CSR is a dynamic approach to business management. But to understand how the implementation of a CSR approach can broaden a company’s prospects, Africa Report spoke to Derek Wilson of MVO. MVO is an organisation that promotes CSR as standard practice for doing business, particularly among entrepreneurs.

As an expert in the field, Derek breaks the concept of what CSR means down to three simple words; People, planet, profit. This refers to the benefit of starting a business as meaning more than just revenue. It stands for advancement in all social, environmental and economic concerns.

Tackling each keyword for CSR at a time, ‘people’ refers to business practice that is fair and advantageous for both workers and the surrounding community. This includes operating a business that maintains safe working environments and reasonable working hours for employees, as well as offering services and outreach projects to local communities.

‘Planet’ refers to starting a business that takes care of the environment by minimising harmful impacts on the land. This includes reducing waste output and disposing of waste in a safe and legal manner. It focuses on sustainability by ensuring measures are taken to protect nature.

Finally, ‘Profit’ refers to benefit for the local economy through the establishment of a successful business. As thriving businesses create further business opportunities, it supports development and the eradication of poverty.

According to Derek, in the European Union, this form of responsible business is strongly supported by consumers through their selection of products. For example, more and more consumers in these countries choose to buy goods from companies that they know follow a CSR approach. This is because consumers want to know that through their purchase they are supporting an enterprise that is ethical, responsible and has a positive impact in its area.

In this way, CSR can be seen as a long term investment for the company with enduring benefits. Not only does CSR attract customers, it also creates a happy working environment for employees who are more likely to stay loyal to the business. For Derek, CSR is a positive way to start a business that can benefit the whole of society. It is a step towards upliftment and empowerment on the African continent.