As we all know, these days a business’ success does not only lie in the amount of profit it makes. A successful business is one that makes a profit, engage with incorporating social responsibility and sees to the environment.
Social responsibility is defined as acts that a business does in order to uplift and protect the communities they serve in. Many believe that to be a leader in something, you must be able and willing to serve others. This is where the difference between a true leader and a forced leader are very easily seen. The same goes for businesses. If you want your business to be a leader in the market, then you will need to be willing to serve other people in their communities.
Customers are more likely these days to notice when a company does something for the community and the environment. Believe it or not, this actually has an effect when they choose a company to do their business with. When a company invests and spend money on a certain community, that same community will be more likely to do business with them.
Businesses should identify what they stand for; above and beyond the products or services they deliver. When a business stands for a unique cause or purpose, it will define who they as a business are. This will also have an influence on the image that the business portrays and the reputation of the business. The public will eventually notice what you are doing and will in most instances result in a loyal customer base.
A study was conducted which researched the businesses that showed the most growth. They found that most of the companies that were among the top 50, were more likely to be involved in their communities. When doing good for the community it lifts the spirits of the employees, which in turn leads to higher productivity. Yet another reason to make social responsibility a part of your business.
Advantages of social responsibility
The advantages of social responsibility are so widely spread, that it is impossible to mention them all. It is also possible that all of the advantages are sometimes not even realized. The ripple effect that is formed when giving to the community can stretch really far. Mentioned below are some of the advantages of social responsibility.
- You as a business get the chance to make a positive change in a community and environment.
- The spirits of your employees and the people in the community will be lifted.
- Caring for your environment and the community will help you earn the loyalty of your customers.
- Social responsibility can serve as a method to advertise your business. When the public sees that your business are at an event. They will associate you with that and your involvement in the community can lead to the gaining of new clients.
Disadvantages of social responsibility
- When a business is involved in something like a daily soup kitchen in their communities, it can lead to a wrong mind set in the people. They can become demotivated to improve their circumstances. They might argue that they are certain of a meal every day. A way to prevent this is to do something like this for the community once a week or on certain special days.
- To be responsible towards your community and environment can put an extra burden on your finances. Luckily, when planned correct, it can lead to an increase in profits which is ideal.
Social responsibility is one of the best ways to make different in people’s lives that will even benefit your business. Shift away from the idea that everything about your business should be driven by profit. Rather make a difference first and then profit.