Community//

Prioritizing Philanthropy is Good Business Practice

Vadim Belyaev discusses how philanthropic endeavors can help with the bottom line

Most people think that leaders in business are focused solely on
the bottom line. The truth, however, is that most business men
and women make room for significant philanthropic work as well.
They recognize that their personal and professional success can
contribute significantly toward a better, healthier, more
productive world. They also know that they too benefit from their
own giving in ways they don’t always anticipate. Here are a few of
the ways investing money and manpower in the greater good can
be beneficial to you and your business.

Satisfaction and Contentment

We tend to be happiest when we feel, or at least believe, that we
are fulfilled. When philanthropists consider their giving options,
they select charities and causes that offer the highest levels of
fulfillment. The world’s richest people repeatedly point to personal
fulfillment as the number one reason for prioritizing philanthropy.

By giving, philanthropists earn a true sense of belonging, which
further entrenches them in a community of givers and caring
people, thereby perpetuating an affirming interest in sharing more
time and money in the same cause. Givers give of their own value
and, in turn, get a tremendous, non-monetary sense of value of
their own.

Relationship Building

For high net worth individuals, philanthropy is a very intentional
pursuit. They search for causes that they relate to, connect with,
and believe in. Thus, philanthropy is a great way to meet other like minded people with whom they share a joint (and munificent)
interest.

For business owners and leaders, supporting a charity positions
your firm for ongoing success. It will put you at the same
boardroom table, fundraising events, and networking forums with
other philanthropic business men and women. These encounters
will make it easier for you and your business to grow, as you meet
people who can mentor you or your employees, share best
practices, or even suggest profitable investment possibilities.

Fostering Compassion and Gaining Skills

Like I said before, giving is about more than just the cash
contribution. Major philanthropists allocate time to the causes
they believe in. Their volunteer work enhances their skills-set and
encourages them to adapt their knowledge and know-how to
different areas of interest. Givers are better positioned to identify,
investigate, and resolve real-world issues; they are savvy problem
solvers and can suggest practical ways of resolving almost any
problem. And as they employ their skills beyond the corporate
setting, they gain new mindsets and perspectives they will surely
use when they are making business decisions.

It Reflects on You

Whatever the cause, organization, or institution, philanthropy
always reflects back on the giver. Giving to charities that do good
for the community elevates the corporate identity in substantial
ways.

Employees are more respectful and loyal to business leaders who
do good and invest in positive change. A committed workforce is
always good for business.

Businesses that have meaningful interests and investments in the
community have increased access to, and alliances with, political
and community leaders which further enhance the positioning of
the business.

Successful business people recognize the futility of accumulated
wealth. Sharing and spreading the wealth- dollars, knowledge, and
ideas- is transformational. Establishing philanthropic principles
for your self and your business is not only the right thing to do, it
makes for a positive and prosperous business model.

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