Firms, whether big or small have all the right reasons to invest in philanthropic endeavors. The act of practicing corporate social responsibility creates a positive image that can easily lead to more revenue. Charitable works also boost the employee’s morale which can result in increased productivity. With the many benefits that altruism can bring to a business, it is no wonder that corporate philanthropy is a growing trend.
A report published by the National Philanthropic Trust (NPT) shows that companies donated around $20.05 billion to charities in 2018, a figure that exceeded the amount raised in 2017 by 5.4%. However, not knowing the proper ways to practice corporate philanthropy can easily backfire and greatly damage the reputation of a business. Avoid making corporate philanthropic mistakes by taking note of the following reminders:
Walk the talk.
People value and admire good deeds but can also recognize a genuine action from a fake one. It is therefore essential to be authentic in all the charity projects you will participate in. For example, if your company is supporting environmental causes, it would not look good for people to see that your firm is not properly segregating wastes. For your philanthropic efforts to create a strong and positive impact, always remember to practice what you preach at all times.
Avoid blatant advertising.
For the purpose of transparency, a firm is free to publicly announce its altruistic projects and accomplishments. Inside an organization, a rundown of the development of certain causes (or summary of donated amounts or items) is even mandatory so everybody stays updated about the charities that the firm supports. However, using your good deeds as a way to blatantly promote a business can be a major turn-off. Flaunting your charities in all your business ads and campaign also creates an impression that your initiative to help is fueled by selfish reasons. In the ideal way of doing corporate social responsibility, firms do not make their own gains as a priority. Instead, they allow the organization or individuals they had helped to give them credit if necessary. Besides if your efforts in corporate philanthropy are really causing great developments, the testimony of others can serve as a more powerful campaign for your firm.
Aim for consistency.
Genuine philanthropists aim to see long-term solutions and not just offer temporary aid. This is because they understand that it is impossible to eradicate many issues and problems with a single act of charity. Thus, instead of just donating a certain sum to a group, a business should find ways to get more involved in the cause you are supporting. Remember that consistency is the key to truly make a difference to others. In your business, being consistent will further inspire employees and clients.
Many people dream of starting their own business for the purpose of creating profit. However, if you wish to make your journey even more fulfilling and meaningful, you may want to include altruism in your entrepreneurial goals.