We’re sure you’ve heard of the phrase “corporate social responsibility,” abbreviated as CSR. Businesses use this philosophy to create meaningful societal change, whether for an individual, its community, or a national/international cause.
Even though CSR sounds like a significant term designed for big corporations, there are plenty of ways for small and mid-sized businesses to make an impact. Determining important causes can help a business build its brand identity, increase customer loyalty, and even gain an edge over its competition.
At Client 1st Financial, one of our primary services is charitable and philanthropic planning. We emphasize that monetary donations are not the only way for an individual or family to make an impact, which also applies to businesses. Your business might aim to generate awareness for a cause, collect support and resources, volunteer time, or empower others to take action, all to make positive change.
Every year, Edelman, a global PR firm, conducts the Edelman Trust Barometer. This international survey reveals the values that drive consumer trust levels. People increasingly believe that businesses are not doing enough to address societal issues. To earn the trust of consumers, it's crucial for companies to be actively involved in positive social advocacy.
It is up to you and the rest of your organization to decide which cause(s) to support. Choosing a cause with a logical connection to your business can make sense. For example, a hotel might devote time and resources to a local housing security initiative. Another idea is to support a cause directly affecting a person in your business. If an employee is undergoing cancer treatment, this could look like raising money for a cancer research organization.
It is also a great idea to support your employees’ charitable acts with charitable gift matches or offer extra time off for volunteering. This will boost your organization’s reputation and incentivize philanthropy from your team.
CSR and social advocacy do not have a “one size fits all” design. There are many ways to approach these initiatives and find an authentic model for you, your organization, your customers, and your community. We hope that you see the importance of this type of work and feel inspired to take action.