Why Startup Companies Should Embrace CSR?

Building a successful business and focusing on monetization is not enough for a business nowadays, especially a startup. Yes, being socially responsible has now become increasingly important for companies over the last few years. Be it helping the community or empowering women; many companies in Myanmar are integrating CSR Myanmar into their overall business strategy.

As a startup company, implementing ethical practices into core business processes is critical for standing out from the competition. Of course, implementing CSR strategy into your business is not going to solve the world’s problem. But, it is an excellent way for startups to gain benefits for themselves as well as help society. Here are a few reasons why startup companies should embrace CSR.

1.Reach a greater audience

Did you know about 55% of customers are willing to pay for products from companies that are socially responsible? With consumers flocking to brands that are associated with good causes, implementing CSR strategies in Myanmar by partnering with a company involved in Sustainability Consultancy Myanmar is more important than ever. Focusing on CSR early can help your startup develop a positive reputation. CSR provides your startup with the media coverage it needs.

2.Save money

One of the easiest ways for a startup to engage in sustainability is to use it as a way to reduce costs. Be it less packaging or less energy, these savings add up quickly. Many companies are finding ways to reduce their energy savings by 20% and have saved thousands of dollars.

3.Build a positive brand

Building a positive brand is one of the significant reasons why many businesses embraced CSR in Myanmar. Positive branding through CSR can help you stand out from the crowd and differentiate your company from other brands. Millennials are particularly responsible customers, and about 73% of them are eager to spend more on products that are aligned to their beliefs. Hence, your commitment to CSR will help you increase your sales, create a positive image, and reach your economic goals.

4.Boost employee morale

Keeping an employee for a long period can be challenging for a startup. Everybody wants to do something great and working for a company that stands out by developing the community can add an extra sense of purpose to employees. Prioritizing CSR can help attract new hires and retain employees.

The green agenda, sustainable lifestyles, and environmental responsibility are not just green-washing. Regardless of your social passion, integrating environmental and social considerations into your business can help make the world a better place.

The author works in a reputed Sustainability Consultancy in Myanmar. Through the application of grievance mechanism Myanmar, shared value, reporting, and more, his team of expert consultants provide a wide range of services that help to bridge the gap between the clients and their stakeholders. Visit https://conyatcreate.com for more details.

Conyat Create partners to meet the diverse needs of organisations, communities and individuals in search of environmental and social solutions within Myanmar’s unique and ever-changing context.