Sep. 4, 2008 at 11:14am

Do good and profit or just sit on our assets?

Posted by Kurt Jacobson in Differentiation is Key
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Referring to a topic I touched on in my post Bad Times Marketing, I have found some additional support to share with you.

Organizations around the world successfully copy credit union’s principles that many of us seem to have forgotten – like making money by doing good. Let’s call it social marketing.

You may be asking yourself,

But is this the best policy?

Pamela Hartigan and SmartBrief proved you can do good and make money. Hartigan said, “Social entrepreneurs identify opportunities for social profit where others see only problems.”

What good are our asset reserves over the recommended 7.5 percent if they aren’t earning much and aren’t doing anybody any good? What about those trustworthy small businesses and working class homeowners who are struggling because the banks failed them? Or the underserved who will love us forever when we help with transfers and innovative ways of escaping the death grip of payday lenders?

Doing good for our members when others are panicking can increase intangible assets as much as the tangible ones.

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