Cost Effective CSR Initiatives For SME's
Corporate Social Responsibility or CSR activities are an integral part of any professional organization. This holds particularly true for the small and medium enterprises (SMEs) that often face stiff competition from the large corporations when it comes to bagging fresh orders or retaining their existing clients. As a result, a growing number of small and mid sized companies are laying unequivocal stress on sprucing up their CSR activities. However, some of these small businesses are taking a prudent approach while dealing with their CSR initiatives as they are finding it quite challenging to meet the costs involved in carrying out these initiatives. There are a few simple and highly cost effective means by which this problem can be tackled. Some of these cost effective solutions are as follows:
Prepare a separate budget for funding the CSR initiatives
Creating a separate CSR budget can help the organizations to make sure that they have a clear idea about the funds that will be utilized for carrying out the CSR proposals. This helps in ensuring that unnecessary expenditures are avoided to a large extent.
Select the appropriate initiative
CSR initiatives can be carried out at any level. It is not important for the SMEs to follow the large corporations on this front, as there are various ways in which these initiatives can be performed at a limited budget. For example, if you are a small firm specializing in the pharmaceutical sector you can select an NGO that works for malnourished children. You will be in a better position to assess the kind of medication that such children would require.
Seek cooperation from employees
Employees can be given an integral role in the organization by getting them involved in CSR activities. For this, employees can be encouraged to donate generously or offer aid in the form of products that can be extended for such activities.
