I would now like to add a further warning in a similar vein.
Another vulnerable target as companies seek to reduce costs is their ‘Corporate and Social Responsibility Policy’ (C&SRP).
Supporting good causes, looking for carbon footprint reductions, minimizing other environmental impacts… these C&SRP-related endeavors are sometimes costly exercises, at least in the short-term.
But what about the cost of reducing or even abandoning your C&SRP related programs?
Well, you could get caught out on the compliance front.
And you might be impacting on company morale.
But the greatest cost of all will be reputational. You see, many people are seriously distrustful about most companies’ C&SRP. They think it’s a PR exercise—rather than reflecting a genuine to consider the needs of the wider community.
I am afraid that in some cases they might be right. But you would not want to compound their suspicions by suddenly reining back your otherwise genuinely intentioned C&SRP. Quite the opposite, in fact. Sustaining your C&SRP and even improving its budget will convince even the most cynical of your commitment, including valued suppliers and key customers whose own C&SRP obliges them to deal with companies with your C&SRP credentials.
So, leave marketing and the Corporate and Social Responsibility Policy alone, eh, Frank? Where are the savings we need to make supposed to come from, then?
We’ll give that some thought in the next blog.
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