Social Responsibility Boosts Business

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    Ninety-two per cent of small business owners (SBOs) feel a sense of responsibility to give back to their community, says the American Express ‘Small Business Monitor.’ More than a sense of accountability, many consider it a unique privilege to contribute to the community, with 86 per cent of SBOs admitting it is one of the rewards of being a small business owner. In fact, 87 per cent admit that even if they don’t see financial gain, it is worth it for them to help create a healthy, thriving community. Social responsibility appears to have become increasingly top of mind for Canadian consumers and business owners have taken notice. Over one third (34 per cent) of small business owners report that being socially responsible helps attract and retain a loyal client base. Perhaps more importantly, 69 per cent of small business owners say one of the benefits of social responsibility is that it creates repeat customers and employee retention. The Monitor shows that one-fifth (20 per cent) of SBOs have experienced growth in their business over the last five years as a result of being socially responsible and the majority (65 per cent) say it’s a result of their involvement with their local communities. Over three-quarters, (77 per cent) of SBOs confirm that being socially responsible attracts like-minded employees.