If you frequent business news or have been involved in the world of business for any length of time, you’ve likely heard about corporate philanthropy. Corporate philanthropy is a type of business strategy that involves helping out with worthy causes. This discipline comes in many forms and it means different things to different people.
More and more businesses are integrating philanthropy into their business models. Some initiatives stay within the local area where the business is based, while others tackle wider issues. Global concerns are especially becoming more important for businesses; investor Stefan Soloviev, for example, recently helped with the Ukrainian crisis by donating $1 million.
Why is Corporate Philanthropy Important?
Corporate philanthropy is important for a number of reasons. For one, modern-day consumers are more likely to use a product or service if the company that makes it is philanthropic. But an even bigger reason why corporate philanthropy is important is that when you and your team work together to support something that you care about, you can boost company morale while making a difference in the world.
How Can You Implement Corporate Philanthropy?
In order to achieve what you want to achieve, you need a clear mission statement that outlines the purpose of your business, who you want to serve, and what you hope to achieve. From there, you can create a plan that details how you’ll donate to causes and non-profit organizations. It’s important to choose a cause that you’re genuinely passionate about. It can be anything from donating to support childhood literacy to helping fund research for cancer treatment.
Once you have a cause in mind, it’s time to determine how you’ll help out. If you have the resources, you can donate money or give away some of your products or services. You might also donate a percentage of your time or encourage your employees to volunteer with charities in their spare time. Fundraising is another path you can take: You could host a golf tournament, throw a bake sale, or create a walkathon to bring in some revenue for your cause. You could also try selling branded merchandise like t-shirts, tote bags, or coffee mugs at an event.
The most important thing to keep in mind when integrating philanthropy into your business is to make sure it’s authentic. You have to be genuinely interested in whatever it is that you’re supporting. As long as you know what you’re doing and you truly care, you can help a lot of people.
Read more: A Millionaire’s Guide On Starting A Business To Make You Rich
