Corporate philanthropy is an increasingly practiced concept that most businesses are dedicating themselves to. Statistics indicate that corporate giving, as of 2017, amounted to about $20 billion, an 8% increase from the previous year. More businesses are realizing the various benefits of engaging in corporate philanthropy and thus targeting on capitalizing on them. Engaging in successful corporate philanthropy requires adequate planning and consideration of various tips.
Start with a Corporate Philanthropy Strategy
The first thing to do to ensure that your business wins in corporate philanthropy is to incorporate the concept of business philanthropy within the organizational vision. A well-incorporated philanthropy idea within the management and financial structures of the business ensures that giving towards charity is upheld as part of the business’s culture. It also ensures the long-term survival of the entire concept of philanthropy.
Get Everyone on Board
It’s always important to bring everyone on board, including the business’s workers, to participate in the concept of corporate philanthropy. Educating the workers on the benefits of engaging in such acts of charity helps to win their incentives while also actively motivating them. A special day should be periodically set by the organization for which the workers can get out there and contribute to charities such as cleaning the environment and visiting the needy.
Working with the Community
To maximize on the idea of successfully incorporating and participating in philanthropy, the business should endeavor to partner with the local community. Business-community partnership, as far as philanthropy is concerned, is an important idea that can greatly boost the success of charity events. It helps to bring together multiple resources, thereby increasing the corporate and societal benefits reaped from such philanthropy.
Target Leaving a Mark
A well-coordinated corporate philanthropy project should not just participate in giving back to society by helping the needy. To be successful in the long term, the business should think of projects that may leave a mark in the community being targeted. For instance, focusing on providing local sponsorships and mentorship programs to the youth and upcoming entrepreneurs helps change the livelihoods of many. Other long-term corporate philanthropy projects such as those targeted at educating the society on community values such as recycling of waste and proper utilization of environmental resources help a business to leave a strong reputation.