There are three particular foundations sustaining any process that concerns nation building: government representing political leadership; civil society or the citizens of the country; and business or the economic sector. These three concepts must work together and as much as possible, work together harmoniously to drive the said nation-building process forward because they serve as the hands and feet of the nation. Business is the cornerstone of prosperity in society: companies create the resources that permit social development and welfare.
Companies, through their commercial operations, actively contribute to progress in society. Obviously, the government alone cannot accomplish things especially its projects and programs on its own. Had it been capable, it would already have done it. Without the businesses around, the government wouldn’t work out the plans it opt to undertake because it needs funds coming from taxes and taxes comes from these establishments.
The ability to produce an added value for firms – profit – is the basic prerequisite for business, but it is also a foundation for prosperity in society. Only profitable companies are sustainable in the long term and capable of creating goods, services, processes, return on capital, work opportunities and a tax base. This is what business does better than any other sector. Hence, companies’ basic commercial operations are the primary benefit they bring to society. Companies benefit society by: Supplying goods and services that customer cannot, or do not want to, produce themselves * Creating jobs for customers, suppliers, distributors and co-workers; these people make money to support themselves and their families, pay taxes and use their wages to buy goods and services * Continually developing new goods, services and processes * Investing in new technologies and in the skills of employees * Building up and spreading international standards, e. g. or environmental practices * Spreading “good practice” in different areas, such as the environment and workplace safety The role of business in the development of society can be described in many ways. In another point of view, they are sometimes referred to as the company’s corporate social responsibility. Corporate Social Responsibility is a less broad concept than civic involvement. Even though there is no set, internationally accepted definition, this is often described as a voluntary responsibility that transcends the demands of national legislation and includes the human rights and environmental and social issues.
Another definition of CSR uses sustainable development as a starting point. In practice, CSR means that businesses meet the demands of national legislation and, where this is inadequate, look in addition to a collection of established, fundamental freedoms and rights that are globally recognized. CSR demands that businesses manage the economic, social and environmental impacts of their operations to maximize the benefits and minimize the downsides. Business is the ‘game-changer’ of today’s world.
We are significantly dependent on them. Majority of our day-to-day activities are involved with an interaction with various kinds of businesses (whether you felt hungry and decided to buy food or you just went to a parlor to have a haircut). But what’s good to know is that they do not benefit from us alone whenever we pay their goods or services but they give mutual advantage for the welfare of the greater society by having their own share in nation-building, too.