Corporate social responsibility (CSR) isn’t just about doing the right thing. It means behaving responsibly, and also dealing with suppliers who do the same. It also offers direct business benefits. See the page in this guide on how to benefit from corporate social responsibility.
Building a reputation as a responsible business sets you apart. Companies often favour suppliers who demonstrate responsible policies, as this can have a positive impact on how they are perceived by customers.
Some customers don’t just prefer to deal with responsible companies, but insist on it. Sales of environmentally friendly products continue to grow and these products often sell at a premium price. As an example, Ben & Jerry’s ice cream became as famous for its approach to responsible business as for its products. The company has grown dramatically while continuing to focus on CSR. Find out about Ben & Jerry’s approach to CSR on the Ben & Jerry’s website
Reducing resource use, waste and emissions doesn’t just help the environment – it saves you money too. It’s not difficult to cut utility bills and waste disposal costs and you can bring immediate cash benefits. For more information read our guides on how to save money by reducing waste and use your resources more efficiently.
There are other benefits too:
- A good reputation makes it easier to recruit employees.
- Employees may stay longer, reducing the costs and disruption of recruitment and retraining.
- Employees are better motivated and more productive.
- CSR helps ensure you comply with regulatory requirements.
- Activities such as involvement with the local community are ideal opportunities to generate positive press coverage.
- Good relationships with local authorities make doing business easier. See the page in this guide on how to work with the local community.
- Understanding the wider impact of your business can help you develop new products and services.
- CSR can make you more competitive and reduces the risk of sudden damage to your reputation (and sales). Investors recognise this and are more willing to finance you.
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