Businesses are shifting from solely striving to make a profit to making an impact in the world. There is a new focus on Corporate Social Responsibility (CSR), which puts companies and organizations in the light of institutions that are interested in the well being of the communities around them.
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The good thing is, that this practice is a win-win for each end of the thread. The assisted communities or individuals become benefactors of the provisions made by the companies. On the other hand, these companies get a good record, more visibility and more potential patronage. So, in every sense of it, CSR is a practice that should be integrated into every business.
According to an article by Investopedia, Corporate Social Responsibility (CSR) is “a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public”. Simply put, CSR defines the way a company contributes positively to society.
In this article, I will explain the three best CSR practices I think you should imbibe for the growth of your business.
What is a worthy CSR when it does not tally with your company values? In carrying out your Corporate Social Responsibility (CSR), it is important that you prioritize aligning it with your brand. This will help you have a consistent brand message and have your prospects easily identify with you.
Align with company values
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For instance, if you own a company that manufactures soap, your CSR could be to host a hand-washing campaign. You can go to schools and hospitals, where you know your products are needed. You might organize a raffle draw or randomly give away packs of your soap to winners. This way, you are ensuring that people have their hands and bodies clean, which is the sole purpose of your product in the first place.
At this point, you might be reviewing your business in your head and thinking “what CSR can align with my brand?” No worries. If you have done a proper scan of your business and realized there might be nothing to suit it, you can borrow, yes! You read right. One of the easiest CSR strategies you can borrow is the Sustainable Development Goals (SDGs) of the United Nations (UN), which is focused on eradicating poverty, lack of education, inequality, etc.
Borrow excellent strategies
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Since CSR is typically to improve or give back to society, you can easily jump on this. Strategize with your team, and also get feedback from customers and outsiders, on how you can integrate any of these SDGs with your business.
Another great practice you can imbibe is to establish partnerships with other organizations. There will be companies or organizations that are already carrying out their CSR in the area you have decided on. To make things less complicated for you, you can approach these organizations with your proposals in place. Learn what they are doing and seek to partner with them. In this sense, your company will not have to shoulder all the responsibilities. The burden, as well as the praise, is shared. You still get to contribute your own quota to the community in question without having to break the bank or your head, for that matter.
While performing your Corporate Social Responsibility (CSR) as a business, ensure that you set clear goals. These will include what you aim to achieve for the community and the returns you plan to get. Communicate these plans clearly to your team and make sure they follow through. Don’t forget to collect feedback after the entire process, as it will help you improve your business and to perform better in your CSR in the future.
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This article was first published on 26th May 2022