When it comes to philanthropy, size doesn't matter. So if you've recently joined the ranks of small-business owners, or you're thinking about setting up shop, there's something pretty important that you likely haven't thought about factoring into your budget: corporate social responsibility (CSR). This buzzword has received lots of attention, in part because Industry Canada promotes CSR programs as a way to make companies "more innovative, productive and competitive."
Both entrepreneurship and CSR are central to the three tycoons behind Spin Master Inc., the successful children's toy and entertainment company. They've teamed up with the Canadian Youth Business Foundation (a non-profit that offers financial support, mentoring and expert advice to budding entrepreneurs ages of 18 and 39) to create the Spin Master Innovation Fund, a program that helps hopeful business people turn their big ideas into reality.
Although CSR is still seen as something that multi-billion-dollar organizations open their pockets for, it can include anything a business – local or global, small or large – can do to give back to and better their employees and communities.
"For small businesses and start-ups, giving back to the community or a particular charity may be difficult due to the shortage of funds, but it is possible to still participate in charitable giving," says entrepreneur Wael Badawy, the President and Founder of Calgary-based IntelliView Technologies, and a CYBF mentor to aspiring moguls.
Other ways corporations can implement CSR programs include offering materials or services, sending experts to offer time and skill, and assisting with fundraising. If you're ready to get involved, take a page out of communication giant TELUS' book – in 2012, in addition to their monetary donations, the company connected their employees with charities in need of assistance, and supports non-profits like the Canadian Youth Business Foundation to help young entrepreneurs succeed in business, including volunteering their time for one-on-one business mentoring. This in turn helps create even more socially responsible small businesses.
