Jul 16 2008
How Can Businesses Help In Bad Economy?
People have been talking about economy getting worse. Prices are going up everywhere. Individuals are having less disposable income. Banks are tightening their lending. Sales are going down and companies are going to find it hard to do business.
In such a time, what can a business do? Apart from looking inwards to protect ourselves by keeping cash reserves and being more prudent in spending, is there anything we businesses can look outwards to help others? These are some thoughts gathered from others.
- Be honest and maintain integrity in dealing with employees, customers and stakeholders
- Don’t raise prices to burden customers just because others raise prices
- Be fair to employees and treat them well even in recession
- Use entrepreneurship to help others
In particular, business people possess something others do not, that is called entrepreneurship. How can we use this quality to help others? Can we use it somehow to generate income for others? I do have some thoughts on this and will blog more on using entrepreneurship to bless others when time comes.
Of course it’s easier said than done. But for those businesses who have more resources, why not consider it? Even those without much resources can also do a part, at least be honest, for example.
I strongly believe in the societal marketing concept, where businesses exist for a purpose in the society. There is a social responsibility to bear. There is a mission to fulfill, of course not the one hanged on wall only.
Yes, corporate responsibility (CR) can do a part in differentiating a business from others. I believe businesses who give to the society can really gain from it in the long run. But we should not try to give in order to be given.
A business exists not only to make money but also to serve and bless others. Those who bless others will be blessed in return. The more we bless others, somehow we will be blessed even more. We are to become a channel of blessings to others, not a reservoir of blessings by keeping everything to ourselves.
In times of bad economy, how can you help then?
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