5 Reasons Social Responsibility is Beneficial to Your Business

We live in a world that's ever-changing. The evolution of society has always been about improving our lives and the things that we're most passionate about, whether that's through technology, communication or social change. As society advances, social responsibility and social consciousness increases with each generation becoming more socially conscious than their predecessors. The business world is not immune to change in the real world, either. You only have to look at the high street over the past few years to understand how they've been affected by these changes.

With that, businesses are now looking into the impact they're having socially. Whether that be their impact on the environment, their support of their community or supporting causes that they believe in.

As social responsibility increases in businesses not just around the country, but the globe - companies are riding so much more on the impact they make. Not just as an addition to what the business does but as a key role in how they operate. This has even included creating new roles such as 'Social Value Manager' in companies who look to use their resources to greater benefit.

Social Responsibility - I believe - is on all of us. I believe every single person and business should be working towards some form of social responsibility. You don't have to be a major corporation with millions behind you to make an impact or, even reap the benefits. We've outlined 5 different benefits your business can take from implementing social responsibility.

Brand Awareness and Image

As we've outlined above - society is more socially conscious than it's ever been. Individuals are looking at their lives and many aspects to see how they're contributing in a positive way. Part of that is looking at and for businesses that align with their beliefs and what's important to them. In fact, in 2020 it was reported by 'SmallBizTrends' that '71% of Consumers Prefer Buying from Companies Aligned with Their Values'.

Through our own social media channels, we've noticed increased engagement on posts that relate to our CSR - whether they be reactions, comments or shares. On more than one occasion that has turned into increased engagement across the board and, in turn - enquiries and clients. It has gone a long way to showing our Buzzin' Sounds not as some company, but as people who are trying to make an impact and do things the right way. In turn, this has given us an increase in trust from those who have worked with us and those who follow and engage with us.

Happier Employees

Not all jobs are naturally 'rewarding' in a sense of feeling like you're making the world a better place. I think this article by Socap Digital nicely outlines some of the key benefits employees feel when their company engages in CSR.

It's been made abundantly clear over the past few years, how happy employees are beneficial to businesses. Whether it's increased productivity or engagement with their work, employees can become even greater assets to a business if they feel they're doing something more impactful and contributing to something they value.

Customer Loyalty

It's all well and good having increased awareness and gaining new customers, but businesses are kept alive by returning customers. It's great to get them through the door but getting them to come back is the goal for any business. There are many reasons for customers returning to a business and giving customers the knowledge that the money they spend is also going towards bigger and better things is a major way to do that.

In this article by GWI, it states that Internet users across the UK and US were not only willing to return and stay loyal to a business that aligned with their values but they are also willing to pay more for certain goods and services if they knew the product or service was responsible.

Build Relationships

Relationships are absolutely KEY to a businesses success. Whether it's relationships with customers/clients, employees, partners or friends to the business. Actively engaging in CSR gives many opportunities to build relationships with others who are passionate about the same things you are.

As those relationships grow, businesses grow too. Have you ever heard the phrase "your network is your net worth"?

Company Direction

Understanding the direction a business is going in can be a minefield to navigate. Sadly, particularly for freelancers and small business owners - navigating that minefield is done alone (or at least it feels like it) more often than not.

Engaging in CSR can allow businesses to have a clearer vision of where they fit within society, and what better impact they can have on their community and in the wider world. Being able to see that clearly is really useful for businesses and business owners, particularly as they look to grow and adapt in the future. Having that clarity of vision takes a huge weight off business owners, and taking that weight off business owners can also be a huge lift to their employees and those around them.

While CSR has lots of great benefits for business, don't just treat it like some thing you kind of have to do, and don't do it because your business benefits. Engaging in CSR is something that should be done because you believe it's the right thing to do for both the health & well-being of the people around you and because society reaps benefits. The intentions will be a major player in how much impact you have, but also in how successful your CSR ends up being. At the end of the day, people are not stupid and will sense whether it's something you believe in or not.

As mentioned, a business doesn't have to have a multi-million-pound budget to do CSR properly. It's about how the business takes on that responsibility and does what it can within its means. We have another article some soon which will highlight key things a small business needs to do to have the best CSR impact.

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