Entrepreneurial Trends: Social Responsibility
In the past, a business would start to give back to society once it started making a significant profit. Social responsibility was a side dish, an afterthought. Today, social responsibility is front and center in the business model for many start-up companies.
Socially responsible businesses have a greater chance of success
Making social responsibility part of your mission statement, part of the purpose for creating the business in the first place, is becoming a popular trend amongst budding entrepreneurs, and has proven to be a big factor in the success of their companies.
Planning for a positive impact on society is at the center of a company’s mission statement, integrating social progress has helped startups connect with their community and their customers from the very beginning. That connection tends to be deeper and more meaningful, which will also give your product more credibility, which will lead to better sales, and in the end, bigger profit margins.
Customers will pay more for a socially responsible product or service
We cannot stress enough how important it is for entrepreneurs to think about the true purpose of their company, to solve real problems, and to be a part of contributing to social change and taking part in social initiatives. Often, a customer is willing to spend more, knowing that part of what they are paying is going to help others in need. Either locally or globally.
A socially responsible company not only attracts more customers who are willing to spend more, it will also attract better, more loyal employees, and creates a better chance of finding investors. People tend to trust a company who is concerned with social responsibility and progress. Trust will go a long way to propel your business to success.
Make social responsibility and philanthropy a central part of your company’s mission, and get a leg up on your competition.