Are you familiar with the term corporate/business social responsibility (or CSR) and the business benefits with which it is associated? Many entrepreneurs and smaller businesses mistakenly believe it is only a concern for large, Fortune 500 companies. However, there is an increasing demand from consumers and investors that companies of all sizes engage in ethical business practices. Combined with the growing awareness that socially responsible businesses tend to be more successful over time, smaller companies also are paying closer attention to being more socially responsible as a proven way to improve their profitability and competitiveness in the market.

There are five main components of business social responsibility:

1. Business Philosophy and Design (includes business vision, mission, values, ethics, transparency and governance)

2. Workplace Policies and Practices (includes such topics as employee benefits, work schedules, training, promotion, remuneration, and issues of work/life of balance.)

3. Marketplace Practices (includes selling quality products and services, honest advertising, supply chain practices, customer and vendor relations)

4. Environmental Practices and Sustainability (includes green office practices and minimizing/eliminating negative environmental effects from the manufacture, use or disposal of products.)

5. Community Involvement