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The crux of this craft brewery analyzation rests on the idea that craft breweries need to promote their CSR activities. Is this really true though?
The Boston College Center for Corporate Citizenship published a 2009 report entitled the Value of Social Reporting containing case studies of seven different companies and their social reporting and followed up with a new version in 2013.
Key Takeaways from Reports
Benefits from Reports
Providing social reports provides real benefits for a company. The reports outline strategic, measurable objectives that should align with business goals. When this occurs, business goals see more success.* It also gets executive leadership to buy-in and engage by creating strategic short and long-term goals.
In the 2013 version, the report lists seven benefits for social reporting (2-3):
Essentially, the company proves its trustworthy to all stakeholders which improves loyalty. It also sets strategic goals which proves business successes and efficiencies.
The Takeaway
In our very first blog post, we mention all the benefits of CSR. The benefits mentioned are very similar to the benefits of social reporting. Thus, for a business that is using CSR needs to promote CSR to ensure it is maximizing the value of using these practices.
For all businesses, and in particular Colorado craft breweries for this analysis, reporting is necessary so all stakeholders can see what is happening and support the businesses that aid in their communities successes.
The Boston College Center for Corporate Citizenship published a 2009 report entitled the Value of Social Reporting containing case studies of seven different companies and their social reporting and followed up with a new version in 2013.
Key Takeaways from Reports
- Reporting CSR activities is usually done by large companies that are more advanced with the CSR programs.
- These reports are important to several stakeholders: Consumers, employees, business partners, investors and the government -> all stakeholders! So these reports should be completed by all companies who utilize CSR.
- For many organizations, they use the Global Reporting Index as a standard for what to report on. Using this as a standard provides easy comparison analysis for businesses to compare to each other.
Benefits from Reports
Providing social reports provides real benefits for a company. The reports outline strategic, measurable objectives that should align with business goals. When this occurs, business goals see more success.* It also gets executive leadership to buy-in and engage by creating strategic short and long-term goals.
In the 2013 version, the report lists seven benefits for social reporting (2-3):
- Financial performance: The report cites several studies are showing that there may be a link between social reporting and increases in positive market reaction. Businesses can also easier see the links of CSR activities towards financial goals.
- Access to capital: The more transparent a company is, the more trustworthy they are to investors.
- Innovation, waste reduction, and efficiency: By setting goals and using metrics companies are able to measure their achievements in efficiency.
- Risk management: Focusing on environmental and social impacts of a company, reporting CSR helps businesses become more proactive and anticipate future problems.
- Reputation and consumer trust: As true with investors, consumers appreciate and support businesses that are more open with their CSR practices.
- Employee loyalty and recruitment: Retaining and recruiting top-talent is a key benefit of CSR and talent will only be able to discover a businesses CSR practices if they are well publicized.
- Social benefits: A firm becomes more competitive and efficient in its industry.
Essentially, the company proves its trustworthy to all stakeholders which improves loyalty. It also sets strategic goals which proves business successes and efficiencies.
The Takeaway
In our very first blog post, we mention all the benefits of CSR. The benefits mentioned are very similar to the benefits of social reporting. Thus, for a business that is using CSR needs to promote CSR to ensure it is maximizing the value of using these practices.
For all businesses, and in particular Colorado craft breweries for this analysis, reporting is necessary so all stakeholders can see what is happening and support the businesses that aid in their communities successes.
*A Publication Of The Carroll School Of Management At Boston College. "Securing Support from the Top." The Corporate Citizen 10.Winter (2014): 20-24. Boston College Carroll School of Management, 2014. Web. 25 Oct. 2014.
