Corporate Social Responsibility Strategies with Mia Mahaney

 

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Summary:

What does Corporate Social Responsibility (CSR) mean?

Why does it matter?

When you think about any large corporation, chances are they have incorporated some type of CSR strategy - now of course, some of those companies are better at implementing

What it looks like on a smaller-scale

5 steps to begin building a CSR strategy for your business

To sum it all up:

  • Why does it matter? Why is it good for companies?
  • And, to begin building a CSR strategy you need to:

What does Corporate Social Responsibility (CSR) mean?

  • Corporate Social Responsibility (CSR) refers to the ways in which businesses give back to the community.
  • It is a type of voluntary self-regulation that promotes the company’s ethics and values while furthering social good. 

Why does it matter?

  • Studies show that CSR is not only good for workplace culture, employee performance, engagement, and retention, but also, that nearly 80% of Americans are more loyal to purpose-driven brands.
    • BUT The thing is, CSR isn’t the same thing as philanthropy. Strategic CSR benefits the company in many ways
      • Strengthened corporate and brand reputations
      • Enhanced trust with key stakeholders - customers, employees, regulatory agencies, suppliers, and investors
      • Increased revenues
  • This means that strategic CSR is good for a business’ bottom line.


When you think about any large corporation, chances are they have incorporated some type of CSR strategy - now of course, some of those companies are better at implementing

Examples

  • Walmart Community Grant Program $250 - $5000
  • I’m from the Midwest, so we have Meijer here which also supports their local community through donation requests and volunteering
  • Target - volunteer matching
  • Capital One - company sponsored foundation that supports programs designed to promote education

What it looks like on a smaller-scale

On a smaller scale companies that implement CSR strategies include

  • the locally owned restaurants that give gift cards to support local causes
  • Small businesses that give sponsorships in support of local events
    • For example, there’s a Young Professionals networking group in my city that hosts different events. These events are sponsored by local businesses who donate the food, the venue, or even a speaker or expert in a particular field 

How do you begin building a CSR strategy for your business? 

  • Begin by realizing that there’s a difference between personal charitable contributions and  corporate engagement.
      1. The difference is the goal.
      2. When you contribute to your community for personal reasons, you do it with the goal of feeliing charitable, but just like any other business decision →  when you engage your business in charitable contributions, your goal needs ot be your bottom line.
      3. For example:
        1. In my city, a lot of small shops give donations. As a parent who goes door-to-door soliciting for athletic clubs, school PTO, this is great.
        2. But for businesses that don’t have a clear strategy, it doesn’t help them. 
  • Determine your business’ values. 
      1. Some of these may jump out immediately, others may take a bit longer
        1. An example could be a homemade greeting card company who values environmental sustainability
    1. Determine your business’ goals
      1. While everyone wants to make more money, get more clients, or sell more products, remember, that the goals of a CSR strategy fall under marketing goals and your return on your investment will be measured in that way.
        1. For example,
          1. Do you want to reach a new audience?
          2. Are you trying to increase your social media engagement?
  • Determine your business’ capacity 
      1. Are you looking to contribute time or money or both?
      2. How much time or money arey ou willing to commit?
      3. To figure this out you need to determien what makes the most sense based on your goals.
  • Begin your search for opportunities in the marketplace that align 
    1. Research is KEY to determining the causes and organizations to give to and align those causes with your business


To sum it all up:  

Why does it matter? Why is it good for companies?

  • Cone Communications released a study with data showing that:
  • nearly 9 in 10 consumers would switch brands to one associated with a cause
  • 87% of Americans will purchase a product because a company advocated for an issue they cared about
  • 70% of consumers will spend more on brands that support causes

And, to begin building a CSR strategy you need to:

  1. Begin by realizing that there’s a difference between personal charitable contributions and  corporate engagement.
  2. Determine your business’ values.
  3. Determine your business’ goals
  4. Determine your business’ capacity
  5. Begin your search for opportunities in the marketplace that align

 

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About our guest -

Mia Mahaney is the founder of West Michigan Consulting Services, Mia is a cause-driven individual. She believes that nonprofits and businesses have the power to solve the world’s most challenging problems and is committed to helping them increase their impact. She’s an advocate, a volunteer, and a mother, dedicated to raising a caring and socially conscious son who sees the world through a lens of possibility and opportunity.

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