The Chesapeake Point of View

Becoming A Socially Responsible Business

Becoming A Socially Responsible Business

April 18, 2019

How Becoming Socially Responsible Can Change Your Hospitality Business

Amongst the majority of consumers today, the general assumption is that the corporate sector considers making profits as their highest priority. Business, indeed, plays an ever-increasing role in society but a corporation’s social responsibility goes beyond just financial values. Hospitality companies are shifting gears to accommodate a larger society that not only consists of their investors and employees, but also their external community and even the environment. This concept of corporate social responsibility thus protects and supports the “3 P’s” - People, Planet & Profits.

Corporate Social Responsibility is an ethical theory that advises that businesses, in addition to maximizing shareholder value, have an obligation to act in a manner that benefits society. This encourages more hospitality services & companies to adopt socially responsible policies that can boost profitability and hence, shareholder value. The crux of the theory relies on companies valuing environmental growth while keeping the community’s best interests at heart and achieving that takes a few important steps.

 

Formulating A Social Responsibility Mission

CSR should be the DNA of your business that shapes your values. Consumers respect authenticity and this is essential in developing a brand that follows ethical ways of managing a service. Think about how your hotels or other services can minimize the negative consequences of your current methods like reducing your carbon footprint, paying employees justly & appropriately, and offering safe, high-quality products.

 

Establish Attainable Goals

Establishing a goal like ending world hunger is admirable, but that would be a massive undertaking that a small business could not realistically achieve. Think locally. Your business could plan on donating their time by helping a local non-profit launch a social media marketing campaign. Focus on efforts that promote passion and teamwork among you immediate environment. Scout out local shelters and initiate terms on how your profits can assist in alleviate communal discrepancies.

 

Be Transparent

While CSR initiatives are voluntary and discretionary, the benefits of ‘doing good’ outweigh the costs even if a firm is not looking for specific financial return on its activities.  If initial attempts don’t work, continue to be transparent about any setbacks that your business has experienced while becoming more socially conscious and sharing the progress that you’ve made.

Hospitality services are intangible, and evaluated based on perception of quality, rather than tangible product attributes, the goodwill created by social initiatives taken by your company, transfers to the brand image, creating differentiation, which can in turn create an advantage in a highly competitive industry that provides substitutable services like hotel rooms & concierge services.

 

What Social Responsibility Means To Us

At Chesapeake Hospitality, our expertise comes with more than just maximizing top-line revenues for our skillfully managed independent hotels. Other than planning effective financial methods, ensuring societal growth has since become a mainstay in our mission for success. Travelers today care about their impact on the world and are more conscious about the places the opt to stay in. They are attracted to ethical accommodations and support businesses that are doing what they can to improve their local communities. So, consider implementing social responsibility initiatives at your company. It’ll be good for the world and take your brand to great heights!