Summary:

For many years, corporate social responsibility (CRS) has been viewed by many executives as a passing fad or another source of pressure and for too long have not given it the attention it deserves. That trend is changing and many are now making CRS central to their overall strategies, helping them to creatively address key business issues. The challenge is to develop an approach that can deliver.

However, some innovative companies have managed to overcome this hurdle with smart partnering. Smart partnering focuses on key areas of impact between business and society and develops creative solutions that draw on the complementary capabilities of both to address major challenges that affect each partner. Smart partnering is emerging as one way to create value for both the business and society simultaneously, which is at the heart of corporate social responsibility.

Article Quote:

“For companies that see CSR as an opportunity to strengthen the business, the big challenge is execution. Smart partnering can provide a practical way forward.”

Link: http://www.mckinseyquarterly.com/Nonprofit/Philanthropy/Making_the_most_of_corporate_social_responsibility_2479?gp=1

Businesses developing and implementing CRS as part of the overall strategic plan create better relationships with their customers because they are viewed as a business investing in business as well as investing in society. Shared value creation is achieved through smart partnering ventures. It moves the focus of the business beyond avoiding risks or enhancing reputation, toward improving its core value creation ability by addressing major strategic issues or challenges. The advantage for society is that the focus shifts away from maintaining minimum standards, or constantly seeking funding to improve the overall quality of life, and living standards. The key is for each party to tap into the resources and expertise of the other, finding creative solutions to critical social and businesses challenges.

For more on addressing strategic issues, see http://www.performancesolutionstech.com/category/strategicplanning/