Member Article

Why Social Value is Essential for Today’s Business Success

Today, more than ever before, expectations of businesses are changing. Consumers increasingly strive to choose brands which embrace positive social and environmental values. People wish to interact and work with companies that not only focus on profit but also deliver values to employees, the community, as well as the planet.

What is social value?

Social value can come in many forms from living next door to a community park to aiming for a more sustainable environment. When it comes to businesses, social value is not always down to market prices. The concept is measured from the perspective of those affected by an organisation’s work and their business ethics.

Using the basic principles of social value can help businesses enormously. They can identify risks and the opportunities provided within a framework to whether an organisation should actively manage social values. No matter how big or small your business is, it’s never too late to think about the social impact of your company.

Recent statistics have shown that from budding entrepreneurs to new start-ups, business owners who incorporate positive social and environmental values are more likely to be successful.

When and how to integrate social values into a company

It’s important in today’s competitive world for businesses to invest in social value projects. Make the move today to engage in a strong social mission and social values into your business, culture as well as brand. It won’t happen overnight but if done in a strategic way, can benefit the growth and success of your company.

When is the right time to think about business social impact? The answer is now. Whether your business is new or established, the sooner you act to meet the changing expectations of today’s consumers, the better. The principles of social values can help businesses identify how to contribute to those goals.

A concept of social values within business can also be used as part of the due diligence process for making an investment. This can range from a risk management approach to helping you check that an organisation seeking finance is making steps to manage the relevant social and environmental issues.

Involving social value in business decisions has a huge potential to help us change the way we understand the world around us. For business owners this can be helpful when deliberating where to invest resources. Executive Compass, has seen huge benefits to their business by including social values.

It’s time to make changes

The world of business is changing. Without moving with the times businesses that don’t make those changes face the loss of profits and growth. Business owners need to implement several kinds of strategies such as:-

• Marketing
• Brand development
• Sales
• Social values

If you want to help take your business to the next level, incorporating social value can help to positively your organisation.

This was posted in Bdaily's Members' News section by Mick Bunks .