From an optics perspective, socially responsible companies project more attractive images to both consumers and shareholders alike, which serves to positively affect their bottom lines. Furthermore, many individuals will gladly pay a premium for goods, knowing that part of the profits will be channeled towards social causes near and dear to them.
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Companies can likewise witness increased foot traffic if they enhance the local community. For example, banks that dispense loans to low-income households are apt to see an uptick in business, as a direct result.
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Socially responsible companies tend to attract employees who are eager to make a difference in the world--in addition to simply collecting a paycheck. With large companies, there is strength in numbers, where collective employee efforts can achieve substantial results, which in turn increases workplace morale and boosts productivity. Community-oriented companies often enjoy a leg up on their competition, thanks to superior brand imaging.
For example, Tesla Inc. In , Coca-Cola started the 5by20 initiative to empower women across the globe, announcing:.
The company stated:. Social responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. These elements are key towards achieving increased profitability and long-term financial success.
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In other words, social responsibility should become a part of the DNA of your business that shapes your values and the everyday choices that are made by executives, managers, and employees. Instead, take baby steps and set goals that can be attained. For example, start with ending hunger for the vets in your community. By partnering with other small businesses, you can discover inventive ways to become more socially conscious.
Businesses can also work with charities. You can bring those feelings into the workplace by encouraging your team to be more charitable.
A healthy philanthropic and community function is laudable but real giving is in how people do business every day. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.
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January 27, 6 min read. Opinions expressed by Entrepreneur contributors are their own. More from Entrepreneur.
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