Page 24 - The Costco Connection - October 2018

In addition to focusing on
the bottom line, being socially
responsible is a smart part
of a company’s strategy
for success.
FOR YOUR
BUSINESS

by RHONDA ABRAMS
S mall businesses have long been Social

the backbone of their communi-
ties. Small businesses support
local charities, Little League,
food drives, school fundraisers and studies
more. Most small-business owners don’t
have to be told to be charitable—they
already are. But being charitable is just
one part of the wave of interest and Being socially
increasing demand for businesses to responsible is a key
be socially responsible.
What does that term “social responsi- element of running
bility” mean? It means focusing on what’s © WK1003MIKE / SHUTTERSTOCK a small business
called the triple bottom line: people,
planet, profit. In addition to thinking of
how they’ll make money, a socially
responsible business owner also consid-
ers how their company contributes to on how to start and grow a business, and
people (the well-being of the employees, one thing we do is donate them to prison-
community, vendors) and the planet ers, who often have a hard time getting
(environment, climate change, waste, employed after their release.
animals, etc.). Being a socially responsible business COOPER NAITOVE
This isn’t just some sort of do-gooder brings many benefits, including:
attitude. Today, small businesses face A stronger team. A sense of purpose
fierce increased competition, often from beyond the bottom line helps develop
companies offering lower prices or more cohesiveness and commitment among
convenience. So it’s critical for their sur- employees and management.
vival to develop a passionate customer A positive corporate image. Having Rhonda Abrams
base. Moreover, employees want to feel a strong socially responsible ethic helps (planningshop.com) is
good about the work they do and the foster positive feelings about your com- the author of Entrepre-
company they work for. One way to dis- pany in the community and for potential neurship: A Real-World
tinguish yourself is by being committed customers, employees and others. Approach, now in its
second edition, and
to a social purpose your customers and Visibility. Community activities can be other books for small-
employees relate to. a particularly effective way for small, new business owners.
To begin, you might consider causes companies to increase visibility in their
related to the core of your business. If, for community and industry.
example, you sell outdoor recreation A recruitment tool. Social respon-
equipment, you might support programs sibility can help your company attract
sustaining wild and scenic recreation employees. Job applicants often seek out
areas. In my business, we publish books companies whose values and social com-
mitment they respect.

Social steps
that cause. well as contribute to your
• Create an inclusive • Think and work sus- community is to have your
workplace with fair pay. tainably. Look for ways your employees volunteer—on
• Donate a portion of business can reduce waste, paid company time—for a
profi ts. Choose an organiza- consume less energy and good cause.
tion and make it clear a small lower its carbon footprint. • Donate products or
percentage of your pre- or • Donate time. A good services to causes you
post-profi t sales will go to way to build team morale as believe in.—RA

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