Business owners are primarily concerned with profitabililty.
So those companies which are somewhat profitable are content, but the majority know that they could and should do better.
Here’s something to reflect on :
Society and ultimately your customers are increasingly aware and concerned about environmental and social issues
Companies are nowadays expected to do more than just generate revenue and increase profits.
Over 40% of SME’s surveyed by GRTU stated that the biggest threat to their business is ‘other Maltese companies’.
So most business operators are threatened by the competition, however, when asked what their main investment over the previous months was, the majority indicated an ‘upgrade in the IT system’, and therefore, not surprisingly, over 40% answered NO when asked if their business was achieving its full potential; whilst another staggering 49.7 said that ‘given the rights tools, we can achieve more’.
Most businesses are not fulfilling their full potential, but they keep repeating the same mistakes.
This is where Corporate Social Responsibility (CSR) comes in. Unless businesses inject CSR into their core operations, they will continue struggling to survive in the market.
CSR is a tool through which a business can distinguish itself from the competition, attract more customers, increase sales and ultimately be more profitable. It entails the integration of environmental, social and governance (ESG) consideration into the business model. Businesses which don’t adapt will hit a major setback. However, those that are ready to integrate ESG into their strategy will be able to overcome this challenge.
This approach has helped companies of all sizes across the globe to distinguish themselves from their competitors and become leaders in their fields, and it has the potential to do the same for you.
Dr. Roberta Lepre
Managing Director & Lead Consultant
WEAVE CONSULTING – the ESG Specialists
For more information email info@weaveconsulting.eu or What’s App +35699835301
