Socially Responsible Franchises
With consumers, especially Millennials and Generation Z becoming more socially and environmentally conscious, brands have no choice but to join forces and share that responsibility. According to a Nielsen poll in 2018, 85% of Millennials and 80% of Gen Z rank the environment at the top of their list when deciding which companies they will engage with.
As a brand with a solid reputation, your business can change minds for better or worse. The impact that a brand has on its followers is not to be undermined or ignored. Many businesses have chosen to sit on the bench and ignore major issues dominating our lives. On the other hand, a lot of businesses have helped build a better society by taking a stand and becoming socially aware of current events.
So you’ve chosen to become a franchise owner. Ask yourself how you can contribute to the good of society and how your franchise can play a part in making social change. To do that, you’ll need to choose a franchise that you’re passionate about and that is right for you. After picking the right industry, you can now become socially aware in your day-to-day business activities.
So how can your franchise be a socially responsible company? It has to operate on a business model that focuses on social change, sharing its success with the local and global community. Your franchise should aim to use its resources for a cause and not just for increasing revenue.
Let’s dive into some socially responsible franchise examples and discuss how your franchise can positively impact your society.
Corporate Social Responsibility
What is corporate social responsibility or CSR? It is the idea that a business has a responsibility to the society that exists around it, according to the online course Sustainable Business Strategy.
There are 4 types of CSR:
- Environmental Responsibility
- Ethical Responsibility
- Philanthropic Responsibility
- Economic Responsibility
What makes a Company Socially Responsible
So how can your franchise become socially responsible? There are many steps your business can take.
• Encourage diversity: Your franchise should be committed to equality and should aim to hire employees from diverse backgrounds and cultures.
• Improve career paths: Your franchise should have a people-first mindset. Your employee shouldn’t be looked at as a cost, but an investment.
• Offer student loan programs: Offer your employees help with their student loans as a way of motivating them to stick with your company.
• Improve employee compensation package: Your franchise is only as strong as your team. Motivate your best employees by rewarding them with bonuses, or improving their base pay or benefits.
• Promote socially conscious posts on your social channels: Take part in the social trends and engage with your consumers by taking a stand when social issues arise. (For example, businesses supported the BLM movement by posting a black square on their social media)
When running your business, you should always keep the 4 corporate social responsibilities in mind. Make sure you share those values with current and future employees. And as you’re building partnerships with other businesses, make sure they’re on the same page when it comes to being socially conscious. In addition to that, be cautious on social media and avoid posting content that could be considered offensive or ignorant.
How to maintain CSR
As the days go by, new social issues arise and as a business, you should be keeping up with the latest social news. Be sure to stay on top of any social responsibility and don’t be afraid to give your franchise a voice.
By clearly defining your business goals, and with the power of social media, you can involve your customers with your cause. For example, you can seek their assistance by asking them to stop by your business and purchase a cup of coffee, from which any proceeds will be donated to a non-profit of your choice.
Socially Responsible Franchises
Here are some of the top socially responsible franchises:
• American Family Care: Make a difference in people’s lives with American Family Care, one of the largest urgent care centers in the U.S, providing exceptional medical care.
• Conserva Irrigation: Founded on the principles of water conservation, Conserva Irrigation delivers professional, innovative, and environmentally responsible irrigation services.
• Solar Grids: Solar energy isn’t just any type of energy, it’s the fastest-growing source of electricity. Not to mention, solar energy reduces our air pollution and our dependence on non-renewable energy sources.
• Mathnasium Learning Centers: Improve the lives of children and your quality of life by owning a tutoring business such as Mathnasium Learning Center.
There are many ways your franchise can become socially responsible. It is important for you as a business owner to know the impact of a strong and reputable company. With today’s world being so connected with social media, it is very easy for companies to engage with their consumers and involve them in their social causes.
Start by defining your goal and then build a solid business plan that involves paving great career opportunities for your employees, building a diverse and successful team, and taking a stand against social injustice by using your voice on your social media channels.
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