Getting More by Giving Back
Corporate professionals and business world academics have long debated the bottom-line merits of corporate social responsibility. In the realm of large corporations trying to tackle issues on a scale with their company’s breadth, this debate can and will go on ad infinitum. On the scale of a franchise business investing in a local issue in their community, there is no debate. In this case, the health of your business and its surrounding community are intertwined.
As a franchise business owner, you get to decide how to leverage your success to become an involved member of your community. The question this raises is does it make sense for me as a franchise business owner to invest financially in a community issue? In our experience, the answer is a resounding YES.
Here are two simple rules for ensuring that your social responsibility initiative serves its purpose:
1. Build in brand resonance. Make sure that your initiative has a palpable connection to your brand identity. For example, at Kiddie Academy, we have developed a strong partnership with First Book. Their mission is to provide books to children in need, and to date they have given away more than 65 million books. The mission of First Book falls directly in line with the Kiddie Academy mission to provide quality educational experiences to children. When your initiative and brand mission are in line, you strengthen both your reputation and brand image.
2. Make it hyper local. As a franchisee, you have the incredible advantage of being able to undertake a social initiative that directly involves your potential clients. So if you’re in the tutoring industry, head off to help out your local school! You’ll not only be helping people right in your community, but you’ll also have the opportunity to build direct and personal connections that will help your business grow.
In short, as a franchise business owner, it literally pays to give. Find a local issue or cause that resonates with your franchise business and invest time and money in helping fix or further it and you will see positive bottom-line results.
If you have any questions, thoughts or insights on social responsibility in franchise business ownership, post your comments below or email us at firstname.lastname@example.org.