Use of Corporate Social Responsibility By The Business

Part 1: Introduction

 Brightstar Financials has selected for this report. In 2011, Brightstar was founded.  The main business areas are as follows: Mortgages for households, Lending for short term, Second Charge mortgages, Company funding, Funding for growth, unsecured credit. Thy located in Lake Meadows. Their aim was to become a specialist financial tool for a consulting group to help client cases that have made it harder for clients to access the finance they need in the midst of economic downturn and more recent understanding of the current regulatory framework by traditional lenders. Rob Jupp is the Chief Executive officer whereas, managing director of the company is Bradley Moore. William Lloyd is the operations director.

Brightstar currently employs more than 50 employees at three sites across the UK. It is an organisations founded on strong core principles and prides itself on being a family unit that works together and succeeds together. Bright star’s loyalty to the employees is at the heart of the company. As such, they strive to build the atmosphere which is most welcoming and inclusive for all to succeed in. Their total revenue is about 2 million.  In the year ended December 2015, Bright star’s sales rose by 44 percent to £5.3 million. Simultaneously, its income grew by 40 percent, as lending in November fell to £ 1 billion.

Graphically representation of revenue of Brightstar financial

However their top competitors are; TFC home loan, clever lending, Enterprise finance, CETRA IT, cohort technology, millennium science, and lubker distributor.

Part 2 Analysis

2.1 SWOT Analysis

SWOT analysis is a powerful planning tool used to recognize strengths, weaknesses, opportunities and threats relevant to competitive competitiveness or project planning for a individual or an organization. The SWOT analysis is seen as a valuable method for businesses to look at the business from a more narrow perspective (Kotler, 2001; Sammut Bonnici and Galea, 2015).

However, SWOT analysis of Brightstar are discussed below;

Strength

Strength allows one to understand the development side of the industries. When companies recognize the strengths, they will take the necessary steps to enhance their activities and retain the stable market place (GÜREL, 2017) .

1. The strength of this company is their staff turnover is 4 %. Which means that employs retain and sustain in the company.
2. Another strength is Brightstar has a robust wellbeing plan to promote and improve employee well being and support mental health in the workforce. A Mental Health Awareness Day was part of this initiative recently. Brightstar has also hired a massage therapist to administer massages at the desks neck and back.
3. Another strength is its ability, due to its financial resources, to create new financial solutions for its customers.

Weakness

Through looking at the business, SWOT analysis allows companies to look at their drawbacks and turn its weakened work into strength through knowing the bottom line of their working structures and transactions. Lack clearly demonstrates areas in which the organization does not have to operate and is missing (GÜREL, 2017) .

Weaknesses are the areas where bright star can improve upon creating Strategies and choices that can strategically create positions and opportunities to resolve them.

1. Nevertheless, Brightstar has weakened in not being able to respond to critical circumstances at the required pace because it is a multinational organization with different global management, and it has generated a series of reverse effects for its customer in creating economic proposals.
2. As compare to their competitors they have low tech abilities.

Opportunities

Opportunities available and available in the market place that businesses can take advantage of first mover. They can introduce account management for public courses.

1. They can present Brightstar as a premium brand.
2. They can explore more in this domain.
3. Focus on high value customer.

Threats

Environmental factors that could trigger company or venture problems. Even if they are worldwide, all businesses face these insecurities.

Competition

Direct or indirect competition is both threats for Bright’s financial. Currently, big competitors of this company are; TFC home loan, clever lending, Enterprise finance, CETRA IT, cohort technology, millennium science, and lubker distributor

Government regulations in UK

Changing government regulations in UK can affect the growing or it can affect the financial performance of the company. This is always a threat for such companies.

With the help of SWOT analysis, now we are able to identify the grey areas and now can easily work on that. In order to build the image of Bright financial.

2.2 Use of Corporate Social Responsibility By The Business

The corporate social responsibility is a form of international private sector self regulation that aims, by voluntary or ethically oriented activities, to contribute to the social purpose of a philanthropically, activist. Corporate Social Responsibility ( CSR) is a philosophy in which companies take responsibility for the effects on consumers, workers, shareholders, societies and the environment in all facets of their activities to account for society s interests (Ismail, 2009).

Corporate organizations that value corporate social responsibility must develop best approaches to execute the concept. Government must also implement equal procedures to best support the poor. Around the same time, non profit organizations need to establish more programs to address the needs of local communities.

However, in case of bright financial; the CSR,

          The Responsibility For Ethics

Ethical duty is to ensure the well being of workers by equal working conditions for workers and their suppliers employees. Ethical labor practices of manufacturers require the use of goods required to meet fair trade requirements for businesses.

          Responsibility For Philanthropy:

The duty of philanthropy means helping society. This criteria focuses on the welfare of the unprivileged or vulnerable who need our help to maintain themselves on this planet. Brightstar financial perform their philanthropic duty by giving the national and foreign charities and organizations their time, money or services.

          Public Liability:

Bright star financials have to focus on two main environmental aspects: the reduction of pollution and mitigation of greenhouse gases. Industries are required to carry out economic responsibility as environmental consciousness amongst consumers is growing and today they want to take the necessary steps for our planet to be protected and maintained in the world.

          Financial liability:

Economic responsibility is an interlinked field to strike a balance between industry, environment and philanthropy. Economic responsibility complies with the ethical and moral standards developed.

2.3 Innovation and Creativity in Business

The most effective way to generate added value by using existing values is innovation. This concept provides an essential concept which guides businesses operations.

Innovation aims to change the lives of the people or transform society and it is able to bring innovative approaches to those challenges and opportunities (Sipahi Dr. Esra, 2017)

However, in case of this company, they are innovative in a way; they take advantage of all their expertise, straightforward processes, a tailored approach and a wide variety of lending mechanisms to help a customer find difficult cases with the mainstream lenders. This incredible approach to assist brokers and their clients has helped them to win 80 national awards, including six successive Best Specialist Distributor / Broker Mortgage Strategy and two British Mortgage Awards, the Best Business Leader – Specialist Distributor.

Part 3: Conclusion and Recommendation

In the nut shell, Brightstar is providing financial guidance to the people who needs them. There are very keen to sustain their employee and always make their clients satisfied by giving them best quality of services, however, there are some recommendation through which they can expand their business.

1. With the passage of time, people are going online they should start providing online services for the sake of customer’s convenience.
2. Further, they should also add on more financial options to broader their portfolio.
3. They should also reach to do Small Enterprise business, and make them aware of their financial services, and how these services can give benefits for SMEs.
4. They must become a recognized source of business finance advice for SMEs to direct themselves through banks and non banking financial difficulties; to assist them obtain the most suitable type of finance; and, where needed, support structures to benefit them.
5. Payment patterns shift as our cards, phones and mobile wallets are being used increasingly rather than cash. Any improvements would have to be tailored to the underlying infrastructure. Those evolving market models are fintechs, start ups and major technology firms.   Payment laws must also be revised to reflect how risks change and how uncertainty is reduced.
6. Another recommendation is, the next generation of financial companies would possibly make heavy use of public cloud technology. The mobility, information security and creativity forum that this technology provides will help businesses.
7. Data standards and protocols are the backbone of a stable and competitive financial system. This will promote innovation and competitiveness and reduce funding costs. Yet privacy, protection, accountability and trust are becoming increasingly necessary.

Part 4 Reference

Brightstar | BRIGHTSTAR REVENUE UP 44%. (n.d.). Retrieved July 29, 2020, from https://brightstarhub.co.uk/news/brightstar revenue up 44/

Brightstar | The Team. (n.d.). Retrieved July 29, 2020, from https://brightstarhub.co.uk/about/the team/

Brightstar Financial Company Profile | Best Companies. (n.d.). Retrieved July 29, 2020, from https://www.b.co.uk/company profile/?brightstar financial 107124

Brightstar Financial LTD Overview, News & Competitors | ZoomInfo.com. (n.d.). Retrieved July 29, 2020, from https://www.zoominfo.com/c/brightstar financial ltd/346472899

GÜREL, E. (2017). SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of International Social Research, 10(51), 994–1006. https://doi.org/10.17719/jisr.2017.1832

Ismail, M. (2009). CORPORATE SOCIAL RESPONSIBILITY AND ITS ROLE IN COMMUNITY DEVELOPMENT: AN INTERNATIONAL PERSPECTIVE. In Uluslararas? Sosyal Arat?rmalar Dergisi The Journal of International Social Research (Vol. 2).

Kotler, P. (2001). Kotler Atmospherics as a marketing tool.

Sammut Bonnici, T., and Galea, D. (2015). Internal and External Strategic Analysis (SWOT Analysis) of the General Department of Physical Education of Hamadan Province. Sports Management Studies, 6(October), 281–296. https://doi.org/10.1002/9781118785317.weom120103