Indeed, the world is increasingly becoming smaller with advances in internet technology, and the result is an ever-increasingly competitive market. A competitive advantage is now a bit harder to achieve. But it’s not impossible.
According to studies, corporate giving comes with a wealth of benefits, and a competitive advantage is among them. Maximizing the short-term profit is the goal of most businesses, but giving back to society improves your brand in so many ways. Corporate philanthropy should not be unfocused and random but strategic to have the most effect.
You see, strategic giving underscores the personal values and beliefs of the people steering the organization. This creates goodwill and improves the competitive context of your business. Social responsibility aligns the social goals with the economic objectives to improve the long-term prospects of the company.
Economist Milton Friedman tried to separate the economic and social responsibility by arguing that the main responsibility for businesses should be to maximize profits. But Friedman’s arguments only hold when the giving is arbitrary. Be strategic and leverage your firm’s capabilities to support an initiative in society, and it will have long-term benefits.
Using an Event Space
An event space like Villa Ragusa allows your business to better focus on context-based giving such as training. The environment, decor, high-quality amenities, and support from the event space staff create a unique and memorable moment. The company alleviates a possible lack of skilled workers for its growth while also improving its social outlook.
Businesses do not function in isolation from the community they operate. There are several things the firm can do to engage and improve relationship with the locals, such as education. Typically, training or engaging in any other social giving in a unique event space like Villa Ragusa only improves how society sees you as a brand.