Corporate social responsibility is a goal that not many businesses have on their list. This is because many company owners do not understand the remarkable benefits of running a socially conscious business.
Aside from receiving tax deductions for charitable donations you make, contributing to your community can have positive effects on your business.
For one, customers are more inclined to support businesses that are responsive to the needs of the community.
If your efforts are continuous and well-known, you will never run out of customers. This will translate into steady sales and profits.
In addition, employees who are part of companies with corporate social responsibilities tend to be more naturally motivated. As such, they are more productive and participative without requiring any reward in return.
There are a handful of commercial businesses around the world that make changing the world a core element of their mission.
There are also establishments aiming to tap into entrepreneurship potential combined with responsible leadership.
An excellent example of this is Legatum whose objective is “to promote the role of entrepreneurs in creating economic growth and social well-being.”
7 top ways to run a business with corporate social responsibility
It is never too late to have a business with social responsibility. If you want your business to take on more responsibilities that help the community, here are some ways to do so:
1. Create a social mission
The first step to being more proactive in your community is to set a social mission. This means establishing a goal that states how your company will contribute to or help the community.
When creating your social mission, avoid making an ambiguous one. If you do, you will find it more difficult to explain this to your team.
A vague mission will also make it harder for you and your team to build a strategy to accomplish it.
To set a clear, attainable social mission, consider the resources you can allocate to helping the community now. Next, write a realistic mission that also promotes teamwork, passion, and transparency.
Once you have your social mission, explain this to your team. Make sure they are on board with your goal.
Work with them to come up with strategies that will enable your company to be more proactive in the community.
2. Work with local organizations
There are many organizations in your community right now that are working hard to change and improve society. Partnering with two or more of these organizations is a good start to contributing to the local community.
Making donations, sponsoring charitable events, and volunteering in these initiatives are excellent ways of showing you are socially conscious and responsible.
Working with these organizations will also allow you to learn other ways of giving back to the community.
When you partner with local initiatives on a regular basis, you will gain a reputation for being charitable and genuinely concerned about the community.
As already mentioned, volunteering is one of the best ways of showing your support and concern for local initiatives. Whenever possible, be the first to volunteer so that your employees will follow your lead.
Encourage your employees to volunteer as well. If you can give them a reward for doing this, do so. However, keep in mind that your willingness to volunteer will inspire your employees to follow suit.
It is also worth reminding your employees that volunteering as a team is a form of team building activity. With everyone cooperating and working together, you will build stronger bonds within the team.
And this is happening while everyone is contributing to a good cause – another reward worth achieving for social responsibility.
4. Be more mindful when choosing partners for corporate social responsibility
Being more socially responsible means selecting the right partners as well. This means you will have to stop choosing suppliers, distributors, and other service providers based on rates alone.
You have to start working with service providers that commit to responsible employment and environmental practices.
Before hiring a particular company, investigate the supply chain of their products. Next, select a company that follows and employs the most ethical and sustainable strategies.
Aside from contributing to the betterment of society, working with a socially responsible company will boost your reputation even more.
5. Coordinate with establishments that have the same social mission
There are many ways to work on and achieve your social mission. You and your team will discover or create strategies to achieve your objectives. However, there will be others that you won’t come across so easily.
Collaborating with other businesses and organizations that have more or less the same social mission as you will allow you to enjoy two benefits.
First, you will discover other strategies that will allow you to work on your goals. Second, you will be working with other businesses to improve the local economy and society as a whole.
6. Implement ethical labor policies
Being more socially responsible means looking into your organization as well. This entails scrutinizing your current labor practices.
Ensure that they are working in a safe and healthy environment and that their roles allow for work-life balance.
Providing your employees with opportunities for growth and learning is also a great way of being more socially conscious. It is also an excellent strategy for motivating them and strengthening their loyalty.
7. Adopt more sustainable business practices
Lastly, aside from improving the welfare of people in the community, you need to make changes that will positively impact the environment.
This means finding ways to reduce waste and the total carbon footprint of your workplace and business operations.
You will also have to look into the energy and water consumption levels of your business and implement strategies to reduce them.
Look into the different processes in your business and identify practices or habits that pose any harm to the environment.
Eliminate these aspects of your operations, or find safer, better alternatives as soon as possible.
To run a successful business, it now pays to be socially conscious.
Keep this in mind, and you will soon reap the benefits of being a proactive member of the community with the loyalty and goodwill of not just your customers but also of your employees.
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Monica Garfield uses her knowledge and expertise as an investment banker to write articles and guides on a range of fields such as investments, wealth generation, and preservation, business innovation as well as entrepreneurship. Outside of her work as an investment banker and writer, Garfield also works as a motivational speaker at leadership seminars and business conferences conducted in New Zealand.