In recent years, many businesses all over the world have started thinking about their corporate social responsibility and their larger socio-economic impact. This has led to a renewed interest and dedication on behalf of businesses to give back to their communities. There are many benefits for companies that choose to get involved with social causes, ranging from strengthening their relationships with stakeholders to attracting new customers, investors, and employees. Of course, having a socio-economic impact also has a broader benefit relating to the cause the business aims to support.
Established Titles is an e-Commerce business that has been a big believer in corporate social responsibility since their inception. Their service offers clients the ability to purchase a personal Lordship or Ladyship Title Pack with dedicated land in Scotland. However, the land should be preserved and cannot be disturbed in any way, as the business is committed to the preservation and protection of woodland areas in Scotland. In line with their business goal of conservation, Established Titles also donates to several environmental organizations, including the UK Woodland Trust, One Tree Planted, and Trees for the Future, and also plants one tree for every order placed. The company provides their advice on a few key ways that businesses can make a social impact.
Donate to a Charitable Organization
One of the simplest ways that businesses can make a positive socio-economic impact is by making a financial contribution to a charitable organization of their choice. Many large companies make donating to charity part of their yearly financial plan. The more that businesses can be active in either donating or volunteering time, the larger the socio-economic impact can be.
Further, Established Titles recommends being transparent with your stakeholders, consumers, and employees about the donations that are made. This can either involve publishing the exact amount that is donated by your company or publishing the strategy by which you calculate your donations. For example, as part of its mission to prioritize preservation, Established Titles pledges to plant a tree for every order placed and even offers the option for buyers to add an additional planted tree to their orders.
Finally, if your business chooses to go the route of donating money to a charitable organization, think long and hard about which organizations you will support. Make sure you do your research on any organizations you are considering and determine how exactly they help people or causes (directly or indirectly), analyze their progress towards their goals, and read their annual report to get a better sense of their mission. It goes without saying that the organizations you select should be in line with your company’s values and vision as a whole. They should have similar goals to those of your company so that your donation makes sense and so that it is easier to garner support from your team and business partners.
Become a Mission-First Business
Established Titles notes that another way that businesses can have a positive socio-economic impact is to become a mission-first business. Mission-first businesses generate revenue but are oriented around a specific social cause. With mission-first businesses, growth is rooted in the desire to make a larger social impact, where their revenue goal is aligned with positive social impact.
Established Titles on the Benefits of Having a Positive Socio-Economic Impact
There are many benefits for businesses that make having a positive socio-economic impact a part of their overall mission. One large benefit relates to attracting customers. According to a survey conducted by Nielson Group, 50% of consumers are willing to pay more for goods and services from companies that are socially responsible. In addition, According to Porter and Valley, 76% of buyers believe that by supporting companies that are addressing environmental issues, they are doing their part and 79% of buyers want companies to support issues that personally matter to them.
Beyond that, having a positive socio-economic impact can help businesses attract and retain talent. According to Edelman, 67% of employees expect prospective employers to take action on societal issues. As well, according to another survey conducted by Benevity, companies that have programs through which employees engaged in the giving and volunteering component of their CSR program benefitted from a 57% reduction in turnover of these employees.
At the end of the day, it is in the best interest of businesses everywhere to spend time and resources on corporate social responsibility in order to have a positive socio-economic impact, says Established Titles.
