EVOLVE Business and Professional Magazine November 2019 | Page 19

environmentally friendly than it really is. “That is going to backfire to gauge where the firm stands before moving forward with a According to Tichenor, to create a viable and substantial policy And finally, Tichenor suggests taking it one step at a time. and it has backfired.” of corporate social responsibility requires an understanding of a company’s stakeholders – from ownership, officer, investors, consumers and the larger community. “You can’t meet all the stakeholders’ needs so a lot of it is about balancing and prioritizing stakeholders’ needs,” he said. “And some of it does cost money.” Tichenor said there are a variety of ways companies large and small can adopt corporate socially responsible practices from investing in new energy sources to focusing on the issues important to stakeholders. “I think it starts by identifying and understanding those issues and recognizing that it is not just the public relations but recognizing who your stakeholders are. That is where I would corporate social responsibility plan. “Know that it is an iterative process,” he said. “Start small, do what you can do now and don’t wait until tomorrow. It’s about the long term, not the short-term gains.” The importance of looking beyond profit is borne out by the findings of the Cone/Porter Novelli study, which found that nearly 80 percent of Americans believe it is no longer acceptable for companies to simply make money. For Tichenor, it comes down to a basic change in the attitudes of consumers about where and how they spend their money. “I think consumers are becoming more and more aware and expecting companies to do the right thing,” he said. “That is a very important aspect and companies need to be aware of that.” recommend any company start.” For companies considering adopting a corporate social responsibility focus, Tichenor offered three recommendations. The first is to clearly identify the company’s vision, mission, strategic plan and primary/secondary stakeholders. The second is to take advantage of any of several business impact tools available online and audit the company’s practices Aaron London is a reporter and columnist who has covered business and economics for 27 years. He has worked for newspapers in Ohio and Florida and is also an adjunct professor of journalism at Daytona State College. Our goal is to help you pursue yours. It’s that simple. At Merrill Lynch, we’ll help you get ready for the future with a financial strategy that’s just for you. Lucas D. Haber, CFP ® Managing Director Senior Resident Director Portfolio Manager Merrill Lynch 1616 Concierge Boulevard Suite 201 Daytona Beach, FL 32117 386.274.3033 fa.ml.com/coughlinhaber [email protected] Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer and Member SIPC, and other subsidiaries of Bank of America Corporation. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value The Bull Symbol and Merrill Lynch are trademarks of Bank of America Corporation. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S. © 2019 Bank of America Corporation. All rights reserved. ARH45W63 | AD-03-19-0582 | 470948PM-0718 | 03/2019 NOVEMBER 2019 | 19 |