Small business owners have many tasks to juggle. In the phone repair industry, they simultaneously market their company, manage their employees and handle the financials to ensure smooth operations. And when juggling these tasks, they often overlook a crucial part of owning a business that can impact all three: social responsibility.
Admittedly, social responsibility is an easy concept to overlook. It doesn’t directly improve business performance, nor does it positively impact the bottom line. But it’s nonetheless absolutely important for the long-term success of the business. That’s why engaging in social responsibility is today’s small business advice from Sourcely.
Social Responsibility Matters for Consumers
As a small business, you’re ingrained in your community. Locals will see your storefront on their way to work, and hear others talk about their experience with you. As a result, positive involvement in your community can go a long way toward becoming a socially accepted company.
55 percent of global consumers are more likely to do business with a company that’s involved in the community, while 80 percent of consumers would switch to a brand simply based on their involvement in a cause. Social responsibility matters to your consumers, which is why it should matter to you and your repair business.
Social Responsibility Matters for Employees
But its benefits don’t end with consumers. If you want to attract the best employees to work for your company, whether they’re repairing phones or selling those phones to customers. No less than 77 percent of American employees make their decision on whether to start working for a company at least in part based on whether that company engages in social responsibility.
And once they’re with you, they’ll stay: 79 percent of employees feel a stronger sense of loyalty to their employer if that company engages in social responsibility practices. As a small business owner, you know how important the right employees are for the success of your business. By engaging in social responsibility, you’re taking an extra step to ensure the best people in the business want to work for you.
In short, social responsibility may not pay immediate dividends for your company. But its impact on your potential customers and your employees ensures that you’re set up for long term success. So next time there’s a local fundraiser, consider participating. Think about dedicating a day to plant trees in your neighborhood, or sponsor a high school basketball game. It will pay off in the long run. Contact us for more small business tips!