CSR Benefits For Your Business – Your Business Matters

Corporate Social Responsibility – 4 Ways it Benefits Your Business to Help Others

How much do you know about Corporate Social Responsibility or CSR?

Corporate Social Responsibility describes how businesses can do more for the world around them, focusing on providing benefits external to their business separate from their own goals.

CSR initiatives have grown in influence over the last few years, but is it something you should consider in your business model?

The four pillars of CSR are initiatives supporting the Environment, Workplace, Community and Philanthropy. Whether you have a Corporate Social Responsibility policy in place or not, your business likely supports efforts in these areas already, for example:

• Environment – Proposals often include reducing paper and power use, as well as discouraging unnecessary travel.
• Workplace – Schemes might enhance employee benefits, wellbeing support and options for flexible or remote working.
• Community – Considerations may include supporting local groups with development projects.
• Philanthropy – Initiatives are likely to support charities with fundraising opportunities and giving.

 Why is Corporate Social Responsibility Important for Business?

While focusing on corporate responsibility rather than business growth might seem perverse, there is evidence that CSR mandates will provide positive benefit to your business – even financially.

Benefit 1: Engaging Employees

Employees are increasingly influenced by company values when considering roles and – similarly – have been found to have increased loyalty to organisations with which they have shared values.

Creating opportunities for teams to work together on community projects, not only benefits the project but is great for relationships through team building and provides positive links for employees within their community.

 Benefit 2: Winning Customers

Brands seen to be demonstrating corporate social responsibility can gain significant positive exposure from good deeds in the community and positive impacts elsewhere. This is a great opportunity to reach out to new audiences.

Ensuring the social values directing your CSR mandate align with your existing brand values also increases the likelihood of capturing the right customers, ones whose values align with yours. With evidence suggesting customers will potentially pay more to deal with socially responsibly organisations, the benefits are adding up.

Benefit 3: Attracting Investors  

Investors will be attracted to a socially responsible business for much the same reasons as employees and customers. The loyalty garnered by ‘giving back’, with the bonus of committed customers who are willing to pay more, add up to suggest these companies will be a good investment.

Also, investors are increasingly seeking out socially responsible investments, whether as an independent investment or part of a portfolio. Organisations who can demonstrate their CSR credentials will be placing themselves within a growing investment market.

Benefit 4: Doing Good

The reason corporate social responsibility exists is to encourage organisations to understand how they can make improvements to the lives of their employees, communities, and environment. These sound like noble ideals, but they can easily be a reality.

How can you build Corporate Social Responsibility into your business?

Corporate Social Responsibility can be part of every business and establishing your CSR mandate is an opportunity to get to the heart of what makes you special. Making the most of your network and establishing the right partnerships can make all the difference when developing your initiatives.

While many companies start with schemes like those mentioned at the top of the article, the main priority should be ensuring the projects you undertake reflect your brand values and will make sense to employees and customers.

Increasing your network is a great way to find experts and organisations who can help you clarify your mandate; this blog was put together with the support of Your Business Matters member Caroline Robertson (of ActifHR) who helps her clients establish their CSR policies and may be able to help you.

Within each of our networking groups are spaces for charities who benefit from the support of those in the room and are looking for opportunities to partner with businesses locally.

Speaking to existing members, I’ve asked how their organisations have benefitted from partnerships they’ve made – showing how our member businesses have incorporated philanthropic responsibility into their remit.

“I was looking to raise our profile as well as funds [and have benefitted from] fundraising ideas, regular donors, [an] office buddy [and] friendships. You won’t go wrong in visiting if you aren’t locked out.” Gemma Dearsley, The Lighthouse Centre

“A friendly, supportive and pro-active networking group… the members are a fantastic bunch! …We have received a huge amount of support in a range of ways. Members have become part of our Proud Business Supporter Club… taken part in, volunteered at and sponsored events. Members have acted as a focus group and an ideas hub… It’s like having an extra team on your side.” Rachel Markham, Charity Link

 Making it Happen

The benefits to businesses and charitable organisations of pursuing Corporate Social Responsibility are clear, so how will you develop your CSR agenda?

Every business is different, but no business stands alone. If you’re looking to make connections to support your CSR mandate, or simply to support your business growth, I can help. Get in touch here for a free 20-minute call to discuss what you’re looking for.