Increasingly businesses are finding that social responsibility is more than good philanthropy and a good image. It makes a difference in the bottom line as well. Socially responsible businesses do better financially.
Researchers, Marc Orlitzky, Sara Rynes, and Frank Schmidt looked at 52 studies covering 34,000 companies world wide over a 30 year period. Their 2004 study found that well-run, profitable businesses also boasted strong social and environmental records. Firms that rewarded employees with good work climates and higher pay and benefits saw stronger sales, and stock prices, plus less employee turnover. Rynes says, "As a company becomes more socially responsible, its reputation and financial performance go up, which causes them to become even more socially responsible."
If you are a socially conscious entrepreneur, it may even easier for you to see the impact on your business. Bigger businesses are often isolated from the real world by bureaucracy. You may not need all of the research statistics; you may see it first hand.
Running a socially responsible business means consciously managing the social impact of your business, how it relates to you, your clients, and your community. A good place to start is from within. Take time to identify your strengths, your values and higher purpose. The more your work comes your social conscious, the more effective you will be in creating meaningful and purposeful actions that promote healthy change. Then translate your purpose into your business practice. Here are three points to consider:
1. Keep your house in order. Be authentic and check out your business practices to ensure that they are ethical and represent your values and purpose. Authenticity attracts success. Good customer care is the cornerstone of business success.
2. Consciously choose associates and clients that share the same values and mission. Connect and communicate with them with them authentically. Streamlining your efforts for the customers who share a similar purpose and values helps you identify those who are more likely to profit from your products and service. You will be able to build your business from your relationships.
3. Create value. Become aware of how your business impacts the community and environment and communicate it to your customers. This is life-affirming and transforming for all involved. It expands awareness, enhances flow, and builds the greater good. The results - increased profits.
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