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7 reasons for any business to become socially responsible

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5. Tap into the power of social media

The speed, reach and power of social media networks means that it takes just one person to notice the good work a company does and to be sufficiently impressed to post a link, tweet a photo, or update a blog, and within hours the story can have reached millions of people right across the globe.

According to the Reputation Institute’s 2011 “Pulse Survey,” CSR is responsible for more than 40 per cent of a company’s reputation, and the speed of digital media means that is more important than ever before.

6. Give consumers what they want

There is now an overwhelming body of evidence to suggest that consumers are interested in more than just whether or not you have the best products at the lowest prices. To give just one example of these statistics, the Cone Communications 2013 Annual Social Responsibility Study revealed that 93 per cent of people want to see more of the products and services they use support worthy social/environmental issues.

It also revealed that 31 per cent of global consumers believe businesses should change the way they operate to align with social and environment needs and 90 per cent of them want companies to go beyond the minimum standards required by law to operate responsibly and address issues.

The implication is clear: behaving ethical can help a business boost sales and profits. This is not only the case with consumer-facing companies. Those that sell to businesses increasingly need to demonstrate that they act to prospect the environment, to protect their employees, and to contribute to society.

7. It is morally the right thing to do

Finally, and perhaps most importantly, social responsibility is simply the right thing to do. We work hard to earn money, but we also know we are an integral part of our local community and so it is only right that we give back to it what we can.

Ivan Ivanov is COO of 60K.

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