Is strategic philanthropy part of your business plan?

Are you familiar with the term philanthropy? Philanthropy is the act of helping and supporting others. Donations can range from clothing, food, money, and through other charitable actions. Further, acts of philanthropy can be practiced by people or by businesses, big or small.

Corporate philanthropy will improve your company’s brand awareness and name, attract prime talent, and even increase employee engagement. Making charitable partnerships within the community benefits your business’s bottom line and enhances the corporate culture at the same time.

There are several reasons why corporate philanthropy is smart business.  Let’s take a closer look.

One person can do a lot – When we think about the world’s most important challenges like hunger, disease, and natural disasters, it is hard to imagine that the work of one person can do so much.  However, if we tend to leave the planet better than we found it, we cannot underestimate the power of each individuals’ small actions.

It creates awareness –  The most obvious perk – charitable donations help better your community, and the public will notice if a company is making a real effort to improve its surroundings. Your company’s charity work could help improve schools, giving children safe places to learn and play.  Businesses can also choose to donate to a local nonprofit organization – the opportunities are endless and extremely beneficial.

Authenticity can lead to increased sales – More and more corporations are jumping on board to tackle giant-scale social issues. Additionally, the employment of social media makes these initiatives more widely marketed. Therefore, a well-structured corporate philanthropy strategy will bring many perks since customers are appreciative of organizations that care about the community.

Foster real change – If you’re unsure of a way to start, selecting a cause that directly relates to your personal beliefs may be a smart beginning. For instance, take into account donating to spiritual organizations, orphanages, or environmental preservation NGOs. Further, do your research to find causes that may have a big social impact on the planet. Visit the organization’s web site to verify the genuineness and history of their work.

Plan your donations – Throughout the year, take initiative to pinpoint charities’ campaigns for donations of food, clothing, books, or cash and decide how you want to allocate your time or funds.  Entrepreneurs like Jeffrey Hayslett note, “I personally serve on a number of boards, including the Board of Governors at the We Are Family Foundation, which empowers youth by changing the game globally, with ideas, innovations and good social solutions.”

Considering all the aforementioned reasons, this is exactly why many leading entrepreneurs consider philanthropy a priority. Thomas Kane is one such business leader who values supporting communities, both local and abroad. The bottom line is, corporate philanthropy and charitable giving is a good business and donations to relief organizations, local food banks, and other charities can make a huge difference to people in need.