Some people feel very strongly that businesses have a moral responsibility to include some type of social impact initiatives with their business models. This can be beneficial to the business itself, in addition to the communities, they function in. A recent study discovered that customers are far more likely to patronize a business whose brand reflects values that matter to its customers. Here are some things you can do to incorporate social impact into your business.
Support Social Initiatives Financially
It’s not enough to simply state that your company supports social initiatives without also supporting those initiatives financially. In some cases, your social impact support doesn’t even have to be financial in nature, but might simply be a day where a number of employees volunteer to work for a charitable organization. By documenting this type of support in your annual newsletter or on the company’s website, you’ll be demonstrating to consumers that you really do care and that your company legitimately supports social initiatives.
Make Support Company-Wide
The support your company provides for social initiatives must be embraced by everyone in the company, rather than a few who take on the role and spearhead the initiative. Everyone in the company from top management on down must be truly invested in making a social impact and must disregard issues like ROI when investing time and effort into some type of social cause.
Choose a Cause that Aligns with Your Brand
When choosing a social initiative to support, it should be one that closely aligns with your brand and the values it espouses. Find ways to connect the initiative with your product, so that the two seem interchangeable, and so consumers will associate the social initiative with your company brand. There are bound to be a number of worthwhile initiatives that align well with your brand, and you should find one or two of these to support.
Need Funding to Incorporate Social Impact into Your Business?
If you feel strongly that your company should incorporate social impact into your business, it may require an amount of funding to pull that off. Contact us at Gulf to Atlantic Commercial Capital, so we can discuss some options for funding.