One such social business is Colours of a Kind, an NPC (non-profit company) that provides an opportunity for women from disadvantaged communities to learn the skills needed to work in sustainable merchandising, with a goal to:
- boost employment opportunities
- encourage entrepreneurship, and
- promote financial independence.
Corporate social responsibility is not only a duty of brands and businesses, but an opportunity for companies to:
- make a positive impact on society
- earn the trust of their customers, and
- build a sustainable future.
While the benefits for recipients of CSR initiatives are undisputed, there are a multitude of benefits for corporates looking to invest financially, physically, or mentally into social businesses:
Financial benefits
By supporting registered NPCs and certified PBOs (Public Benefit Organisation) through investment or donations, corporates can benefit from 18A tax-deductible receipts for SARS up to a maximum of 10% of taxable income.
In addition, and through the different elements of B-BBEE, companies are encouraged to play their part in the upliftment of black communities by working with Small, Medium and Micro Enterprises (SMMEs) and Non-Profit Organisations (NPOs).
Reputational benefits
CSR initiatives can help businesses build a positive reputation in their industry and with their customers, leading to increased brand loyalty and customer satisfaction. By demonstrating a commitment to social and environmental issues, businesses can earn the trust and respect of their customers, who are increasingly looking for companies that align with their values.
Furthermore, by investing in NPCs and PBOs corporates are able to build a reputation as a responsible business, which can (in turn) lead to a competitive advantage. Companies often favour suppliers who have responsible policies since this can reflect on how their customers see them.
Community upliftment
Employees are often more engaged and motivated when they feel that their work is making a positive impact on society. By driving community upliftment through CSR initiatives, businesses can uplift and empower previously disadvantaged communities.
From contributing to positive social change to building brand reputation and engaging employees, investing in social businesses can be a win-win for both companies and the communities they serve.
For more information, visit www.coloursofakind.org. You can also follow Colours of a Kind on Facebook or on Twitter.
Corporate CSR strategies Benfits of corporate CSR strategies CSR Impact investing for corporate CSR strategies CSR strates SA CSR CSR initiatives Colours of a Kind
Credit:Source link
