One of the greatest marketing challenges is creating
differentiation for your brand. Top performing companies recognize that they
can't have lasting profitability without paying attention to their social and
environmental impacts. Finding ways to give back to society has become an
important branding tool. This principle is now referred to as corporate social
responsibility or social entrepreneurship. Currently 95 percent of the Fortune
Global 250 multinational companies provide extensive public information on
their sustainability policies and performance. Regardless of the size of your
business, there are many opportunities for leveraging social entrepreneurship
initiatives and building your brand for success.
As a business owner you may be wondering how to build your
brand for success. Differentiating your brand is one of the biggest
marketing challenges. One key principle which you should not overlook is giving
back. Believe it or not, businesses that don't pay attention to giving back do
not prosper and will eventually disappear. The business world recognized this
principle at least two decades ago when the idea of the "triple bottom
line" emerged. This idea suggested that businesses needed to pay attention
not only to theirprofitability but also to their social and
environmental impacts. In other words, find ways to give back to society.
Promote Social Entrepreneurship
This principle is called corporate social responsibility,
corporate sustainability, or social entrepreneurship. Currently, 95
percent of the Fortune Global 250 multinational companies offer extensive
public information on their sustainability policies and performance. Businesses
that are serious about this principle have developed internal mechanisms and
auditing processes to report regularly to their shareholders. But you don't
have to be a Fortune 500 or a global multinational company. Businesses of any
size can find many opportunities for leveraging social entrepreneurship
initiatives and using them to build their brand for success.
Take active responsibility for the environment and society
To apply this principle to a particular business, start by
taking a look at how your enterprise affects others. Taking active
responsibility for the environment and how a business impacts society is a
worthwhile investment of your resources. To adopt this principle as a way of
doing business, you don't have to invent new ways; just take a look at what
your business is already doing and make some adjustments. Starting small, then
gaining momentum is the way to go. Evaluate your results along the way
regularly to check your performance and note any positive outcomes. You might
notice changes in the way your customers view your business, or see attitude
changes in your employees.
Some quick wins include managing the environmental footprint
of an enterprise by reducing waste, recycling and reusing. Other examples
include ethical manufacturing and supply processes (for example
avoiding sources which use child labor), fair trade policies, producing environmentally
friendly products and packaging. You might adopt a policy of
preferentially using local production to reduce carbon emissions. Community
involvement through volunteering and sponsorships are other ways to give
back through a business. Volunteer initiatives not only help the community and
promote your business, but could also help your employees develop valuable new
skills, which they use productively on the job.
Invest in sustainability for increased profits
When corporate social responsibility or sustainability
initiatives are properly integrated into your enterprise, the business can get
a significant strategic advantage. Sustainability initiatives can also lead to
new product and business opportunities, as well as greater community
support and goodwill. According to recognized sustainability expert John
Friedman, "Brand reputation or 'goodwill' is arguably the most valuable
asset a company has over the long-term. A company that has a positive
reputation has a competitive advantage."
Sustainability has also a positive impact on employee
engagement. Studies have shown significant increases in productivity, creativity, operating
margins and profitability as a result of employee engagement.
Other benefits included higher employee satisfaction, commitment and
collegiality, retention of the best talent and happier customers. Robert
Lawless, president and CEO, McCormick & Co. Inc. explains that "being
socially responsible allows you to attract talent, because good people will
align with the company that really cares about employees and communities. We
link social responsibility to talent retention."
A 2013 Gallup study found that 70% of American workers were
"not engaged", or "actively disengaged" resulting in an
estimated $450- 500 billion each year in lost productivity (U.S.). The study
also showed that the 30 million engaged employees in the U.S. come up with most
of the innovative ideas, create most of a company's new customers, and have the
most entrepreneurial energy.
So look for ways to start giving back in your businesses.
The returns on your investment might just exceed your wildest expectations.
Today's entrepreneurs need to think outside the box to remain
competitive. Fresh insights and smart
solutions can help your business succeed and become more profitable.
At the same time don't forget about the most important person in your business,
you. To maintain your creativity and motivation, get inspired with new and
empowering ideas for personal growth. Visit Empowered for Life for
more...
Article Source: http://EzineArticles.com/?expert=Peter_Hlavats
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