Running a business is difficult, and building a brand even more so—trust me, I know. But if there’s one thing every business needs to spend time on, it’s corporate social responsibility (CSR).
Whether you’re promoting equal rights, protecting the environment, or helping out the people in your community, partnering with a nonprofit or charity (or more than one!) in your local community can make all the difference.
Why Is Corporate Social Responsibility Important?
I believe that wanting to help others is an intrinsically human feeling. I have built my career around nurturing positive relationships between brands and their communities, and I’ve found that CSR is a cost-effective way for small businesses to create a meaningful connection with their community. To me, a CSR strategy shows that a company is compassionate and committed to change, and businesses with this reputation will enjoy the rewards of positive brand recognition, loyal customers, and top-tier talent.
There are several more benefits to building a CSR strategy, so let’s take a look at some of them.
For small businesses, it’s extremely important to establish a stronghold within your local community. Partnering with a nonprofit organization or charity is an excellent way to develop philanthropic tie-ins. By creating a partnership that tackles specific social issues, you align your brand reputation and corporate values with the same. This allows your business to engage with targeted social change in your community, which will have tangible results and a ripple effect throughout the community.
Developing a ‘giving strategy’ allows businesses to plan ahead, so they can build a long-term relationship with their partner organization(s). By effectively allocating funds and resources, your business can engage in giving opportunities within the community, such as fundraisers, crowdfunding, challenges, and more.
A business that’s committed to making a difference is likely to attract more employees. Millennials and Gen-Z are expected to make up the bulk of the workforce by 2025, and both generations prioritize a company’s purpose over other factors. Showcasing your dedication to improving your community not only provides you with more talent but also allows employees to get involved with volunteering and giving opportunities. This ultimately fosters a more positive and authentic workplace.
Many successful companies use CSR initiatives as a way to give back to their community and thank their customers. Your community will benefit from your efforts, and your business can enjoy higher customer loyalty, positive brand perception, and better engagement. Whatever your CSR strategy is, engaging with it is a win-win for both your business and your community.
As a community changemaker, I strongly believe in the power of philanthropy to create change. The Srinarayanathas Foundation is my way of seeing through on my Philanthropy Promise. If you’re interested in joining me on my journey to build a better future for our children and communities, get in touch!