Corporate social responsibility

27.09.2010г.

Cook Communications

A large number of Bulgarian companies remain somewhat indifferent to their responsibilities beyond the task of generating business and making a profit. That is a shame. Because being a good neighbour and trying to do the right thing, in other words Corporate Social Responsibility (CSR), is good for business and good for the bottom line. It is also good for a company’s public relations. CSR does not mean that companies have a duty to address social problems. That is the duty of government. Rather, CSR simply means that a business behaves responsibly towards all its stakeholders, among them the community in which a company operates. This is not to imply that the interests of owners and shareholders are relegated. On the contrary, shareholder interests are served by responsible behaviour. Good CSR can provide a competitive advantage, and so help companies access finance, catch the eye of potential investors, attract and recruit talent, acquire and retain customers and clients. This in turn enhances a company’s profile and reputation, increases trust and differentiates it from its competitors. Which is why CSR can be a powerfully effective PR instrument. CSR is becoming more widespread in Bulgaria, yet at the same time it is clear that managers are still finding their way in implementing CSR in practice. A few years ago, CSR in Bulgaria was usually a one-off event or activity. Company managers would often associate CSR with a single charitable donation, word of which was usually spread to the media by their PR flacks or spokespeople. However, isolated activities do not lead to lasting improvements for people, and therefore have no substantial effect in improving the long-term reputation or image of a business. So what is needed to start building a sustainable CSR practice? First of all owners and managers need to understand that good CSR – behaving properly, fairly and kindly to those around you – is actually profitable and good for business. Or as management guru Tom Peters recently put it on the pages of the Financial Times: "KRP: Kindness = Repeat business = Profit." Once you have grasped this, you will start looking at your staff, your customers, your suppliers, your neighbourhood and your environment, and you will begin to figure out how your company can do what it does every day of the week more responsibly, more cleanly, less wastefully, more safely. Then get a little help from your PR professionals. A good PR consultant would be able to help a company identify a cause or theme that is directly related to the services or goods it produces, and which can be developed for the benefit of the business and its stakeholders. Once you have your CSR policy in place and working, your PR people should start communicating it to your audiences, both inside and outside the company. If you have a good story to tell, tell it. Employees will be happy to know that they work in a socially responsible company. You’ll engender trust among your customers, your business partners and your suppliers. All this will inevitably enhance your commercial opportunities. Remember: KRP. The article was published in Sofia Echo Newspaper abd news website on 17 September 2010. Miroslava Kostadinova is country manager (Bulgaria) at Cook Communications Tel: 02/ 980 7185 www.cook-comm.com

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