The definition of a business is: an organization that provides products that people need (or like) to make a profit.
According to the previous definition, it is the PROFIT, that is the main goal of a business.
But nowadays making a profit, as the main goal of a business, is not enough to thrive. Nowadays the customers are smarter, more knowledgeable, have more choices, have different values and carry out agendas. Nowadays customers would love to choose products that meet not only their needs, but also help to support causes they care about. For example, Customers nowadays care more about animals’ right, so they choose products that are not tested on animals. And the market allows them to choose because there are many products to choose from. Nowadays, customers are looking for a company that mirrors their own beliefs and prefer to give it their money, happily.
Such a change of the customers’ behaviors causes “traditional” companies to lose money, and would not be able to meet their needed financial goals.
Such companies need to reinvent themselves and do some changes to gain back their customers, or even to attract more customers. One of these changes is to adapt the social responsibility approach. Such adaptation doesn’t only appear on paper or their website.. It is actually a behavior, tasks that companies need to consider serious towards the communities and society they serve.
Social responsibility could be reflected in many ways, depending on the organization’s values. It could be sponsoring kids’ soccer team, if they encourage youth health and activities. For example, McDonald share their profit with kids’ camps, same as Tim Horton… So customers who buy coffee regularly might choose McDonald over any other store, knowing that some of their spent money is going to support kids’ camps, isn’t that a great thing? You drink coffee, eat a burger and help children go to camps at the same time.
What cause do you support, as a business owner? If you don’t.. It is the time to act and to act very fast….
In the following posts, I will explain how to choose your cause, and what are the other changes you need to make to thrive in today’s world.