With diligence and consistency, small business owners can contribute significantly towards any country’s economic development.
A key part of business development is ensuring ethical behaviour. A vital component of this is having a clear corporate social responsibility strategy, which involves building a reputation as a responsible business.
Part of this means having a CSI portfolio which is designed to enhance credibility.
Corporate social investment means that a small business will invest in projects that it has earmarked, as a way of aligning shareholder interest and business values to initiatives that will result in positive results for the business.
Navigating these choppy waters can be tricky. On one hand, the focus is on building the actual organisation, while on the other hand, it’s about building a positive image and forging community ties. More companies are setting up teams tasked with managing their contributions.
Small business owners must establish how much time and money to invest in CSI projects in order to benefit from CSI.
How can small business benefit from CSI?
Better brand recognition
-A small business should value its brand recognition and CSI implemented effectively can achieve just this.
Increased customer loyalty
-Customers are more likely to trust a business that gives back in some form.
Possible better financial performance
-With more customer trust, this may lead to more services or products provided by the business, which may lead to increased revenue.
Investors are more likely to back a reputable business
-Investors will trust a firm with a reliable reputation
CSI can be efficient when supporting marketing tools
-Small businesses will want to marry their CSI initiatives with their marketing strategies. When done effectively, this can be quite beneficial.