ID3AS Blog
Navigating Philanthropy in Business
There’s no greater satisfaction than knowing that you’re making a difference. That being said, becoming philanthropic isn’t just a nice thing to do when your business is doing well. Donating your time and money year-round can become an essential part of a sustainable business strategy!
Use your business to help accomplish community goals and consider the following guiding principles when deciding which organizations your business will support, and how philanthropy falls into your overall business strategy.
Choosing Organizations to Support
When choosing which organizations your business wants to support, use criteria similar to when deciding; on for-profit ventures. Examine the organization’s leadership, programs, activities, and strengths, as well as any associated risks.
Sponsoring local sports leagues, volunteering at non-profits, and donating your time, or resources to a local event, school, etc., can help build your brand as a trusted and engaged member of the community.
Many businesses also find value in creating a subcommittee of philanthropic individuals at their business to help decide on which efforts to take on! They vote as a group and get buy-in from their employees. That way, they are supporting causes that truly matter to them and align with their values.
What It Means to be Involved
Philanthropy and community involvement are your business’s opportunity to bring positive, measurable change to both the communities in which you, and your business, operate. In addition, providing positive returns to local organizations and charities can boost your brand’s reputation and even employee engagement.
Companies that are dedicated to strengthening community partnerships are often able to foster a culture that deepens employee commitment, earn good public relations, and build enduring community relations that can benefit both parties.
Aligning With Your Overall Strategy
Aligning your company’s mission with others who are committed to doing good can result in many rewarding experiences for your business. Cultivating emotional bonds within the community in which you live and work can open the door to personal and professional growth by expanding your team’s network. Plus, volunteering can often foster conversations that you otherwise wouldn’t have. This can help with generating leads, recruiting, and it may even inspire new friendships.
Where to Publish Your Philanthropic Efforts
You’ve decided to get involved - now what? Turn your genuine kindness into a marketing component that builds your brand by showcasing the charities and organizations that your business is passionate about supporting!
Publishing press releases, blog posts, and social media updates are great ways to raise awareness about local efforts and get others involved in the cause. Consider this example from a local business, Gillis Gilkerson. When Gillis Gilkerson donated to the PRMC Foundation during COVID-19, they asked the experts at D3 to write a press release and post it to their website. While the marketing value shouldn’t drive your charitable efforts, you shouldn’t ignore the potential benefits of publicizing your good deeds.
Have questions on getting started? We can help! Contact the experts at D3 for more information about how your brand can introduce philanthropic efforts to strengthen your business strategy.