Business Mentor: Benefits of practicing corporate social responsibility

Armando Bartolome

Posted at Feb 29 2020 07:58 AM

Companies practice corporate social responsibility by doing initiatives meant to benefit communities. There are different ways companies may practice CSR.

A firm may choose environmental advocacy.

Look at how the Pasig River has evolved over the years. The river used to be a big dump and looked almost hopeless for many years because irresponsible individuals did not care for the environment. But because of companies concerned about the environment, the river has started to look healthier again.

Companies may also give to charity.

Orphanages, street children, the elderly are just some of the people who greatly benefit from charity programs by companies. There are so many people in our country who need our help, especially during calamities such as floods and earthquakes.

Recently, the eruption of Taal Volcano affected a lot of people in Batangas and nearby areas. Charitable giving should be done not only during the Christmas season because so many people need help every day.

Companies may also choose to promote new ethical business practices.

Manufacturers can choose to use recyclable materials that significantly reduce waste and consume fewer resources. Small local businesses can also use indigenous materials, which benefit local communities.

Entrepreneurs should look beyond profits and see their responsibilities as members of society.

But there are many advantages that businesses can get from being socially responsible.

Brand recognition and higher sales

A company that is known to give great benefits to the community builds trust among customers, thus raising its reputation. This, in turn, widens its customer base.

Customer loyalty and higher sales

A strong company with a good reputation and loyal customers will see its sales increase. Customers believe in the brand and support the cause that the company pushes.

Attracting talent and retaining staff

Many professionals, especially millennials, look for companies that want to make the world a better place. A company that promotes these values is more likely to retain staff who also believe in these values.

New business opportunities

Being socially responsible may be seen as a great marketing strategy because a company that has a good reputation is likely to have more opportunities.

But business owners should not only see the financial benefits from CSR but should also feel good about themselves that they have done something worthwhile for their fellow human beings.

There are a lot of people who really need help and we need someone to start helping so that others may follow.

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For more information, you may contact Armando "Butz" Bartolome
by email: business.mentor@butzbartolome.com
FB Page: Butz Bartolome
website: https://www.butzbartolome.com