Challenges for recession virgins

If you are mid 30′s or younger you will have never worked through a recession, I am 34 and left university with the world my Oyster, benefitting from a buoyant employment market to a large extent fuelled by the technological revolution I like many others found myself employed in the high growth Information Technology Sector. Promotion through moving company was the norm and as the generation that grew up with the technology finding employment was easy, we were the gurus.

Success comes easy in a boom economy but you don’t realise this until the gravy train stops and business gets tougher. My generation of recession virgins who have gained confidence through success, magnified by a growth economy are facing some huge challenges. Whilst the jury is out on whether we are now in an economic plateau, expecting an upturn or possibly facing a further downturn. Some facts remain as to where we are today. Competition is tough, your network really matters, cash is scarce and its hard work.

Increased Competition – There used to be enough pie for everyone competition is harder, both in business and in the job market, more than ever we need to understand competition and how to differentiate both ourselves and our business. Personal and Professional Brand Development is worth the investment.

Relationships Become Critical to Success – Only now are the value of our relationships apparent, those who have invested in relationships and built a strong community around them with have an edge over others. Especially in a job market and business market where referrals and references have a greater value. Understanding how to build and leverage on relationships is essential to succeed.

Getting Started and Keeping Going –The self employed community have huge challenges a number of my peers are shutting up shop, whilst big business reigns in they don’t get paid, employment is almost impossible as the job market is saturated with impressive corporate CVs going cheap. If the only option is to keep going Cash Flow management and lending is limited and many peers turn to “so called business angels” who seem to be capitalising on this cash starved market, taking disproportionate percentages of stake for an injection of cash. How to Get started and Keep going and who to turn to, who can you trust and what is the best investment solution for you and your business?

Facing Reality – Obscured perspectives – Dragons Den belief we are all potential entrepreneurs, education system telling us if we have the certificate we can walk into a job, greedy recruitment industry making us believe moving jobs every two years was almost essential.  The reality –  if you really want it, have the talent the energy and the support you have half a chance, without all these you need an awful lot of luck.

 Zandra Moore – Director Salescake

Is CSR a business opportunity?

Turning the worlds problems into business opportunities. It makes sense for sustainability but is it responsible business practice? Is this social profiteering, good marketing and PR spin or the best way for the worlds largest firms to tackle the worlds biggest problems?

“Companies today are bigger than many economies. We are little republics. We are engines of efficiency. If companies don’t do responsible things, who is going to?” – Indra Nooyi, PepsiCo’s CEO

It is not just the worlds largest firms who have a responsibility, all business does. What are the biggest problems facing the society and the community on your doorstep? Can you create a win win situation where society and the business benefits? Is Selfish Altruism so bad if everyone benefits?

The Secret Millionaire

http://www.channel4.com/programmes/the-secret-millionaire

• Publicity, profile, life changing experience for the individual
• Money, profile and publicity for the causes
• Rasied awareness, good TV for the viewers
• Altruism through association, tapping the social trend for the channel

What is Corporate Social Responsibility CSR?

In simple terms Corporate Social Responsibility (CSR) is how responsible a business is in relation to its stakeholders. Stakeholders include Employees, Shareholders, Supply Chain, Local Community etc…

CSR activities often include corporate volunteering , environmental initiatives, ethical codes of conduct in supply chains, employee welfare programs. 

The Prince of Wales Charity Business in the Community which supports firms with CSR, describes it as follows:-

It’s how companies respond to social and environmental factors for example:-

•  Managing risk and reputation
•  Good people management and promotion of  human rights
•  Environmental management
•  Engagement in community activity

Profitability and growth are important measures in business however increasingly corporations are being assessed on their approach to managing people and finances, supporting their community, their impact on the environment and how they manufacture and supply their services.

They have to be responsibly profitable.

Firms recognise it is important to invest in CSR activity and to shout about it. showing they are a responsible business attracts the best talent, increases customer loyalty, effects share value and stimulates community collaboration.

The question is how do you measure responsible?

In most cases its is simply done on benchmarking, who does it best and how do others compare. What is the current social norm?

As more companies engage on the agenda and compete for the social upper hand the responsibility bar raises. Some examples of these upwardly shifting benchmarks  are the number of employees engaged in volunteering, enviornmental target improvements, employee satisfaction, CSR policy penetration into the business.

There are 100s of benchmarks and awards where corporations compete to demonstrate their aptitude in these aspects of CSR. Good CSR is Good PR.

 Examples include:-

Best Business Awards – www.bestbusinessawards.co.uk

Awards for Excellence – www.bitc.org.uk
Global Business Excellence Awards – www.gbeawards.com
LGC Awards – www.lgcawards.co.uk

The Sunday Times 100 Best Companies – http://tinyurl.com/cp9sbn

Next Blog – How to get your non profit organisation on the CSR agenda