As a financial professional, finding ways to connect with your clients on a deeper level is a critical part of growing your business. In a sea of competition, that can often mean finding new and innovative ways to stand out from the crowd.
One approach that financial professionals may consider is the idea of creating a corporate social responsibility (CSR) program. While at first blush, a CSR program looks like a focus on charity, it’s actually a commitment to philanthropy, ethics and community that can – and should – be integrated into your overall business strategy.
A study by U.S. Trust Bank found that 69% of high-net-worth millennials place greater value in putting their money toward companies that show a high level of corporate social responsibility, and of the world’s 250 largest companies, 93% produced a CSR report as of 2017.
But CSR programs aren’t just for large companies. For your business, developing a CSR program is a way for you to show your clients and community the causes you care about and your commitment to them. While giving back is always a good thing, a well-developed CSR program can have positive impacts on your business, too.
Here’s what you need to know about getting a CSR program up and running.
How a CSR program can help your business
In addition to the benefits to others, developing a CSR program can impact your business, as well.
Improve your brand — A primary benefit is that a CSR program can help improve the perception of your overall brand. Social responsibility helps highlight your business’s values and where you stand on issues close to your heart and community. That can attract a lot of goodwill and positive attention. It can also help you really stand out in your community and be an important role model for other local businesses.
Build a great work place — Highlighting your CSR program is also a great way to attract top talent, which can help if you’re managing a team of financial professionals. Knowing you work with a team that cares about social good and shares your values can make for a positive and productive work environment to help grow your business.
Attract potential clients — A CSR program can also help potential clients notice you. Today, people increasingly care about values and social good. For many consumers, especially millennials, that includes the companies they choose to associate with over the long term.These decisions impact everything from where they shop to how they invest – so demonstrating yourself as a financial professional who shares your clients’ values can turn into a significant competitive advantage for your business. Your shared passions and interests are also a great starting point for clients who want to include more socially responsible investments or philanthropy in their portfolios.
Developing a CSR program
There are a few simple steps you can take to start developing a CSR program.
Understand your values — You can probably list some of the things that are important to you and your business, but try to formalize, perhaps by listing a mission statement on your website. Having a clear understanding of your business values can go a long way in helping you build a CSR strategy around them.
Tie in your passions — From there, see where you can tie in causes you’re passionate about with your values. An essential characteristic of any successful CSR program is authenticity. It’s also a great way to try to connect with potential clients and your community on a deeper level. If they can see the causes you care about are close to your heart, that will shine through and set you apart.
Learn the process — It’s also important to educate yourself on the process. Rather than just say you have a CSR program, create a formalized action plan. That means creating program goals and tracking progress along the way. Keep tabs on your investment in your CSR program and the results you see with the program over time.
Promote your program — Finally, don’t forget to promote your good deeds in appropriate ways. Highlight your CSR program on your website, in your newsletter and feature it on your social media channels.
Sharing a bit about your passion behind the program is an effective way to become a storyteller for your business. It can also help you relate with your clients on a new level.
Creating a CSR program is just one way to help grow your business. Learn more about some additional goals you can set to keep moving forward.
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