Business

The power of corporate social responsibility to a business

A good business is that which gives back to society. Businesses that give back something to those who contribute to their well-being in terms of consuming their products and services have a history living to serve generations.

Giving back to society through corporate social responsibility is not a must. A business can choose to give or not to give. Wise businesses choose to give and those that do have never been disappointed. When a business gives back to society, it means it cares, it is genuine and ready to gain the trust of both existing and new customers.

Consumers around the world want to do business with a company they can trust. Trust is now the invisible currency that every business must have to survive. Remember, people don’t buy products and services, they buy trust.

Trust is like a glass. Once broken, it can never be recovered. Even if it does and the broken pieces put together, cracks will still show. Companies that have cultured the wheels of trust know and understand a business should be.

It is common for a business to have a variety of external activities in place, the majority of the non-profit to show that even if it is not a must, but they have the responsibility of giving back to the community.

 “In order to remain competitive in today’s market, one of the activities that businesses must practice is corporate social responsibility,” said LG East Africa Managing Director, Janghoon Chung whose company has had a history of having various social responsibility projects in place.

Businesses that don’t practice corporate social responsibility will most likely be unable to attract or retain top talent, continue to experience decreased sales, and risk going viral for all the wrong reasons on social media leading to a damaged reputation.

A corporate social responsibility activity doesn’t always have to involve money. It might include something like taking part in a tree planting exercise, participating in the cleaning of a city or being part of a sponsorship of an event that directly affects the community.

“In Kenya, LG continues to be a supporter of the Kikuyu Hospital’s Orthopedic Rehabilitation Unit for the 13th year running.  Through our support of the unit, the hospital has been able to acquire prosthetics, pay medical bills for incapable patients as well as generate awareness on the plight of persons with physical impairments,” said  Mr. Chung.

One way that LG has managed to remain the market leader and winning the trust of many is through always looking to generate a positive idea of their products in the minds of their consumers.

“As such, the company regularly supports events that it feels can influence consumer opinions and bring a positive change in their lives,” added Mr. Chung.

Categories: Business, CSR

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