Corporate Social Investment (CSI) or Corporate Social Responsibility (CSR) in businesses such as marketing agencies can boost clientele base. Being both corporate and social conscious enhances corporate image and tax write-offs. These tax rebates can enable you to put more resources on other strategic issues. Most customers nowadays want to be associated with companies that are involved in CSI/CSR.
Social responsibility is good for a number of things:
1. Good for business, employee and society
Taking social responsibility seriously results in sustainable development and economic growth. It is important to consider CSI/CSR in your company. The benefits are two-fold. CSI/CSR can be good for business as well as the communities they serve. It also improves employee morale and stabilizes the social and economic environment your company operates under. If only marketing agencies could see CSI/CSR as part of their business strategy, more sustainable development could be delivered.
2. Good for business development
CSI/CSR is not a mere extension of your marketing or public relations activities. It has a development side that is bigger. CSI/CSR needs as much attention as any other business function in the company in order to be a real contributor to company growth. To adequately deliver social responsibility, companies need to look much more strategically at their CSI/CSR initiatives.
3. Good for corporate strategy
CSI/CSR should be seen as a business function on its own not as an extension of other business functions of a company and it should:
- align with company objectives and other investment opportunities
- be interactive with other business functions
- continuously review internal and external programs & funding initiatives
- define communication strategy for corporate stakeholders
- have its own board of professional management who oversee all CSI/CSR activities
- have functional autonomy and accountability to manage funds
- Have active participation and contribution of executive management
- ensure a logical fit of CSI/CSR corporate mission within the organization
4. Good for customer Involvement
Even when doing branding, it is always important to consider your clients. This goes a long way in creating brand loyalty and getting new clients through referrals. For example, campaign-asia an organization that promotes banding while involving people said, ” We like doing stuff that makes a difference. If brands did more and talked less, people would love them for it.” On their cover story captioned, ‘Not advertising but “story-doing” as a force for good’, They further stated, “We always bring our clients along for the whole ride. An often misunderstood species, they are experts on their brands, after all.”
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5. Good for reciprocal benefits
In America, SunPower, a solar energy company had this to say, “The reality is that no organization operates in isolation; there is interaction with employees, customers, suppliers and stakeholders. CSR is about managing these relationships to produce an overall positive impact on society, whilst making money.” This becomes reciprocal win-win situation whereby your company realizes good profits whilst maintaining a good reputation with the society as well.
In order to have a successful CSI/CSR execution, stakeholder reviews should be conducted on a regular basis both internally and externally. A good funds management system must also be put in place to ensure proper accountability and trackability of the use of funds.
To ensure that marketing agencies do not spend above their CSI/CSR budget, efficient budget control measures need to be put in place through an automated system. The selection criteria for a suitable purchasing system should ensure time and cost-saving.
Procurementexpress.com is a suitable PO system that enhances good budget control. It helps managers to decline or approve user requests. There’s a graphical view of each unique workflow routing, a centralized approval screen or console to enable all approvers to approve cost requests individually or in bulk. In addition, managers can get real-time notifications via email or alerts of user requests and approvals. This helps to avoid duplicate purchase orders.
It’s a user-friendly application which is adaptable to each user’s preferences and is an efficient 1-click approval system. It also provides tailored reports on fully customizable PDF.
Try it for free! Our 24-hour customer- success ninjas are waiting for you!