Making a Case for Sustainable Business Practices

A global study released this week from IBM (via LOHAS) shows that businesses believe corporate social responsibility (CSR) is definitely the way to go - it's just a question of how.

Though more than half (54%) believe that CSR initiatives help give their companies a competitive advantage, and 68% were focusing on generating revenue through CSR activities, there is still a major disconnect between what the customers want - or rather, demand - and what companies are prepared to give them.

In the age of Internet, everyone has access to information, and this creates a higher sensitivity to issues of climate change, product safety, labor practices, corporate financial accountability, and the importance of giving back to the local community.

Yet...

even businesses that feel they are knowledgeable and prepared to deal with CSR issues may not be. Nearly two-thirds of companies surveyed believe they have sufficient information about the sources behind their products and services to satisfy customer concerns, but half of those admit they don't understand their customers CSR expectations well.

So, what's it gonna be? Me or the profits, stakeholders often ask. The study (pdf) concludes that you shouldn't have to choose. In making a business case for social responsibility using the value curve, they hope to strengthen their overall business strategy and do what they came out to do: make some cash, and make a difference.