{"id":13843,"date":"2017-02-27T11:12:28","date_gmt":"2017-02-27T16:12:28","guid":{"rendered":"https:\/\/www.mgb2b.com\/blog\/?p=13843"},"modified":"2017-03-11T16:08:08","modified_gmt":"2017-03-11T21:08:08","slug":"monday-myth-benefits-of-corporate-social-responsibility","status":"publish","type":"post","link":"https:\/\/www.mgb2b.com\/blog\/monday-myth-benefits-of-corporate-social-responsibility\/","title":{"rendered":"B2B Monday Myth: A Brand’s Social Involvement Is Unnecessary"},"content":{"rendered":"

\"benefits<\/a><\/h3>\n

The Myth:\u00a0A Brand’s Social Involvement Is Good But Unnecessary<\/strong><\/h3>\n

The Truth: When Done Well, Corporate Social Involvement Can Reap Many Benefits for Your Company<\/strong><\/h3>\n

In 1970, American economist, Milton Friedman<\/a>, made the bold claim that:<\/p>\n

\n

\u201cThere is one and only one social responsibility of business\u2013to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.\u201d<\/p>\n<\/blockquote>\n

He believed that attempts to achieve social goals would create market inefficiencies, distorting the free market system and ultimately creating social costs. While most businesses are now aware that social responsibility can at the very least boost their reputation, there are many that avoid social responsibility altogether. And contrary to Friedman’s thinking, it is avoidance that can cost you, not participation.<\/p>\n

Nearly 50 years after Friedman’s New York Times article, we know that social responsibility and economic goals<\/a> are not mutually exclusive. It is in the best interest of the company to balance them. That balance is\u00a0valued by stakeholders, employees, vendors, and most importantly \u2013 prospects.<\/p>\n

These Are the Benefits of Corporate Social Responsibility:<\/strong><\/h4>\n
    \n
  1. Bring in Stronger\u00a0Employees.<\/strong> Companies are respected for social efforts, which means\u00a0you can use it to increase\u00a0employee loyalty\u00a0and may even attract better talent<\/a>.<\/li>\n
  2. Increase Efficiency, Lower Costs.<\/strong> Sustainable business practices <\/a>can actually increase efficiency and lower costs over time.<\/li>\n
  3. Better Relationships with Public.<\/strong>\u00a0This includes not just an enhanced reputation, but improved relationships with suppliers and distributors\u00a0and goodwill in the eyes of public officials and\u00a0prospective customers and clients.<\/li>\n
  4. Increase Profits.<\/strong> Contrary to Friedman’s original claim, it is widely believed today that\u00a0corporate social involvement actually\u00a0increases profits<\/a>. Even if it doesn’t happen immediately, the benefits to the long-term financial health of the company are nearly indisputable.<\/li>\n<\/ol>\n

    Haven’t yet incorporated social responsibility into your business’s platform? We’ll discuss how you can\u00a0do that next week.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Myth:\u00a0A Brand’s Social Involvement Is Good But Unnecessary The Truth: When Done Well, Corporate Social Involvement Can Reap Many Benefits for Your Company In 1970, American economist, Milton Friedman, made the bold claim that: \u201cThere is one and only one social responsibility of business\u2013to use its resources and engage in activities designed to increase […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13843","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/posts\/13843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/comments?post=13843"}],"version-history":[{"count":16,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/posts\/13843\/revisions"}],"predecessor-version":[{"id":13932,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/posts\/13843\/revisions\/13932"}],"wp:attachment":[{"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/media?parent=13843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/categories?post=13843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mgb2b.com\/blog\/wp-json\/wp\/v2\/tags?post=13843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}