Social responsibility is an ideological theory that business should function in a way that they contribute like an entity and also contribute to the welfare of their communities. The policy of social responsibility should operate as a built in or a self-regulating mechanism in which a business should monitor and ensure that it meets the laid down ethical standards and norms that it has laid down.
As the owner, of a company its should be my responsibility to make sure that the business embrace responsibility for the impact of the responsibility it has on the environment, communities, consumers and other members. This makes the business to increase its competitive advantage (Longenecker & Moore, 2005). There are various was as an owner of a company that can be employed to make the business have a social responsibility. There should be the integration of different processes in to the practices of the business. This makes the business respond to environmental, social, ethical and environmental issues.
There are various measures that I would take to make the company has a social responsibility. I would establish long term shareholder values in order to identify, and responds to the society demand. There should be integration of sustainability and corporate responsibility in the long term value evaluation of the organization in order to attain this corporate social responsibility (Idowu & Filho, 2009). I would also make the company concentrate on products friendly to the ecosystem. This would make the organization experience high sales growth because consumers are attracted emotionally by the positive impacts that organizations impacts on society (Longenecker & Moore, 2005).
This would also increase the productivity of the company hence more profit and more pay to the employees leading to their satisfaction. In this way, the company would serve its economic function, improve the quality of life of the people and also contribute to solving problems by the society, employees and other stakeholder. I would also establish monitoring and evaluation tools measure the extent that the business meets its corporate social responsibility.