Conclusion:
It will also important for all companies to note that while coming up with corporate social responsibility strategies, they will have to ensure that the strategies they formulate will remain applicable not only in the short run but also in the long run. Short-term strategies of performing corporate social responsibility, displaying transparency and traceability will only be effective in the short-run and will, therefore, not be able to sustain good relations between a MNC and the various stakeholders in the world market in the long run. In a bid to ensure that MNCs continue to have good relations with other stakeholders in the market, the will perhaps, have to come up with certification programs as this has proved to be an effective strategy in implementing company systems that will boost the ability of small scale traders who have small capital to expand their businesses through the support they shall obtain from MNCs.
The discussion above has also helped to prove that the use of NGO lobbying, codes of conduct and monitoring of compliance are not sufficient strategies of ensuring that MNCs continue to perform well in worldwide markets. Instead, this paper has shown that it is compulsory for MNCs to define the sustainability standards that they shall follow as well as ensure that they implement the standards they formulate especially in the developing countries. The paper has shown that it is as a result of such strategies that the achievement of social and environmental standards is made possible.
The paper above has also shown that MNCs should also strive to upgrade or support potential small scale businesses. This move will be important in ensuring that productive business activities will be carried out thus helping to alleviate poverty in developing countries where most small scale businesses are located. MNCs will have to ensure that BOP strategies are aimed towards uplifting the minority groups of people living in developing countries that look up to MNCs to support them. The combination of sustainability standards strategies together with upgrade support for small scale businesses will act as an effective strategy of ensuring that poverty levels will be reduced in developing countries.
Finally, MNCs could also pursue the opportunities that arise from corporate social responsibility efforts to increase their profitability. Strategic corporate social responsibility can be used to identify social issues that are related to the company’s operations in order to come up with innovative ways of operation. The active assistance approach should also be used by MNCs to ensure that they make a positive impact on the rest of the world and especially in developing countries.
