Marketplace
Business in the Community defines a company that acts responsibly in the market place as:
- one that meets social needs;
- treats customers and suppliers fairly, and with respect; and
- does not exploit its market position.
A company's reputation in the marketplace can be critical to ongoing survival and ignoring these responsibilities can be fatal. Unwanted negative publicity is, at best, distracting and costly, at worst, the trigger to complete demise.
In these situations, a rapid and appropriate response is crucial - but the best option is to ensure that your business does not put its reputation at risk.
Benefits
Businesses who have actively adopted socially responsible practices have identified some of the following benefits which your company could also profit from:
- Access to new markets or an extension to your market through engagement with a more diverse consummer base;
- Enhanced reputation and increased brand loyalty;
- The avoidance of reputational risks that can prove harmful to your business;
- Improved staff morale and staff retention;
- More effective relationships with suppliers and deliverers of your product or service.
Process
The right attitude
Respect is a key component of market responsibility:
- Do you pay suppliers promptly?
- Are you open and honest with your customers?
- Do you actively appreciate the commitment and contribution of your workforce?
An emphasis on accessibility, inclusion and equal opportunities can support your reputation and develop your business:
- Do you make an effort to engage with hard to reach groups?
- Are you respondent to the diverse needs of both your workforce and your customers?
- Do you respond flexibly to consummers and ensure that they can access your good or services?
Best Practice
Proactivity is the key to avoiding damage to your business' reputation and going beyond the bare minimum can support this.
- Consider Heath and Safety, legislation and customer pressure as a foundation or starting point - and not the end goal.
- Set clear boundaries for your organisation in areas where they are absent or unenforceable, for example, in the use of sweatshops or the practices of your suppliers.
- Recognise the relationships that your business holds with other organisations and ensure that they adopt a similar approach - any actions they take could also reflect on your business.
- Ensure that you use your supply chain effectively and fairly - procurement is a whole issue in itself.
- Foresight can prevent damage to your reputation. Look out for potential pitfalls, review your organisation's practices regularly, and embed social responsibility throughout your business.
Marketplace Toolkit
