Social Profitability is on the Rise
Canadian small businesses have more reasons to get involved
Social Profitability is becoming a priority for Canadian small businesses. Many are beginning to realize that doing good for others can actually make good business sense all around.
The trend to integrate corporate social responsibility (CSR) into a business strategy is starting to take hold from the grassroots level up. Small businesses should be prepared to leverage the good they can do within their region. Not only can they provide community leadership, but also by giving back on a local-level, they will be building their name – or brand – within their trading area.
It is important for companies to find the right ‘fit’ for their involvement. Donations and volunteerism are wonderful when the commitment is viewed as genuine and authentic.
The most successful CSR campaigns are achieved when the business had the foresight to draft it into their business-and-marketing plans, even before they open their doors. CSR should possess a natural tie-in to the DNA of the business and its principles.
Social Profitability isn’t always about handing out money. Aside from writing a cheque, there are a number of creative ways businesses can make a difference that doesn’t involve large amounts of cash outlay or big budgets.
As a point of fact, a recent Nielsen online survey showed that 55 percent of consumers in 60 countries would be willing to pay more for products and services from companies with a social purpose.
Companies can lead by example, with everyone donating their time to volunteer for a cause. If applicable, a company can train and provide job skills to individuals with special needs. Management and employees can take time to help at food banks or handing out meals and blankets to the homeless.
Sharing the passion is imperative. Communicate, communicate, communicate! What are the reasons behind the company’s involvement? This is a perfect storytelling opportunity and can be an integral part of the corporate mission statement.
Use social media and public relations to spread your message.
Today, people want to feel a certain level of trust in order to support and advocate for a business’ chosen social initiative. Whatever the company chooses as their charity or cause, their efforts should be transparent and measurable to some degree.
If companies can convey their enthusiasm for what they believe in, there is every chance that their customers will, too. The wider the company casts its net, the better chance to publicize their name, while engaging and involving their community at large for the better.