Daily business pressures are preventing business owners from fulfilling their good intentions when it comes to corporate social responsibility (CSR), new research suggests.
Over a third (36%) of owners and managers believe practising good CSR would benefit their firms in terms of attracting new business, retaining customers and reducing operational costs, research by business finance company Bibby Financial Services found.
However, 49% said they were too busy to implement CSR policies within their business, and 47% said they were under pressure coping with red tape and business regulation.
On a more positive note, 38% of small and medium-sized business owners have managed to put CSR policies in place to reduce their companies’ environmental impact. These include monitoring and reducing their carbon footprint and only putting money into ethical investments.
David Robertson, chief executive of Bibby Financial Services, said: “CSR is the current hot topic of the business world and it’s getting rare to read a newspaper or switch on the television without coming across references to carbon footprint reduction or fair-trade goods.
“By demonstrating to employees, customers, suppliers and prospects that they are serious about CSR, business owners and managers will not only attract new business, but become examples of good practice and help prevent the introduction of even more costly and complicated legislation in the long run.”
© Crimson Business Ltd. 2007
