CSR essay Sample 2023
Introduction
The financial status or position of any organization in the competitive market are indications of business profit. Without proper profit, the business organization intends to increase the profit. The profit is variously dependent on corporate social responsibilities (CSR) and the segment of CSR will help to know in which way a farm can embrace revenue to its ultimate.
Depending on the profit the organization has set future goals and strategies because without proper investment organization can not include any technology as well and without technology, the profit cannot be seen by the organization. For that reason, in a business profit is the most important segment.
Body
Concept Of Corporate Social Responsibility (CSR)
Corporate social responsibility has helped to create a smooth relationship with the stakeholders of a business. Managing the business process in a strategic way is the main motive of corporate social responsibility and this process is based on three distinct categories which are social, economic, and environmental.
According to Abbas (2020), the main concept of corporate social responsibility is to give a proper management strategy to the business which helps to get revenue in the business. The stakeholders, shareholders, and sponsors are responsible for gaining revenue so that the organization takes proper care of these components. Galant and Cadez (2017) mentioned that the problems faced by CSR are environmental factors, stakeholder management, condition of the workers, and labor standard for gaining profits.
Types of corporate social responsibilities
Figure 1: Corporate social responsibilities
(Source: Created by the learner)
Corporate social responsibilities have four different components that influence the revenue of the business. The profit is dependent on each and every component of CSR and this category is ethical, economic, environmental, and philanthropic. Cohen et al. (2017) mentioned that it is mandatory that an organization should run its business with an environmentally friendly gesture and the profit will be appropriate.
On one hand, the organization destroys the environmental balance as well. Economic responsibility not only brings profit into the business but also increases friendliness with the environment. Following the economic responsibility of CSR will help to grow a positive relationship between the farm and the organization that helps to increase the profit and also include benefits into the organization structure.
Park et al. (2017) mentioned that ethical responsibility indicated good manners and etiquette of the employees that is equivalent to the profit of the farm. The manners embarrassed by the organization can affect and manipulate the profit because if the employees are more polite towards individual jobs revenue will be more, she achieved.
Kvasničková Stanislavská et al. (2020) mentioned that philanthropic responsibilities not only help to become a more effective business but also help to become a better society. So that the profit will be a more confirmed thing which the farm can discuss.
Relation between CSR and business profit
The relation between business profit and CSR is very much interrelated and this connection is based on the revenue. The concept behind CSR is to gain maximum profit in the organization and if all the segments of CSR can be perfectly done then only the profit will be maximized and all the key issues can be eliminated from the organizational structure.
The environmental factors will help to manufacture environmentally friendly products and the economic factors will focus on the cost of the manufacturing. The ethical factor will maintain the manner of all the segments of the department and lastly, the philanthropic element will maintain all the 3 segments.
Advantage and disadvantages of business profit
Advantages
Figure 2: Advantages of business profit
(Source: Created by the learner)
As business profit plays an important role in business growth there are some advantages related to business profit. The advantages are mentioned below;
- The process of increasing profit in the organization can somehow help to increase the savings that are made from past revenues (Attaran, 2017). An organization can make a perfect saving it can help organizations to stand out in the situation.
- One of the most important advantages of increasing business profit is it provides the opportunity to the business to hire more stakeholders for the purpose of supplying the raw materials. This increasing stakeholder impacts massively on productivity. The increased productivity and supply of raw materials are a major part of the development of an organization.
Disadvantages
After all the advantages there are disadvantages that are faced by the organization. The disadvantages are as follows;
- As the business profit indicates the total revenue of the organization but it cannot measure the financial aspect of the organization.
- It is not easy for the organization to estimate the total profit that is obtained by the organization by this measuring process.
Impact of cost and benefit over the business
The section of profit has two segments without which the calculation of revenue cannot be correctly done. For calculating the correct profit, the organization first estimates the rate of benefit and the total amount of cost at first. The total amount of cost will be eliminated from the total amount of benefit and then the correct calculation will be done.
From this way it can be said that the impact of cost and benefit over the revenue is high and without proper calculation, this cannot happen in the organization.
Conclusion
The essay has been done on the topic of business profit analysis and the segments which are important for this discussion. Corporate social responsibilities have also been discussed in the body of the essay as the relation between CSR and business profit is interrelated. The concept of CSR helps to give a proper structure of the way following weeks the business profit can be easier.
Economical ethical philanthropy and social segments have helped to create a whole idea of social responsibilities that brings proper benefit to the organization. In the last part of this discussion, it can be said that without the social responsibilities the benefit of any organization cannot take place.
The advantages and disadvantages are responsible to create a proper structure for the organization in which the farmers can face proper profit and also be able to increase the innovation in the business strategies as well. In the end, it can be said that business profit does help to maintain the standard of the organization but the proper usage of profit also creates a proper image in the market.
Reference list
Abbas, J., 2020. Impact of total quality management on corporate green performance through the mediating role of corporate social responsibility. Journal of Cleaner Production, 242, p.118458.
Attaran, M., 2017. Cloud computing technology: leveraging the power of the internet to improve business performance. Journal of International Technology and Information Management, 26(1), pp.112-137.
Cohen, M., Cavazotte, F.D.S.C.N., Costa, T.M.D. and Ferreira, K.C.S., 2017. Corporate social-environmental responsibility as an attraction and retention factor for young professionals. BBR. Brazilian Business Review, 14, pp.21-41.
Galant, A. and Cadez, S., 2017. Corporate social responsibility and financial performance relationship: a review of measurement approaches. Economic research-Ekonomska istraživanja, 30(1), pp.676-693.
Kvasničková Stanislavská, L., Pilař, L., Margarisová, K. and Kvasnička, R., 2020. Corporate Social Responsibility and social media: Comparison between developing and developed countries. Sustainability, 12(13), p.5255.
Park, E., Kim, K.J. and Kwon, S.J., 2017. Corporate social responsibility as a determinant of consumer loyalty: An examination of ethical standard, satisfaction, and trust. Journal of Business Research, 76, pp.8-13.
