The benefits social responsibility offers businesses

The term 'Social Responsibility', in the world of business, is an expectation that businesses will try to benefit society. Being socially responsible means that businesses keep in mind issues relating to the environment and the community as they make decisions for the business.

Many businesses have adopted a Corporate Social Responsibility (CSR) policy. It is positioned at the heart of their business and is built in to their mission statement.

In a modern world that is increasingly concerned with how businesses operate and the impact of these operations locally and globally there are many benefits available to businesses that are socially responsible. These benefits include the following:

Good publicity

By being socially responsible, business help to build a positive image on the business and build trust with its customers, suppliers employees and potential employees.

Improved sales

Customers may feel more comfortable purchasing products or services from a company that is socially responsible and so businesses can increase their sales by targeting customers to appreciate social responsibility.

Attracting potential employees

A potential employee may prefer to work for a business which is socially responsible as being socially responsible is important to them. Working for a business that is socially responsible will enhance their self esteem if they are working for a business with similar values. This will help to develop good working relationships within the business.

Maintaining customer loyalty

Customers who appreciate socially responsible businesses are likely to keep using the business and buying from the business over and over again. They may be more likely to leave positive comments on social media sites and tell her friends and family about the good attitude of the business to social responsibility.

Saving money

When a business is socially responsible they can save money on reducing, reusing and recycling paper, saving on electricity by using energy efficient sources of production and heating.

Building better community relations

The local community may feel the business has an interest in the well-being of the community, and are therefore more likely to spend money and support businesses that are seen to be contributing to the well-being of the community

You should also read:

How Businesses can Demonstrate Social Responsibility

The benefits Social Responsibility offers Businesses