Fiscal Benefits of Being Socially Responsible
Contrary to belief, being socially responsible does not require a business to be fiscally irresponsible. According to the Penn Schoen Berland Corporate Social Responsibility Branding Survey conducted in 2010, 70% of consumers would be willing to pay more for products from a socially responsible company. For a business, this means increased revenues simply for being socially responsible. According to Ron Robins, founder and analyst for Investing for the Soul, there is a correlation between CSR and corporate financial performance.
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While it is one thing to be socially responsible, making sure customers know a business is socially responsible is almost as important. According to the Penn Schoen Berland survey, 75% of customers who read about a company's social responsibility efforts on its website are more likely to purchase their product or service.
Being socially responsible is a good choice for businesses everywhere. It not only helps society and the environment, but can also help businesses be more profitable.
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