Every entrepreneur’s motive behind the inception of a franchise is to boost their market share and business expansion. In addition to establishing a great franchise, entrepreneurs should be abreast of the impacts their business has on society around them. This will not only benefit the company but all of its stakeholders. It will also help the organization to survive in the market for a long period of time. Make sure you are not running the business with the intention of earning profits only. Remember that a benevolent business owner is venerated with respect and honour in the society.
Before you aim to start a franchise, get to know how many corporate responsibilities you have. Thus, corporate social responsibility means to engage business in social and ethical practices. Its main objective is to abolish every negative impact business has on the people and environment. In the case of the franchise industry, it’s a bit tough to ascertain who is more socially responsible. Every franchisor initiates these responsibilities from the top down. Also, franchisees are responsible for doing the same. Business owners who run educational franchise have a number of social responsibilities.
Here we have thrown light to some aspects that’ll help you know how being socially responsible can work wonders for franchises:
However, social responsibility is not confined to the education sector, other sectors are equally obliged to perform it. If you don’t know how being socially responsible is good for your business, go through this article carefully.
Enhances brand value
The main aim of every entrepreneur is to enhance the brand value of their business. A good brand image can attract you a plethora of customers. Now the question arises how to build a strong brand image? This is possible by providing quality services and products to your customers. Additionally, entrepreneurs need to take care of the environment around their corporate area. To earn an irreplaceable place in society, every business organization should work for the betterment of society.
Moreover, being socially responsible can aid in establishing harmonious relations with the local government and community organizations. This way the franchise business will be able to set their positive profile in front of the public.
Aids in hiring franchisees
Being socially responsible can help you pick a good fit franchisee for your business. By generating an ideal CSR plan, a franchise business can easily find and line up with like minded franchisees. It is important to plump for franchisees who can effectively carry the social responsibility. Note that a potential franchisee can only help you in creating a strong brand image. Additionally, it can help you widen your marketing network. Moreover, every franchisee would feel proud to be a part of a socially responsible organization.
Here you can see how being socially responsible can help you find the right investors. Remember that anyone would like to invest in your business only if it has a good reputation. Now, how to build a good reputation? The only way for a business to build a good reputation is by being socially responsible.
Fulfilling every social responsibility can help you set a unique image of your business in society. It can help you attract adept and intellectual employees. Therefore, everyone would like to be a part of an organization that has a positive image in society. By framing excellent Corporate Social responsibility(CSR) strategy, an organization can secure a good place in society. This way you can hold a strong base of customers for business. Also, note that your franchisees work to maintain your reputation by following the CSR strategy.
If you are running a coaching franchise, make sure you are fulfilling every social responsibility.
Helps in retaining staff
Corporate social responsibility is not limited to outsiders and the environment only. Business owners need to work for the betterment and safety of their employees as well. Therefore, fulfilling the obligations of CSR (Corporate Social Responsibility) is a win-win for staff and franchise. An ideal CSR strategy can help you with following things:
- Employee retention
- Good impact on customer loyalty
- Employee motivation
- Boosts revenue
- Improves business performance
Note one thing that contented employees can only work towards betterment of the firm. So, make sure your employees are happy with you.
Helps you know your customers better
Without a doubt, customers rule the market. Every business needs to look at their needs and demands. While following the Corporate Social Responsibility, you need to perform various surveys on customers. These surveys are done to know your customers better and develop customer based strategies. Being an entrepreneur, you’ll flex your mind to know the best ways to attract more customers. In the haste to perform well, you’ll get to know more about your customers. Therefore, you’ll produce goods and services that every customer can accept happily. So, being socially responsible can help you stay in the market for a long time.
Earns more revenue
Fulfilling the social responsibilities can help you attract more customers. Therefore, you’ll be able to form a strong customer base for yourself. It can help you earn more revenue. Entrepreneurs can use the funds generated from revenues for business expansion. Additionally, that revenue can be utilized for marketing purposes. This is how entrepreneurs can boost the market share of their business.
Many entrepreneurs think that being socially responsible will not help them earn more profits. This is not true everytime. If you are producing quality goods and services, for sure you can attract a throng of customers. So, work on the quality and quantity of your products and services. Thus, everything works best for you, if you are socially responsible.
Better coordination and cooperation
Every business is capable of staying in the market by establishing healthy coordination with their franchisees. Fulfilling social responsibilities can help you satisfy the demands of your stakeholders. This way your stakeholders can feel secure and promised. The more happy your stakeholders will be, the more they’ll put in sincere efforts to work for the betterment of society. Thus, being socially responsible can help you in various ways.
When it comes to franchisees, what is the responsibility of franchisors for them? It involves providing them enough training sessions to run a profitable business. Moreover, they should encourage open communication with their franchisees. It can welcome new and creative ideas from franchisees to operate the business. Additionally, they can provide the best ideas for implementing the Corporate Social responsibility strategies.
Are you running a coaching franchise? If yes, make sure you fulfil all your social responsibility. It can help you survive in the market with an illustrious brand image. Additionally, you’ll establish coordination with your stakeholders.
Every entrepreneur yearns to flourish their business in the market. Well, this is only possible if they focus more on social responsibility than making profits. No doubt, a business can’t survive in the market without making profits. Therefore, you need to form an analytical business strategy that can help you earn revenue by fulfilling social responsibility. There are numerous benefits that you can relish by carrying out social responsibilities. Go through the points mentioned above that state the benefits of being socially responsible. If you are running a franchise business, adhere to every point religiously. We hope that our guidance can help you proliferate your business.