When community spirit is the driving force of a business, the rewards can be wonderful, both financially and otherwise. The earliest businesses were very much about providing the needs of a local community - an exchange of talent and expertise in a specific area for a livelihood in return. They were places where people came together and shared moments of everyday life, and pooled talent and resources.
In this post-industrial age, where it seems as though profit and business growth are taking priority, this is still possible. A balance can be struck between money and community focus. In fact, community could even boost profits in a number of ways…
Loyal Customers and a Good Reputation
A community hub is a place where people can come and feel at home. Whether it’s a shop, a restaurant, or anything else, a warm welcome is very attractive. Where positive relationships are thriving, people are more likely to keep coming back. A loyal customer base is a great thing to have, as it builds a great reputation for a business, which is likely to attract new customers.
Maintaining Happy Employees
Community spirit creates a happy and friendly environment for all, none more so than the employees. In a setting where people feel welcome and valued, employees are more likely to keep their jobs, for longer due to increased satisfaction. As well as saving your business the cost and effort of the recruitment process, it is more likely to keep the business running smoothly and consistently. Where employees are satisfied and happy, the atmosphere for customers will be more positive as a result.
Businesses that support community focused projects and initiatives are more likely to maintain healthy long-term profits for a number of reasons, including resulting good PR, and increased connections with the public. It creates a culture of respect, trust and co-operation, which will filter down through all the levels of the business, as well as creating a greater sense of fulfilment among employees. Customers will have a greater incentive to trade with a business like this, as they will be contributing to the cause, and therefore working together with the business.