Social impact as corporate strategy: responsibility and opportunity

Abstract

The level of social responsibility expected by society has risen significantly in recent years. Some companies used to pursue Corporate Social Opportunity (CSO) thinking about how companies engage with significant social shocks over the short-term. These actions are symbolic and empty gestures. Based on our collected business cases and conceptual analysis, we suggest a three-part framework for turning short-term windows of opportunity into long-term value-creation: knowing, doing, and repeating the right things. Going beyond corporate social opportunity towards responsibility requires authentic long-term strategy driven by social impact.

Keywords

• Corporate social responsibility (CSR)
• corporate social opportunity (CSO)
• social impact
• economic value
• strategic planning
• shadow boards