January 5th 2024.
Millennial entrepreneurs have been increasingly factoring in supporting a cause as part of their business plan, and the statistics demonstrate that becoming a socially conscious business can be a great business move. Consumers want companies to take a stand on current and broadly relevant issues, and 66% of them are even willing to pay more for sustainable and ethical products. Demonstrating your social impact can build trust, loyalty, and advocacy among your customers. Your existing employees too will be more satisfied when aligned with their employer's mission and values.
Established businesses can also join in on this trend. It's never too late to make a difference, be it 50 years, 15, or one year in business. Corporate citizenship involves the social responsibility of businesses and can be defined as meeting legal, ethical, and economic responsibilities as established by stakeholders. These include owners, advisers, employees, customers, and the community at large. Small and midsize business owners can now create an opportunity to be a good corporate citizen in their community, which is what progressive consumers would prefer to patronize over a company solely interested in profits and revenues.
Choosing a social mission is the next step. Any business in any industry can adhere to a social mission, and the cause should be closely tied to the vision and mission of the company. It's best to engage customers and employees to participate in the socially conscious activities, rather than writing a check yourself. An example of this could be asking customers to add a $1 to their bill at the supermarket for a specific charity.
It's not always about the money either. Making a difference is the key here, and businesses can do this by offering their place of business up to local entrepreneurs or organizations for events at no charge. If a food-related business, they can connect to a charitable organization that feeds the homeless to offer leftover food at the end of the night. Surplus supplies or recyclables can also be donated to needy organizations.
Once you implement your corporate social responsibility program, make sure to let your internal and external stakeholders know. Document activities with photos posted to your website and social media, and consider writing a blog post and/or press release as your activities unfold. Don't forget to add a short message to the bottom of a customer receipt, invoice, or e-newsletter about your recent efforts to make a difference.
So what are you waiting for? Get your team together to develop a corporate social responsibility strategy that considers any current efforts and future socially driven opportunities that align with your long-term business goals. With this, you will be able to make a difference and build trust and loyalty among your customers and employees.
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