As known to all of us, CSR is something important for all types of businesses, be it small or big. So when it is viewed from this point of view, it is very clear that even the smallest sized business is required to implement this concept of CSR in its business operations. Now they have a difficulty doing this. Generally, every company is required to or is expected to make some amount of contribution towards following this CSR and when comes to the small and medium enterprises, they find it a little challenging to allocate or apportion funds for this. But even with this constraint, many of the SME`s strive to follow this core concept at levels possible and affordable for them and this way they try to add value to their services for the society. So these companies try to use strategies that would support CSR at levels they could afford to follow them.
Though we say and emphasize on following CSR, not all of the companies do this. Again it is not that they do not gain any benefits because they are not under the spell of CSR. They do make profits, they do make a progress but there would definitely be a point where they would realize how the implementation of CSR would add up to their performance and growth. As said above, this is not something followed by all but very soon there would be a situation when people would realize and understand the importance of being socially aware, socially conscious and quality conscious and it is probably the time when they would start implementing and following the ideas and ideals of CSR.
It is in fact believed that the smaller ones benefit more than the bigger firms.
- This is mainly because they are smaller in size and hence it becomes simple and easy for them to get adapted to the changes easily.
- They easily get to identify their stakeholders because since they are small they generally do not hold too many of them and hence it becomes easy for them to zero down on the numbers. This way they will also get to make some really productive and meaningful expenditure towards the CSR initiatives which would, in turn, help them in their profits, growth, and development.
- When CSR initiatives are for customers of a smaller group, it becomes easy for implementing them and also to collect and research on the outcomes