The Importance of Working with the Community for the Success of Your Company
One of the most successful brands in Hong Kong and the entire Far East is New World Development. The company works with progressive strategies, and the most notable of them is supporting the neighbouring communities. Following the massive demonstrations that rocked Hong Kong in 2019 and 2020, New World Development crafted a new idea of working with the communities by providing more social housing, where it invited start-ups to set up shop in its facility and help people make the transition.
Like New World Development under the leadership of Adrian Cheng, your company’s strategies should also factor in the neighbourhood and community for success. In this post, we take a closer look at the main benefits to anticipate when you work with communities.
They Identify with the Company and Help it to Grow
After opening a company in a specific neighbourhood, it cannot operate in isolation. Just like a home and its neighbours, the community comes in handy and can help the business to grow. Society becomes an important source of things such as raw materials and staff.
Therefore, it is an important cog for your company’s growth and success.
As a company, you should identify ways of contributing to the community. In most cases, companies support education, greening, and empowerment projects in the neighbourhood to identify with local communities. With a happy neighbourhood, your company has more chances of faster growth.
The Community is Part of a Company’s Sustainability Efforts
In most jurisdictions, from Hong Kong to the UK, one of the main requirements for companies is that they should operate sustainably. For example, the Hong Kong Stock Exchange (HKEX) requires all listed companies to adopt environmental, social, and governance (ESG) reporting to promote sustainability. Supporting the community helps to demonstrate the commitment to sustainability and win the company a higher ESG rating.
Remember to capture the efforts accurately because stakeholders will want to counter check before buying or associating with the company.
The Neighbourhood is Part of the Company’s Client Base
Starting a company is only the first step, but the more challenging task is getting and sustaining customers. When you work with the community, it means that you have a client base that is ready to buy your products. If the neighbourhood is large enough, it might be ample to spring the company to profitability. Most companies use the local market to set goals for further growth in the entire region.
The community neighbouring your company can be a crucial component in defining the success you can achieve. Therefore, you should look for ways of identifying and making it part of your brand. With time, this community will become an important part of company security and support. This is the sustainability that investors want to see and companies need to succeed.
