Running a business isn’t just about delivering customer satisfaction and earning profits from operations. A good company is one that can also contribute to the welfare of the society and environment especially when things are successful. Corporate philanthropy or giving back to the community is among the many business ideas that should always be a part of any plan. It may not directly contribute to higher income, but the benefits encompass financial gains including giving a sense of purpose to you and your employees as to why you all strive to bring the company to success.
What is Corporate Philanthropy?
In essence, corporate philanthropy refers to the company’s charitable actions as a way to improve the welfare of others or to support a good cause. When you want to bring meaning as to why you operate your business, engaging in acts that provide social impact on the work outside your corporate boundaries is one way to do it.
This act of kindness can only be successful though when the entire organization is into it because for one, you will need to use part of the business finances for funding. Moreover, it’s best to involve employees into the project. In fact, it’s wise to consult them regarding what charity institution or noble cause the organization should be supporting to gain a general consensus. Other activities may involve the company giving out its own services and products for free as well as the utilization of the company’s own properties and/or facilities.
So what are the ways to give back to the community? Here are some:
Corporate Donations
One way to help out as a business is to provide donations to a cause or to a charitable establishment. Your company can commit to give a percentage of the monthly income to charity. Alternatively, such as in the cases of fast-food chains, you can encourage your customers to order a specific set of products because part of the proceeds will be given to a children’s fund or any charitable institution.
Charity Events
There are charity event ideas that you can consider and one of these is to hold a party where the guests are the beneficiaries of a charity institution. As example, many companies often hold Christmas parties for underprivileged children in foster homes where they can give gifts and provide entertainment to the kids. Other companies organize charity days for the poor communities.
Another event you can organize with charity in mind is an auction wherein the proceeds are for a good cause. Employees and their families as well as the people in the community are invited to attend the auction gala. The company can offer big-ticket items for the attendees to bid on. Depending on the products offered, bids can go really high as the auction progresses. This makes auction a good fundraiser for charity. Furthermore, the even also gives attendees with an exciting night out.
Charity Foundation
There are many reasons for a company to establish a foundation. For one, it provides a concrete instruction on who to support, how and when to give the funds. In other words, any unplanned requests can be avoided. The foundation can also focus on a specific cause such as providing financial assistance to deserving students, to aid anyone in need of health-related financing and even to support environmental matters. A foundation is also a good way to establish a long-lasting legacy for the company owner, and if that person dies of a disease or an incurable condition, the proceeds can be donated towards research for the cure.
About the Author : Mari writes for LoansolutionsPH to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she’s fond of 9GAG, so you might read some random stuff over here.
