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Here’s Why you Need to Focus more on Corporate Social Responsibility

Corporate Social Responsibility

Growing Your Business

Here’s Why you Need to Focus more on Corporate Social Responsibility

Credit: Concious Company

Here’s Why you Need to Focus more on Corporate Social Responsibility

Businesses that take their corporate social responsibility seriously enjoy a competitive advantage which translates to higher returns on investment (ROI)… your business reputation which is a function of the sustainable relationship you have been able to build with customers, employees, investors, partners…

‘Corporate social responsibility is a hard-edge business decision. Not because it is a nice thing to do or because people are forcing us to do it… because it is good for our business’

-Niall Fitzerald, Former EO, Unilever

Though there is absolutely nothing wrong with wanting to rake in a healthy profit, it is also important to note that having a healthy profit margin is not only the hallmark of a successful business. An equally important hallmark is your business reputation which is a function of the sustainable relationship you have been able to build with customers, employees, investors, partners, and the community at large.

Beyond your quality products and awesome services, stake holders are very much interested in how socially responsible your business is. In other words, there are interested in understanding your business’ value system and whether it is worth supporting or investing in.

For partners and investors, their interest is born out of the understanding that value or worth of a business is dependent in its brand reputation and its customers goodwill. They are also aware that businesses that take their corporate social responsibility seriously enjoy a competitive advantage which translates to higher returns on investment (ROI).

Customers, partners, and investors agree on corporate social responsibility

Credit: Small Business Trends

For customers, their interest is born out of a need to solidarize with businesses that promote causes that they are passionate about. For them, it gets so serious that once they perceive that a business is not socially responsible, they take their goodwill elsewhere. When this happens, the quality of your products and service will no longer count. In fact, one negative news could cause so much damage that not even the best PR strategies can fix.

To ensure that you keep winning customers’ goodwill and maintaining a positive brand reputation, here are 3 tips to help you go about your social responsibility the right way:

  • Identify a social cause or challenge that aligns with your business goals, mission, and operation. You can choose to focus on social development, lifestyle, environmental protection, workplace safety, or even employee-friendly policies.
  • Make projects out if your chosen concern. Weave strategies around them and give all the resources needed to make them really impactful.
  • Using the right key performance indicators (KPIs), evaluate each executed project. Your evaluation will help you decide on how to make even more sustainable impacts.

Already thinking of your first or next social activity? What an excellent choice!

Remember, the value of your business is not only in its profit margin but also in the sustainable impact it has on the world. Make a mark today. Yours might be all the difference the world needs.

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