How corporate social responsibility can benefit your small business

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Corporate Social Responsibility and how it helps

Most small business owners will have heard of the term corporate social responsibility, but very few realise just how much helping others can actually help their own business grow and thrive.

For the uninitiated, corporate social responsibility broadly describes the actions that a business takes to improve the community in which it operates. This may include a variety of projects, depending on what the specific needs in a given community are.

Being a responsible corporate citizen is something that many small business owners put on the backburner, as they try to keep their own heads afloat in an increasingly challenging economic environment. With this being said, corporate social responsibility does hold a number of potential economic benefits for SMEs and the like, and can go a long way in establishing the company as one that clients and customers prefer to do business with.

The benefits of corporate social responsibility

It creates a better public image

History has shown that a brand’s reputation can make or break its success. Contributing to the good of its community is a sure-fire way to establish a brand as one that cares for the greater good, and isn’t solely focused on making a profit. Social media is an important marketing tool for businesses of any size and scope, and business owners should use it to highlight the organisations and individuals that they are supporting. Publicising corporate social responsibility efforts should never feel like shameless self-promotion, though, but should rather be done in an effort to further mobilise communities to support their own.

It promotes employee satisfaction

Engaging in corporate social responsibility efforts also has the perhaps unexpected benefit of increasing the satisfaction of a business’s employees. This happens because volunteering opportunities, especially when these take place during office hours, fosters a sense of community – among employees themselves, as well as between employees and the communities they work in. When employees realise that the organisation they work for cares about the wellbeing of others, it also leads to a feeling of security in their job, and greater satisfaction while engaged in their work.

It boosts creativity

The beauty of corporate social responsibility is that it gives the company as a whole the chance to think of creative ways to uplift their communities. Thinking out of the box when it comes to relief efforts often translates to greater creativity in employees’ day-to-day. Of course, creativity is key to the success of any business that relies on innovation (in an ever-changing economic climate, this is true for all businesses).

It cultivates customer loyalty

How does corporate social responsibility actually contribute to the bottom line, business owners may ask. If business owners are still in any doubt that doing good things pays off, one Nielsen survey may be the convincing. 56% of participants indicated that “a brand being known for its social value” drove their urge to purchase, while a further 53% said that they feel compelled to buy from a brand that has “community commitment”. In short, consumers are more loyal to brands that are invested in improving the lives of others.

Corporate social responsibility gives businesses a chance to show the public how their corporate values align with their social values. Along with things like ethical business standards and sustainable business practices, this makes an organisation which practices corporate social responsibility one that seems to be looking to the future. If business longevity is what entrepreneurs are aiming for, this is exactly the impression that they want to create.

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Business Prepaid Blogger

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