With 2014 behind us and a bright new year ahead, it's a great time to review the past 12 months and consider how to start 2015 on a strong foot. Your enterprise's New Year's resolutions could include anything from implementing small business accounting software to boosting cash flow. Have you thought about corporate social responsibility (CSR)?
CSR refers to the way organisations contribute positively to their surrounding communities, including the interests of their employees, the environment and society as a whole. It could involve charitable giving, commitments to eco-friendly practices and more. It's been an increasingly important movement in New Zealand, Australia and other countries over the last few years, with the Manpower Group remarking on the trend as a social movement and business tool in 2009.
Beyond the positive effect CSR can have on the wider community, it also has great potential as a business strategy. In fact, the Manpower study found that social responsibility and sustainability efforts could help improve a company's efficiency, making these principles a smart practice even during tough times. Perhaps it's no surprise, then, that the Australia Business Review highlighted CRS as one of the top trends of 2014 for small enterprises.
What makes CSR a business tool? For starters, many consumers are increasingly interested in companies' track records when it comes to social and environmental responsibility. A 2013 Nielsen study found that about half (50 per cent) of respondents would pay more for goods and services from organisations that made this type of commitment. Additionally, the next generation of job candidates are looking for employment opportunities they can feel passionate about and respect, according to Net Impact.
Therefore, considering ways to bring CSR to the forefront of your enterprise could be a great way to do good and enjoy positive business outcomes in the coming year. To track the impact of efforts like this and keep an eye on those other resolutions, such as cash flow, you can also turn to reporting resources in CashManager by Accomplish.