Organic ingredients can cost nearly twice as much as processed ones. The price of solar and wind energy has dropped but still remains far above coal, oil, and natural gas in most of the U.S. Small business owners are among the most vocal opponents of raising the minimum wage.
Maybe a $16.45 billion behemoth like Starbucks has the spare cash to spend on good deeds like health insurance for its baristas or water-purification in developing countries, but how can a small, struggling startup possibly afford solar energy, organic ingredients, paid family leave, donations to local museums or any of the similar steps that typically define a socially responsible (CSR) business?
Actually, being socially responsible is often easier for small businesses, said Susan Salgado, a co-founder and co-chair of the New York City chapter of Conscious Capitalism, which is a nonprofit that promotes a broad agenda of sustainability, social entrepreneurialism, social responsibility and stakeholder values.
“Small companies are more nimble, so it’s easy to stay more closely attached to your purpose and values,” Salgado said.
Even from a strict dollars-and-cents viewpoint, she added, “there are a lot of small businesses that are actually doing it—even in the restaurant industry where I come from, where margins are incredibly small.”
For starters, there’s a lot of truth to the cliché about “doing well by doing good.” Being socially responsible can also be profitable.