Giving Compass' Take:

• The author offers five strategies or practices that businesses can follow in tandem with corporate social responsibility. 

• The author says that "social responsibility is no longer seen as simply a status symbol." Is this still true? 

• Read about how to stay relevant in corporate social responsibility by making it integral to the business strategy. 

It’s not unusual for a thriving business to feel the pressure and responsibility that accompanies growth and financial success. There’s a natural expectation from its audience and customer base, as a company’s profile increases, that the business will also limit its harm and be a benefactor to society. For family-owned businesses, the pressure is even greater — both to give back in real, impactful ways and to run their organizations ethically.

And though social responsibility has always made a difference in companies’ reputations, the advent and growth of social media has raised the bar considerably in terms of what we see as the baseline for businesses’ leadership beyond the boardroom.

It’s no longer enough to “create jobs,” or attend black-tie benefits. Social responsibility is no longer seen as simply a status symbol, or box to check. It has become inseparable from a company’s functionality and brand.

Here are five best practices and strategies you can use to stand out, while effecting positive change.

1. Go beyond writing a check.

2. Involve the whole company.

3. Serve in a way that’s authentic to your family business’s brand.

4. Leverage the charisma of family leaders to connect legacy with bottom line.

5. Place the spotlight on the cause and the community, rather than your own contribution.

Read the full article about corporate social responsibility by Shama Hyder at Forbes.