a variety of factors, some power companies are predicted to be at risk from global water shortage. For example, the state-owned South African company Eskom is at risk of financial deterioration from higher water costs (due to the shortage); and as they are already have large loans (i.e. are highly leveraged), it restricts their ability to invest in new water sources. Therefore, investors need to be aware of whether a company is at risk from these environmental stressors and how they are controlling these risks, in order to make a more informed investment decision. Identifying those that are accounting for and taking action against these risks, and excluding those that do not.

Let me be the first to accept that these insights hinge on companies reporting information under the Protocol. However, the greatest driver of investment returns are informational advantages that shrink the inherent uncertainty. Better information on environmental risk and opportunity has already proved its value as a component of investors' tool box, through companies' fundamental dependencies on the environment. As more companies begin to utilise the Natural Capital Protocol, its positive effect in investment selection and management decisions will develop. So eventually, investors like you, me and Joe can better incorporate relevant environmental information into our investment decisions.

Disclaimer: Articles in this series are submitted by people who work in organizations who are part of the Natural Capital Coalition, or people who are involved in the natural capital space more generally, the views expressed here do not necessarily represent the views of The Natural Capital Coalition, other Coalition organizations, or the organization that employs the author.

The content of this article is not intended as investment advice. The above link to Eskom is only an illustrative example, where Eskom is not a listed company, as a state-owned entity. Use your discretion in using examples presented here for your own investment purpose.

Adams Koshy is a natural environment, carbon and finance analyst with eftec (economics for the environment consultancy), based in London. eftec have been part of the technical author team of the Natural Capital Protocol, and work on natural capital for businesses, governments and civil society, at local, national and international levels. eftec also shared its environmental valuation expertise to the Natural Capital Declaration work on the 'Corporate Bond Water Credit Risk Tool'.

Follow eftec on Twitter: @eftecUK

On 13th July 2016, The Natural Capital Coalition launched a standardized framework for business to identify, measure and value their impacts and dependencies on natural capital. This ' Natural Capital Protocol' has been developed through a unique collaborative process; a World Business Council for Sustainable Development consortium led on the technical development and an IUCN consortium led on business engagement and piloting. The Protocol is supported by practically focused 'Sector Guides' on Apparel and Food & Beverage produced by Trucost on behalf of Coalition.

Keep up to date with the Natural Capital Coalition on Twitter: @NatCapCoalition

Keep up to date with our series on natural capital here.

www.naturalcapitalcoalition.org

Derisking Threatens Caribbean Banking Sector and Trade

By Allan Wright

Allan Wright is country economist for The Bahamas at the Inter-American Development Bank, and an associate researcher for the Caribbean Centre for Money and Finance. He formerly was a senior economist for the Central Bank of Barbados, and responsible for coordinating the Caribbean Regional Taskforce on Derisking Impact.

Allan Wright, country economist for The Bahamas at the Inter-American Development Bank, discusses the impact of derisking strategies on the Caribbean:

Q: What is derisking?

A: Derisking is the termination of or the restriction of business relationships to avert risk related to money laundering and terrorist financing, according to a definition by the Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against these threats.

Q: Why should the Caribbean pay attention to derisking?

A: International financial institutions have been the subject of regulatory censures as a result of deficiencies identified within their frameworks for anti-money laundering (AML) and counter-terrorist financing (CFT). Penalties and fines have increased and, as a result, financial institutions have looked for ways to address these deficiencies. One of these ways is to terminate business relationships with certain businesses and regions considered to be high risk.

A 2015 World Bank study revealed that the Caribbean appeared to be the region most severely affected by this derisking strategy. International "correspondent" banks have either ceased to offer their services or have restricted the type of services offered to a number of domestic "respondent" banks in the region in the last four years. This has happened to at least eight financial institutions in Barbados, seven in Jamaica, five in Belize and others in Antigua and Barbuda, Montserrat, and other states, according to the Caribbean Community (CARICOM). While the derisking may not have resulted directly from AML/CFT issues, many large international banks consider their business with the region as either high risk or unprofitable.

iStock

Q: How much of an impact does derisking have on people and businesses in the Caribbean?

A: Globalization and technology allow countries to conduct business, despite the distances between them. International correspondent banks facilitate international transactions by providing access to the global payment and financial systems. These transactions--including remittances, credit card payments, foreign direct investments, and international trade in goods and services--contribute significantly to the Caribbean's growth and development. Therefore, the loss of these relationships could threaten the region's banking sector, as local respondent banks would no longer be able to conduct international transactions on behalf of their customers.

Furthermore, trade facilitation would be stymied, with the result that countries would be unable to import essential basic goods such as food and medicine, which could ultimately destabilize regional economies.

Derisking has already affected certain classes of business, customers, and jurisdictions throughout the Caribbean. One correspondent bank has ceased to conduct business with currency exchange businesses and businesses that handle money transfers. Some regional branches of international banks have also started derisking in the jurisdictions where they operate. These branches no longer offer services to credit unions or building associations, or third-party transactions on behalf of lawyers and other service providers.

Q: Do people in the Caribbean understand what's happening?

A: Derisking has generated much discussion among international and regional financial institutions, including Caribbean central banks, the Financial Stability Board (FSB), World Bank, International Monetary Fund, as well as CARICOM, to reach an understanding of the complexity and multidimensional nature of derisking. The FSB has proposed the following four-point plan:
»a further examination of the issue;
»clarification of regulatory expectations;
»capacity building in jurisdictions where respondent banks are affected; and
»the strengthening of tools for correspondent banks to perform due-diligence checks.

Q: What are Caribbean governments doing about derisking?

A: CARICOM is fully committed to international financial reforms and has embraced the FSB's four-point plan for addressing derisking. At its most recent meeting in July 2016, the CARICOM heads of government agreed on a new approach for addressing the problem: the CARICOM Committee of Finance Ministers proposed the establishment of a global forum in the Caribbean to bring the various stakeholders together, including correspondent banks, respondent banks, regulators, policymakers, and non-government organizations that have been adversely affected by derisking.

Furthermore, the committee has communicated with the U.S. Treasury Department and other U.S. government officials, seeking clarification about the issues giving rise to the heightened risk aversion by U.S. regulatory authorities towards Caribbean financial transactions. Also, banks, regulators, and others affected by derisking in the Caribbean have raised the issue at high-level forums, including the World Bank, International Monetary Fund, FSB, and meetings of CARICOM heads of government and central bank governors.

Q: What are Caribbean regulators doing about derisking?

A: Regional regulators have participated in high-level discussions with international financial institutions, as well as with international regulators. Caribbean regulators have also implemented strategies that are specific to their respective jurisdictions, such as allowing local banks that are cut off from international transactions to reroute transactions through a regional financial institution that still has access to correspondent banks.

A CARICOM central bank governors' technical working group was established to document and analyze the impact of derisking strategies on regional financial systems. The group prepared a background paper on the issue of derisking, which was recently published by the Caribbean Centre for Money and Finance.

Q: Is it too late for the Caribbean?

A: While some regional banks have already received official notification of the imminent termination of their relationships with correspondent banks, most of the affected banks have already begun establishing new relationships with other international banks. However, more international banks may eventually choose to derisk rather than expose themselves to the possibility of being fined or otherwise penalized.

A version of this post appeared originally in the Caribbean DEVTrends blog.

From the Multilateral Investment Fund Trends blog

Built On Belief, Bettered By B Corp

Earth Odyssey
My life changed in 1999 when I read Mark Hertsgaard’s book, Earth Odyssey: Around the World in Search of Our Environmental Future. At the time, I was managing strategic marketing for a tech media provider. While the work was intellectually challenging, something was missing. My time at work (which was significant) was not addressing what I saw as the fundamental challenge for my generation: how to meaningfully address climate change. That is why I made the career shift into renewable energy.

Dan Kalafatas and I founded 3Degrees in 2007 with a simple mission: to connect people with cleaner energy on a massive scale. Whether it is engaging with a homeowner about community solar options or helping Fortune 500 companies implement their renewable energy strategies, our goal is to accelerate the transition to a low-carbon economy.

Perhaps just as important, though, we sought to establish 3Degrees as a company centered around values based on two fundamental notions. First, we believed then (as we still do now) that many people in this country are willing to direct their money and time to support renewable energy programs. Second, we believed we could hold ourselves to a higher standard in how we built and operated the business, including creating prosperity for all of our stakeholders — our employees, the community and the environment.

Moments that Matter: Impact Investing
As Mark Twain said, "Tough times teach trust." The character-revealing moment for 3Degrees occurred in 2011 when we found ourselves in a challenging financial situation. We were seeking our first outside investor at a time when no one was investing in renewable energy. Solyndra had failed. The fundamentals of the renewable energy industry were being pressured by low energy prices and policy uncertainty.

It was a tremendous relief when we met ARB (the Halloran Family Office investing company). To make the risk/reward proposition of the proposed investment in 3Degrees better for ARB, however, we needed to convert debt to company equity. Dan and I talked through what this restructuring and re-commitment would mean for the company. We agreed that if we moved forward, we wanted to officially make our company a Certified B Corporation to ensure we had the legal protection to balance shareholder and non-shareholder interests when making decisions. Now, all we had to do was convince ARB this was a good move.

While ARB had made it clear that they were interested in us because of our renewable energy industry focus, culture, and values, we were anxious about how they might respond to our plan to become a Certified B Corporation. We had no idea that Harry R. Halloran, Jr., CEO of ARB and founder of Halloran Philanthropies, was also a founding sponsor of B Lab, a nonprofit organization that serves a global movement to redefine success in business by building a community of Certified B Corporations. Harry was thrilled by our plans. We high fived, and ARB moved forward with its investment in 3Degrees.

Walking the Talk
In August 2012, 3Degrees officially became a Certified B Corporation in California. What does this mean in practice? Every year, we publish a B Corp Impact Report which takes stock of the public benefits we create beyond shareholder value. We participate in B Lab’s Impact Assessment, a biannual, independent evaluation of our social impact that helps us to focus on what we can do next and how can we do it better.

We match 100 percent of the firm's electricity usage with renewable energy certificates as well as offset emissions from employees’ transportation. While those actions may be easier for us given the work we do, we also continually seek opportunities where we can live our values. Case in point: 3Degrees provides socially and environmentally-focused 401(k) investment opportunities to eligible employees; supports up to eight hours of paid volunteer time with an environmentally-oriented organization; and gives preference to local, sustainable and fair-trade suppliers.

Why do we do all of this? We do it because we think it is the right thing to do, but also because in the long term, we think it is good business and reinforces our corporate strategy.

Join Us
When I was asked to write this blog, I, in turn, asked Harry to reflect on what stood out to him when ARB decided to invest in 3Degrees and how we have met his expectations. Harry shared, “In making our investment decision, we saw that you and Dan, as founders of 3Degrees, clearly articulated and modeled the company’s values on a daily basis in big and small ways. So, it is not surprising that 3Degrees is a success on many levels — certainly as an investment, however importantly, also as a model of what is possible when a clear vision, a good business model, and respect for all partners align.”

Today, 3Degrees is one of nearly 1,800 B Lab Certified B Corps in the United States. If our own experience can offer any insight to others, it is that leading by your values just makes good business sense over the long term — in good and challenging times.

The B Corp Life is a new blog series geared towards exploring what it’s like to work at a benefit corporation. Why do b corps matter, and what does the future hold for them? Let us know at PurposePlusProfit@huffingtonpost.com or by tweeting with #TheBCorpLife.

Even Conservatives Now Admit The U.S. Needs Paid Family Leave

Even as we endure one of the ugliest presidential elections in U.S. history, something remarkably positive is happening in politics. The left and right are coming together around an issue that once seemed solely the province of progressives and feminists: paid parental leave.

The latest sign of this growing consensus came on Monday when a Republican-backed think tank, the American Action Forum, offered up a new idea for how the U.S. could implement paid maternity, paternity and caregiver leave.

More surprising, the new plan is structured like an entitlement ― a government benefit for lower-income Americans of the sort that small-government, deficit conscious conservatives typically detest.

Progressive groups hailed the new idea as a sign the issue was gaining wide traction, even as they emphasized it didn’t go far enough in covering middle-class workers.

“We’re very encouraged and welcome the discussion the proposal initiates,” said Judith Lichtman, a senior adviser at the National Partnership for Women & Families. “[Paid leave] is a political and policy imperative that leaders have to address whatever their ideological bent.”

The Atlantic, which first reported the proposal, called it “a significant moment in the debate over paid family leave.”

Authored by Ben Gitis, the forum’s director of labor market policy, the plan offers up to 12 weeks of paid leave to the working poor and is modeled on the already successful earned income tax credit, which helps lift millions out of poverty. Gitis limits its availability to those making under $28,000. The most you could get for taking time off is $3,359.

“I think [paid leave] could be something that transcends the aisle but it’s a question of how to get there,” Gitis told The Huffington Post, emphasizing that his plan more than any other is aimed specifically at the most needy workers.

Gitis isn’t the first conservative with a plan for paid leave. Over the past year or so, the issue has increasingly come up on the right, as polls have shown that a majority of Americans would support such a benefit. Fifty-five percent of Republicans surveyed by the Associated Press last year said they supported paid time off for workers, compared with 67 percent overall and 82 percent of Democrats.

Republicans have floated a tax credit, via the Strong Families Act, for businesses that offer leave. Marco Rubio talked up a similar plan when he was running his failed campaign for president. Ivanka Trump noted her father’s support for paid leave at the Republican convention, but the Republican nominee has not addressed it. Other Republicans in Congress have floated bills that would let workers use overtime to fund their paid leave.

ASSOCIATED PRESS

Senator Kirsten Gillibrand (D-N.Y.) is one of the sponsors of the Family Act, which provide for paid family leave via a payroll tax.

Gitis says the current proposals on the right would be inadequate or ineffective. He touts his proposal’s low cost, but he does not specify how the U.S. would pay for such a benefit. He also leaves open the possibility that it could be broadened to include more workers.

“We just put the idea out there and see what people think,” he said, adding that the group has sent its proposal out to people on the Hill but hasn’t heard much back yet.

Gitis’ group bills itself as center-right, but its hardcore Republican bonafides are clear: Founded by former Republican Sen. Norm Coleman of Minnesota and GOP donor Fred Malek, who runs a private equity firm and has advised or worked for several GOP presidents, including Ronald Reagan. The forum is run by Douglas Holtz-Eakin, a former economic policy adviser to George W. Bush and former director of the Congressional Budget Office.

Gitis himself has previously authored papers arguing that unions are bad for economic growth and that increasing the minimum wage leads to job loss ― positions more common on the GOP side.

The United States is the only developed country in the world that does not have guaranteed paid maternity leave; instead, federal law offers 12 weeks unpaid time off for employees at companies with 50 or more workers.

The lack of paid leave leads many women to return to work just a few weeks after giving birth or to simply leave the workforce. Lack of leave contributes to the stubborn gender pay gap. Researchers have found women who take little leave are at higher risk for maternal depression, which has devastating effects for mothers and children. 

On the left and right there are a few proposals on how to fix this. The Family Act ― a bill floated by Congressional Democrats that’s currently stalled out ― would provide for leave through a small payroll tax paid for by workers and employers. It’s supported by Lichtman’s group, among other progressive groups.

Right now only 12 percent of workers in the United States have access to paid leave through their employer ― and most of those workers hold higher-paying jobs. Over the past couple of years, more and more elite U.S. companies have been stepping up and giving more paid leave to their workers, including Facebook, Netflix, Goldman Sachs and Bank of America.

Gitis emphasized that his plan was intended to help those struggling at the bottom, for whom a pregnancy or a family member’s illness can have a devastating financial impact. About 9 percent of workers who take time off to care for a family member end up on public assistance, according to Labor Department data.

If you’re a full-time worker earning the minimum wage of $7.25 an hour, you’d get $3,359 for leave under Gitis’ plan. That’s $1,000 more than that worker would get under the Family Act. Raising the minimum wage would seem to put far more money in these workers’ pockets. However, Gitis said this wouldn’t necessarily help workers who need leave, arguing that it could endanger their jobs and that the rise in pay wouldn’t help when they took time away from work.

He also noted that his plan ― which targets far fewer people ― would cost between $2.7 billion and $31.6 billion per year. The Family Act, he said, could cost at least $85 billion; the National Partnership for Women disputes that number, saying Gitis is using the wrong factors for his estimate. The group says its benefit would cost about $26 billion, entirely funded by the payroll tax.

“The Family Act is intended for everyone. This is more a low-income assistance program,” Gitis said.

Conservative groups contacted by The Atlantic were quick to dismiss the proposal. “This is social engineering through the tax code,” Andy Roth, of the ultra-conservative Club for Growth, told the publication. He said that paid leave should be left up to the states.

A few states already have paid family leave. Most recently, New York passed a law that would provide workers with 12 weeks paid time off, and it’s set to take effect in January 2017.

Representative Cathy McMorris-Rodgers (R-Wash.) seemed more open to the possibility ― though she didn’t endorse it, she told The Atlantic: “Proposals like AAF’s open the door to new conversations.” 

NerdWallet's Best Credit Card Tips for August 2016

by Ellen Cannon

August is a bittersweet month. Summer is winding down, and the days are getting shorter. At the end, kids go back to school, and adults have to turn their full attention to work. But first, everyone tries to squeeze in as much summer as they can. We think you should also squeeze as many benefits as you can out of your credit cards this month.

Every month, the Nerds round up a new set of tips to help you maximize rewards and minimize costs with each use of your credit card. Here are our tips for August 2016.

Find back-to-school shopping bargains

Back-to-school shopping is "the second-largest retail event of the year, behind only the winter holiday shopping season," according to Mintel, a market research company. Obviously, people are buying a lot more than pencils and erasers. If your kids -- or you -- are heading back to school, your shopping list may include school supplies, books, computers and clothing. For college-bound teenagers, outfitting a dorm room or off-campus apartment can put a dent in the budget.

Save some money or earn cash-back rewards by choosing the right credit card when you shop. A flat-rate card gives you rewards on everything you buy. If you have a cash-back card with rotating bonus categories, know where to go to get maximum value this quarter -- it might be wholesale clubs, for example, or Amazon.com, depending on your card. You can also save a little by taking advantage of a sales tax holiday. This is a period during which some states don't charge sales tax on back-to-school items. Read our guide to choosing the right credit card for back-to-school shopping, which also includes a list of sales tax holidays.

Teach students about credit

People go to college to prepare themselves for the work world -- but few students learn the financial information they need to know for living in the real world. That's where moms and dads have to be teachers. Students in college should learn the basics of building credit and using credit cards before they graduate. There are three ways to go with credit cards: get a student credit card, become an authorized user of a parent's card or get a secured card.

Most of the major credit card issuers offer student credit cards, which are designed for college students with limited credit. They can be difficult to qualify for, however. If your student doesn't qualify, you may need to co-sign for the credit card. This means you agree to pay the balance if your student does not, so any misstep can hurt your credit, too.

Another option is to make your child an authorized user of your card. You're still liable for any charges made by the authorized user, but your child will be building credit. Make sure your card issuer reports authorized user activity to the credit bureaus.

If neither of those options seems like a good fit, consider a secured credit card. Your student puts up an amount of money -- usually around $300 -- and this becomes the credit limit. (A low credit limit also limits the potential for getting into trouble with debt.) The card issuer holds the money as collateral in case the student doesn't pay the bill; when the account is closed or converted to a regular card, the issuer refunds the money. Before applying, be sure that the card reports to one of the credit bureaus so that you achieve your goal: to build your child's credit file. Managing a secured card responsibly for several years will make it easier for your child to get an unsecured card after college. Be aware that just like any credit card, a secured card requires the student to have a source of income.

Whichever route you go, be sure your child learns the right way to manage credit. Explain the importance of looking at the monthly statement, paying the bill on time and not maxing out the credit line.

Another good teaching opportunity is to get your credit report and go over it with your child. Every consumer is entitled to a free credit report from each of the credit bureaus once a year. You can download yours at AnnualCreditReport.com. Once you've scrutinized the credit report, get your credit score and show your child how to get his or her own. There are many places for consumers to get free FICO scores these days; take advantage of them.

If you want to give your children a credit head start, begin teaching them about credit in high school. A 2016 survey by the Council for Economic Education found that only 17 states require high school students to take a personal finance course. If you don't live in one of those states, it's up to you to be the personal finance guru. People under 18 can't apply for student credit cards, but they can be authorized users on your card, or you can co-sign for a card. In addition to reviewing credit reports and scores, you can show them how you check your transactions and balance throughout the month, and pay your bill on time. By the time they head to college, they'll be credit scholars.

Consider applying for a hotel card

Vacation season is winding down, but if you want to eke out one more trip before summer ends (or get started with planning for your next one), think about applying for a hotel credit card. August is the best time to apply for a hotel card, according to a NerdWallet study, because that's the month when hotel credit cards make the most special offers. What's a good offer? A sign-up bonus that runs from 25,000 to 80,000 points after you spend a certain amount within a specific time period. Hotel cards usually offer bonus rewards for money spent at their properties, and many offer perks like a free night's stay each year. Check out NerdWallet's comparison of hotel rewards programs to help you make a good choice.

Ellen Cannon is a staff writer at NerdWallet, a personal finance website. Email: ecannon@nerdwallet.com. Twitter: @ellencannon.

This story originally appeared on NerdWallet.

Olympics A Chance To Showcase Innovation, Entrepreneurship

It's hard to deny the inspiration the Olympic Games provide every other year, whether for children aspiring to be future Olympians, weekend warriors hoping for glory in their group bike ride, or recreational age groupers looking for a personal best. Certainly for those who are not athletically inclined, the games still offer an unparalleled combination of entertainment and sporting performance across a variety of domains.

And while the raw athleticism is inspiring in itself, the games have always offered a showcase of innovation and entrepreneurship. Innovation often comes at the pinnacle of performance--from the most demanding and competitive user or customer pushing the envelope of performance. This inspiration can drive subsequent benefits to the rest of us, including recreational athletes and weekend warriors alike.

From Dick Fosbury who pioneered the "Fosbury Flop" in the 1968 Olympics in Mexico to David Berkoff's underwater kick dubbed the "Berkoff Blast" 20 years ago, entrepreneurial athletes experiment and sometimes land on innovations that change human possibility. More recently, witness the efforts of Indiana University alumnus and now gold medalist high jumper Derek Drouin, who changed his technique to jump even higher despite years of successful competition.

The roots of the Olympics and "firsts" go way back. Who does not harken back to the hero of the first recorded Olympic Games in 776 B.C., the Greek cook Coroebus, who won the footrace called the Stade (root for the modern stadium)? And of course, Heracles (Hercules), son of Zeus, who is reported to have wrestled his father in an even earlier contest. One can imagine that lost to history is the first Wheaties box featuring said Heracles and the innovative wrestling move which, with a clever agent, could have been known as the "Heracles Hip Roll!"

Some innovation is in treatment. For example, marking the conversation this year (and bodies of some Olympic swimmers) is the practice of "cupping." You may have seen athletes with those circular welts on their bodies--adornment which will likely be all the rage after the 2016 Olympics. Cupping may be a centuries-old practice for some cultures, but the "innovation" is newly adopted in some circles (pun intended). Therapists place cups on a patient's body, sucking the air out of the cups to create pressure. Some say this helps athletes recover more quickly, stimulating blood flow and facilitating repair of damaged tissue. No matter what you think about the technique, when it's showcased on an international stage, you can't help but notice. Might these be branded the "Phelps Welts" with do-it-yourself home kits to follow? (I copyright this idea).

Other innovations are product driven and create new industries--like the aerodynamic cycling gear dreamed up and used by Boardman and Obree in cycling and likeTour de France winner Greg LeMond's "aero bars" that he used so successfully in the final time trial for the 1989 race. Similarly, the University of Florida's training staff originated GatorAde as the early sports drink to replace sweat that has since spurred a multibillion-dollar market that allows us to replace not only fluids but needed salts and electrolytes when engaging in endurance sports.

Where would we be without the Roger Bannisters of the world? As a medical student and runner, his experimentation with new techniques like interval and lactate threshold training led to the first sub-four-minute mile. We can learn from these new techniques and training methods from top competitors and benefit from offerings from innovative companies to reach new levels ourselves. Entrepreneurship, innovation, and human achievement are inextricably linked--both in sport and in business--for the benefit of all.

I, myself, have completed multiple Ironman events and am inspired by top athletes, but I confess, a four minute half-mile would be medal-worthy for me right now!