Can Business Growth and CSR Co-Exist?
In today’s business landscape, it’s no longer enough for companies to simply act ethically, they must aim higher. Social responsibility is the next step forward, and it’s about more than doing what’s right; it’s about actively contributing to a better world socially, environmentally, and otherwise. While ethical marketing ensures that businesses aren’t deceptive or harmful, socially responsible marketing demands that they contribute to the well-being of society and the planet. It’s about being proactive in making a difference, not just reactive to avoid backlash.
Contrary to popular belief, business goals and social responsibility can be achieved in tandem. How can we, as communications professionals, make this happen? As communicators sending messaging to both the public and our teams, we’re actually the most equipped to lead change at our companies, and in our communities. The biggest step we can take to make a greater impact within our own companies is by understanding the importance of business acumen.
The Role of Business Acumen in Social Responsibility
Business acumen is the ability to understand and apply business knowledge such as finances, market data, and business goals to decision-making. It goes beyond business literacy. When we, as communications professionals, can articulate how socially responsible decisions contribute to a company’s bottom line, we can maximize our impact.
Mathew W. Ragas and Jon Culp, in their book Business Acumen for Strategic Communicators (2021), stress the importance of this invaluable skill. It’s more important than ever for PR professionals to develop strong business acumen, which means not only being literate about company finances, business operations, and the current market landscape, but also being able to expertly apply this knowledge to communications strategies. The authors distinguish between business literacy and business acumen by stating, “Business literacy is a necessary, but not sufficient, condition of business acumen.” This means we must go a step beyond simply understanding business concepts; we must be able to effectively and efficiently apply them when advising decision-makers.
In their book, Ragas and Culp use the example of the famous Nike/Colin Kaepernick campaign, which almost didn’t happen. The campaign was green-lit because the communications teams successfully framed the strategy as having a positive impact on business. This demonstrates the power of combining business acumen with communication strategy to drive both financial success and social impact.
The Communicator’s Role in Driving Change
The more involved a communicator is in business discussions, the greater social impact they can have. By speaking the language of decision-makers and acting as advisors, they can push companies toward “walking the walk” and becoming truly values-driven organizations. Any opportunity to read financial reports, follow industry news, and network with business professionals will greatly enhance the influence we, as communicators, can have. Communicators, rise up and read up! The world needs you.
