ATLANTA, GA / ACCESSWIRE / April 16, 2021 / In today's world, it is not enough to have a great product. Over the past decade, consumers have become heavily invested in the social responsibility of the brands that they follow and purchase from.
"People care about your product, but that is only a fraction of the consumer-brand relationship," says Deepak Agarwal. "To develop a more meaningful connection with your customers, you need to nurture an emotional connection to your brand, and you need to do it genuinely. Actions speak louder than words."
Deepak "Dee" Agarwal, long-time entrepreneur and multi-national c-suite executive, has demonstrated a commitment to ethical practices and philanthropic causes throughout his career. "I came into the business world with unwavering values," notes Dee Agarwal. "Regardless of the bottom line, I knew there were several core values and convictions on which I would not falter or compromise. This has made me successful in all of the ways that truly count."
Below are Dee Agarwal's recommendations for leading a socially responsible business in 2021.
Sustainable Business Practices
"Many companies are eager to cut costs to increase profit, and this often lends itself to a harmful or wasteful business model," says Dee Agarwal. "Positive impact sometimes requires sacrifices, but it is worth it to know that your business is contributing to a more sustainable world."
For example, when Dee Agarwal was CEO of popular online retailer NoMoreRack.com, PETA exposed the practice of dog slaughter for the production of leather gloves in China. Upon learning this, Dee Agarwal immediately ended the sale of all animal-derived products via NoMoreRack.com. "Once we learned what was going on, the decision was easy," says Dee Agarwal, "You must care more about your impact on the world around you than you care about lining your pockets."
Revisit your Mission Statement
Sustainable businesses define their values in the company's mission statement. How does the company contribute to broader society besides fulfilling a consumer need or desire?
"So you are a great brand creating a high-quality product-- what else? What do you do with your platform? How do you give back? How is your brand making a lasting difference, and how do you encourage your employees to participate in this aspect of your business?" posits Dee Agarwal. "This should be outlined at mission level and engrained in all of your actions and operations."
Patagonia is a great example of a company that makes its values core to its mission statement: "Our Reason for Being: Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis."
A mission like this is not only inspiring to customers and employees but also provides a framework for business decision-making.
Educate your Team
If you want to create a culture of social responsibility at your company, you have to lead by example. Leading a socially responsible company requires instilling these important values in the people that run the business - your employees. As the founder of a company, it's important to remember that your employees are your brand. If you want your company to be a voice for positive change in the world, it's up to you to educate your team on social responsibility and make sure they follow through.
"As a business leader, you have a responsibility to educate your team on the importance of social responsibility and provide actionable ways for them to further enhance this quality in the culture of your company," says Dee Agarwal. "If you want your employees to support a cause and act in a socially responsible manner, then you need to create an atmosphere that encourages them to do so."
Encourage Volunteering
As a business leader, you probably know that establishing a culture of giving back is one of the keys to success. Put your money where your mouth is. If you tout the importance of giving, offer employees the opportunity to take a day out of the year to donate their time to a cause that is important to them. Hold company volunteer events where your team can spend the day giving back to an important cause or bettering the community.
Sharing these opportunities via your company's website and social media channels can help attract employees who care about philanthropy and will enhance that aspect of your company culture.
Ethical Labor Practices
Ethics in e-commerce can be a sticky issue, but it doesn't have to be. As an ethical entrepreneur, you want your customers to know they can trust your brand - and that begins with knowing where the products in your store come from. For most companies, the work that goes into creating their products is often overlooked. But in today's global economy, ethical labor practices are not only a moral imperative - they are a business necessity.
"It is easy to turn a blind eye to something that isn't immediately obvious to you," notes Dee Agarwal. "But if you look closely, you will see that your business operations may be perpetuating unhealthy and unethical working conditions."
Partner with a Philanthropy
If you're a business executive, you may be automatically inclined to think in terms of revenue and profitability first - but are you overlooking the obvious ways that your business can make a real difference? Many corporations and startups are unaware of the many benefits that partnering with a philanthropic organization can bring.
"Sustaining a long-term partnership with a positive cause instills a sense of purpose in your team," says Deepak Agarwal, who has spent years partnering with organizations fighting world hunger, such as Vitamin Angels and World Vision. "These meaningful partnerships can not only benefit your corporate culture but also do good for the world."
The world is becoming a more conscious place. Consumers are demanding businesses behave in an ethical, sustainable manner, and employees are looking for companies that care about their communities, the environment, and other social issues. For more from Dee Agarwal on socially responsible business practices, read Deepak "Dee" Agarwal Reflects on the Top Three Trends for Today's Ethical Consumerism.
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SOURCE: Deepak Agarwal
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