As we continue going through uncertain times one year later, companies are finding ways to see how their businesses can grow and be more profitable. That said, in 2020 the percentage of CSR involvements has increased even more so during challenging times. As more businesses are aware that being socially responsible not only is beneficial to the society but it also leads to business growth. So, how can you grow your business through CSR?
If you invest CSR capital into new technologies, new industries and internationally other than domestically, while supporting CSR causes, it can lead to a financial return. For example, if your CSR strategy focuses on diversity and inclusion, or equal pay of employees, combined with CSR donations, you could increase the availability of ethical sourcing. If impact investing is done right you’ll have great impact investment returns on your contribution.
There are many cost-saving and sustainable ways for businesses. One of the most popular ways, in recent years, is by moving your business to green to save money. Cost reduction has always been a priority for most businesses, but sustainability has become an urgent concern due to the true scale of the social and economic crisis that lies ahead of us. Sustainability leads to cost savings over the long run through employee satisfaction and client loyalty in any business.
CSR is often called sustainability as it’s about a company’s responsibility for society in the sense of sustainable business practices. Sustainability strategies have risen in corporations, particularly in the last decade. Legislation has played an important role in driving this change by reinforcing large companies report on their carbon emissions and encouraging them to reduce their emissions and environmental impact. If your company invests in solutions like technology or initiatives in office environments, you will be ahead of legislation and cost savings for the company in the future.
If you design CSR activities around a social cause and keep your clients/customers involved in this process, you will be able to gain complete buy-in from them. When it’s a well-thought strategy, this can be an impactful approach to client engagement as your brand drives them to do good in the community for a social issue that is important to them or being more socially aware. This movement will continue increasing the impact it will have in the future of your business.
Recent studies show companies that strategically engage in socially responsible activities, increase their profits. Given that the company implements social efforts, the firm can obtain additional benefits from CSR activities, including: improving the company brand image, generate profits by differentiating its products, attract more top-notch talents and or extract a premium for its products. In the end, consumers and clients are often looking for companies that are more socially engaged.
There are many ways of growing your business through CSR. Your business can be at any stage when thinking about CSR. Do you want to do it but don’t know where to start? Do you have an idea but don’t know how to execute? Whichever stage you are at, contact us for a free consultation to better understand your needs of giving back. Let our expertise help you reach your CSR goals alongside a financial return!