Can you profit from CSR?
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Advocates of Corporate Social Responsibility (CSR) argue that businesses should focus on more than just profit - they should contribute to the community and the environment. Noble sentiments, but is it something that you should be incorporating into your business?
CSR can't be a bandwagon concept; it has to be at the heart of what you believe in and what you do. Embraced with sincerity, however, CSR can be a great business strategy. There is no reason why CSR can’t be a way to profits and growth.
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5 Top Tips:
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| 1. |
Commit a proportion of profit to charity every year - it's tax deductible! |
| 2. | Identify a charity or a cause that everyone in your business can get behind. |
| 3. | Sponsor local events
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Look at your business waste. Are you recycling as much as possible? |
| 5. |
Review your approach to suppliers. Select those that are environmentally responsible.
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Your customers or even your customers' customers are increasingly likely to have sustainability as an important consideration in their purchase decision or supply chain. Many of the major retailers are now promoting CSR as part of their brand. By being able to satisfy their sustainability requirements you could make yourself eligible for sizeable business opportunities.
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Employees increasingly want to work for businesses that are doing something socially useful - they want their work to matter. Attracting the best people and having them highly motivated drives performance.
They say that charity begins at home. By supporting and becoming involved in local events and good causes you can raise your business's profile as well as make a worthwhile contribution to the area where you live or work.
Environmental and social concerns are more than just passing trends; thankfully, they are now a way of life. Smart businesses will look at this and search out the opportunities. That's not cynical; it's good business.
Best wishes
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We're compiling a picture of what the credit crunch means for businesses in the region. Watch out for the results next month.
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ASK THE EYE:
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Where can I get advice on sustainability?
How do we make the most of our green credentials?
If you've got a question about corporate social responsibility for your business why not Ask the Eye? It's free!
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| The Marketing Eye supports: |
TreeHouse – the national charity for autism education
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