How to Grow Your Business – Top Tip # 5 – Is this really to make money or to do the good?

Posted by Bennie Groenewald on 20 March 2018.

Bennie Groenewald

LLM Tax Law, B.Proc, HDip Tax

The Tax Shop Head Office

More about Bennie Groenewald

After having qualified and practiced as a Commercial lawyer Bennie worked in the Banking and Financial services industry for 25 years across multiple market segments in South Africa, Sub-Saharan Africa and the UK, the last 14 years of which in senior and executive leadership positions. During this time, he dealt extensively with cross-border banking and finance including project finance, asset finance, debt capital markets and derivatives, including the legal aspects thereof. In recent years, Bennie has played an active leading role in investment, credit and risk management as well as sound corporate governance.
Supporting the duty of care, renders big benefits for any business. Just as we choose to associate with good people in our lives, customers like to associate with good companies.
Today, businesses should balance profit-making activities with activities that benefit staff as well as society, as it demonstrates to consumers, staff and the media that the business takes an interest in wider social issues.
Social responsibility has become a measurement by which businesses are judged. A business’s environmental footprint, its charitable track record, and its treatment of employees all factor into how consumers and stakeholders, perceive it and serves as a benchmark indicative of a business’s longevity and success.  It is widely accepted that good corporate citizenship can stimulate brand awareness and stimulate customer and employee loyalty. The following are some of the benefits:
  1. Creates awareness and improves public image with better brand recognition.
  2. Boosts employee engagement and establish a positive workplace environment.
  3. Paves the way to attract talent and retain staff.
  4. Enhances the probability of creating solid strategic alliances.
  5. Build a positive business reputation in society.
  6. Boosts customer loyalty.
Impress your customers with your actions, not just your words and know that the most successful leaders and businesses are those who are the most socially responsible.
A good reputation is a key element for a sustainable business, so treat all your stakeholders with respect and appreciation. There’s an appropriate saying that goes, “Don’t talk the talk unless you can walk the walk.”
Be humble and in short, put up or shut up.