Image Credit: Elliott Brown
As an entrepreneur I'm quite aware that no one sets up a business particularly as a socially conscious endeavor. We all are driven with the desire to make a profit. As entrepreneurs we want to build and grow businesses that help us get rich!
But not minding this fact, we are also aware that businesses don't have to be soulless money-making machines. In fact, they're more likely to be successful if they can show that they care about society on a wider level. The evidences are right there for us to see: Businesses who display their values and get behind a cause can be more attractive to customers.
No, you don't have to choose between making a profit and helping others because a real business can do both. Doing good deeds can benefit your enterprise in many ways, including making your employees and customers more loyal to you.
In this article I want to discuss a few ways that your business can benefit from getting involved in a social cause.
Benefits of Socially Responsible Businesses
1. Customers Like Social Responsibility
One significant reason to be a socially responsible company with values and causes is that your potential clients care about it. People increasingly look for businesses that share their values and make an effort to use their power for good, and not just for making a profit.
Some people want to see that you're combating any negative effect you might have on the environment. Others are looking for signs that you care about your local community. Studies have shown that a vast majority of shoppers will switch brands to one that supports a good cause or away from one they feel has made an unethical decision.
2. Employee Retainment
It's not just customers who want businesses to share their values. Your employees are more likely to stick around and be loyal to you if they feel the working environment matches their core beliefs. It makes sense that people don't want to engage in business practices that they don't agree with, so if they can go elsewhere they're not likely to stick around.
Building core values into your company creates a community that your employees are proud to be a part of, where everyone feels that they're contributing to a wider cause. It can help you find a staff who are a good fit for your company, who look for a firm with agreeable beliefs. They'll want to do their best for an enterprise that's doing things they believe in.
3. Making an Investment
Getting behind a charitable cause can be an investment both for the business and for the future of the community they're helping. For example, Lifeline advocate Issa Asad knows that the free telephone service offers people on low incomes the same chances as others. As well as being able to talk to friends and family or call the emergency services, they can also use their phone to talk to potential employers or their children's teachers. As another example, Coca-Cola aims to bring 5 million women in the developing world into business. As well as benefiting Coca-Cola, it's also a great investment in local communities.
Putting some of your profits to a good cause can help many people, from you and your employees to your local community. If your business needs some personality, instilling some core values will lift it up.
Get involved today and see if your business is not the better for it!