Business
Why Your Business Needs To Support A Social Cause
The era of social corporations is upon us. Today, the most respected, successful, and desirable businesses are those that do more than just make money–these are the businesses that also use their power and influence to support social and environmental causes.
As growing social consciousness continues, corporate social responsibility (CSR) has become a hot topic in the modern business world. This means more businesses are increasingly ramping up their social responsibility initiative, whether they’re championing environmental protections, fighting for women’s rights, or attempting to eradicate poverty like Dan’s Plumbing, who are working with the Smith Family.
That said, if you’re wondering what good comes from supporting a cause, this article enumerates significant reasons why your business needs to start looking for a social cause to support.
- Consumers Demand It (And Will Pay For It)
Did you know consumers are expecting businesses to be concerned about their societal impact? About 46% of consumers say that they’re paying close attention to a brand’s social actions, while up to 70% of consumers are curious about how brands are addressing social and environmental issues. With this growing interest in social responsibility, it’s not uncommon for consumers to rally together to support brands that make a positive social impact in their community.
What’s more, performing activities that support social causes, like giving back to the community and making greener products or using sustainable packaging, can help earn the support and trust of your customers.
By being an advocate of such causes, you can encourage even encourage them to purchase your products, even if they come with a higher price tag. In fact, a study shows that up to 50% of consumers felt that a product or service from a socially responsible company is worth it.
So, by supporting social causes and promoting positive change in your community, you can attract and connect more consumers and boost your profits.
- Employees Demand It Too
Aside from consumers, the people working directly for your company may also demand their organization be socially responsible. When companies display genuine social awareness and support important causes, they’re likely to improve employee engagement while also attracting applicants who are eager to make a difference in the world, other than the unending cycle of doing everyday work and collecting paychecks.
A study revealed that a company with a strong social responsibility program such as supporting a social cause can increase their employee productivity and engagement by up to 13% and 7%, respectively. Also, almost 70% of employees say they wouldn’t work for a business without a strong purpose.
As you can see, it matters to employees what their company stands for. And as workers are more actively looking for companies with strong social responsibility, supporting a social cause and encouraging charitable projects in the workplace can enhance overall company culture.
- It Creates A Sense Of Fulfilment And Goodwill
Supporting a social cause and extending help and kindness to others can do good for you too. For one, this can give you a sense of purpose, life satisfaction, and fulfillment and has been known to contribute to your overall mental and physical well-being.
In fact, volunteering for a social cause you strongly believe in and care about can have numerous benefits, such as reducing depression and building meaningful relationships and social interactions with people in your community.
- You’ll Open Doors To Exciting Opportunities
As mentioned before, getting involved with a social cause means you’ll meet more and work with like-minded people and build meaningful business relationships. This can help you connect with other people and open new opportunities, such as gaining the interest and trust of potential investors.
Supporting a social cause and establishing a strong social responsibility in your brand’s identity can help provide intangible and tangible value for stakeholders. This makes them more likely to invest in your business and partner with you. Being socially responsible is attractive to investors right now. So, the sooner your business finds a cause to support, the sooner you’ll be able to make it more attractive to investors willing to fund your company’s growth.
Wrapping It Up
As a business owner, your responsibilities and roles may seem never-ending. And while you may be focused on making your company more profitable, hopefully, this article has inspired you to make time and effort to find a social cause to support and give back to your community.
Incorporating a social cause into your brand’s identity can help boost multiple facets of your business, both internally and externally. Most importantly, it can give you personal fulfillment knowing that you’re running a socially responsible and ethical business.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].
