Examining a triple‑tiered bottom line

Wakeside Consulting is Danielle Dorn, Sarah Collins and Michelle Dwyer. (Nick Pearce Photo)

The shift towards more socially responsible business practices has been increasing each year. Having organizations take a greater interest in giving back to their communities and the environment is a big step forward. However, many struggle to find balance in maintaining the interests of stakeholders while achieving success in the relatively new realm of corporate social responsibility.

The newest student-run consulting firm at Dalhousie University wants to change this. Established in 2006, Wakeside Consulting is coming into its own as the only student-operated consulting firm in Atlantic Canada specializing in corporate social responsibility—CSR for short.

Wakeside's owners—second-year MBA students Sarah Collins, 25, Danielle Dorn, 22, and Michelle Dwyer, 22— decided to focus on this growing sector of communications.

CSR is a concept whereby organizations consider the interests of all the stakeholders, including customers, suppliers, employees, shareholders, communities and the environment as they carry out their operations. The trend is growing as customers become more aware of business practices in an age where information is at their fingertips.

“CSR is such a big thing, a growing trend,” says Ms. Dorn, who hails from Wallace, N.S.  “A lot of companies are looking at how to do it and others are looking at ways to get better at it.”

Wakeside’s partners believe they can help organizations achieve greater sustainability by establishing sustainable clientele, something CSR can help achieve. “Today’s consumers are changing and are looking for companies that are more socially responsible,” says Ms. Dorn. “We’ll help them understand the long-term benefits of CSR such as the triple-bottom-line of economic, social and environmental factors to determine their success.”

While CSR is sometimes regarded skeptically, the women believe that given current social conditions, all organizations will have to develop serious CSR policies. “With higher costs of living and the higher cost of oil, companies won’t be able to ignore these factors,” says Ms. Dwyer, from Oakville, Ont. “They’ll have to assess their position in the community and address how they can give back, and we can help them achieve this.”

They say the market is just right for this type of business because more and more organizations are taking CSR seriously. “With current social conditions and the emerging trend towards CSR, I think companies are increasingly understanding and recognizing the importance of improving their practices,” says Ms. Dorn. “For example, many companies are having more employee-related activities and many are switching to paperless communication.”

There are still some kinks to work out in CSR, but at Wakeside, they believe they can help overcome them. “We’ll consult with companies on how to undertake and sustain meaningful CSR,” says Ms. Dwyer. Ultimately, the responsibility of being socially responsible falls on the organization. “The trend is being picked up, but it’s up to the company to embrace it,” says Dorn.

The experience of running a business has already given Wakeside’s owners all and more than they expected. “It’s been a great opportunity to link the theory of the classroom to something specific,” says Ms. Dorn.

“It’s given us skills we couldn’t develop elsewhere,” says Ms. Dwyer. “It doesn’t feel like work, it’s so rewarding on both a professional and personal level.”

Wakeside Consulting is passed on to new second-year MBA students each year through a selection process by the previous owners. The partners also consult on other services such as market research and analysis, strategic planning, event management and marketing. They are located in Suite 4081 of the Kenneth C. Rowe Management Building, 6100 University Ave. They can be reached by phone at (902) 494-3937 or by e-mail at wakeside@dal.ca.