HOW DO YOU BUDGET FOR SOCIAL RESPONSIBILITY?
Calgary entrepreneurs balance good deeds with the bottom line
“Since time is my commodity, I budget for social responsibility during my slowest month. That might sound counterintuitive, but using this time to exercise my creativity is a welcome break in the day-to-day processes of running a business. Besides, giving back feels so good.” Dana Goldstein, CEO of Chic Flicks, chicflicks.ca “Social responsibility is an essential part of our business. We work closely with several non-profit organizations providing discounted rates or additional value-added services. In addition we manage Google Grants, Yahoo for Good and similar programs on other platforms. When negotiating media buys, we also ensure that suppliers are aware of the non-profit status and include opportunities they have available for our clients. We also provide our clients with information about opportunities or product donations that may not be in scope or our services such as Microsoft’s Office 365.” Kita Eserve, analyst at Metrik Marketing, metrikmarketing.com Read more answers at calgaryherald.com/capitalideas
“We budget for social responsibility because of an understanding that if all first world businesses dedicated a percentage of their profits to those less fortunate, world hunger and poverty could be addressed. As we accept social responsibility we discover where and how to distribute the funds we have budgeted. Owners and employees develop a different mindset, and from this commitment their businesses will rise above their competitors because of this common focus. So the question is not how to budget, but rather how to gain an understanding of why that money is set aside.” Karla Mayfield, vice-president of Mayfield Renovations Ltd., mayfieldrenovations.com
“Every step we take as entrepreneurs is rooted in our values. For us, striving to build hope among people in crisis is one of our top priorities. In fact, we place this higher on our spreadsheet than making a financial profit. This outcome is in mind with every piece of jewelry we make, and every workshop we offer. Over time, we hope to measure this somehow to put our social purpose in a way that can be tracked and measured.” Celine Richtee, owner and chief hope officer at Czin Jewelry and Gifts, czin.ca
“Instead of placing an annual allotment of funds towards social responsibility, we interlace it within every aspect of our company. In fact, it’s fundamental within our business model. As a business, we serve. That’s our main priority. Caring deeply about people translates into community engagement, collaborations with other companies to create greater impact, and improvements in health and wellness across our city.” Tynan Wenarchuk, founder of Illuminate, illuminateinc.ca
“We give back to the community by volunteering our time to various charitable organizations and we support a local charity called the Rainbow Society by donating an item to their annual charity event’s live auction. (For employees) we give back with a paid day off for their birthday. It’s a little way of making them know they are appreciated with an added feel good bonus. The biggest thing to remember is not necessarily the dollar amount but to simply do something that fits your business structure. Start small and see where it goes.” Lisa Johnson, co-founder of Dependable Renovations, Ltd., dependablerenovations.com
“(With so) many charities and fundraisers in Calgary, choosing some and turning others down is necessary if providing direct donations. We want to support as many as possible in a way that also works with our business. To do that we have chosen to contribute packages of our services for each organization to include in their silent auctions. That allows us to not be out-of-pocket with direct expenses and permits the charity/fundraiser to receive the cash for the service. It also ensures the services are received by someone who wants them, unlike the randomness of a raffle or lottery-type arrangement.” Carl Macdonald, founder of CityFit Professional Training, cityfit.ca
“Take all politics out of the concept of ‘doing social good’. Do things because they are the right thing to do and because you believe in it — not as a vehicle for promotion, that will come on its own. If you are a small business who believes in something without much capital to put behind it, look at how you can donate your time, or provide services or products. In many cases, engagement is better than just throwing cash at something.” Michael Tighe, managing partner of Solid Site, asolidsite.com
These answers are in response to a question posed by Wellington Holbrook, executive vice-president of ATB Business. Here’s what he had to say:
“My suggestion to small businesses that are entering into the foray of corporate social responsibility (CSR) is to not overcomplicate it, at least not right away. Start small — do things such as holding a couple sessions or an event. Achieve one milestone and clear that hurdle first, before moving on to more. It’s tricky to know how to budget for social responsibility until you know what that means for your business, but by making it seem small, you’ll find it’s something you can incorporate easily. This makes CSR something we can all do and practice, no matter what business you are in.”
If you’d like to ask a question of the Capital Ideas community, you can submit yours at capitalideascalgary.com/ask.