Whether you decide to volunteer your services to a particular community or financially support other businesses, philanthropy comes in many ways. The company culture of giving back to society fosters a sense of community and compels others to do the same. According to NPTrust, corporate philanthropy increased by 13.4% from 2018 to 2019, giving rise to $449.64 billion in the same year. So, how do you build philanthropic culture into your business? Here are three practical ways to do it.
1. Donate a portion of your profits to the community
This is one of the most popular ways businesses give back to the community. These monies either go into a larger pool to support a cause or to sustain an outreach. There are philanthropic organizations and foundations across the United States whose primary function is to identify projects or worthy causes.
Many philanthropists, such as Jorge Hank Rhon, believe that giving back best happens through funds with specific targets. Therefore, to make it easier, some corporate entities liaise with these establishments to give back to society.
A few examples of these foundations are:
- Bill & Melinda Gates Foundation
- Children’s Investment Fund Foundation
- Conrad N. Hilton Foundation
According to an American Express study, small-sized businesses donate an average of 6% of their profits to philanthropic or charity causes. Larger companies tend to give more than that because they have wider revenue margins. Contributing a portion of your business profit to society is always a win-win situation.
2. Offer pro bono services to build a philanthropic culture
Philanthropy isn’t all about giving back money to worthy causes or communities in need. It can be the act of offering voluntary or pro bono services to society or a specific group.
By submitting your services free of charge, you contribute a chunk of your tangible and intangible resources to support others. For example, if your business focuses on healthcare, you can take measures to organize free health screening (for specific medical conditions) for your immediate community.
Pro bono services are admirable and endear businesses to the community. In many instances, people interpret these free services as sacrificial.
The main element in pro bono services is using a business’s resources to attend to societal needs without charging a fee. Indeed, with some companies, the strategy is to embark on pro bono services at specific times in the year when demand is either high or low.
3. Support local organizations
With adequate background information and market research, you’ll notice that several small businesses need urgent support, whether monetary or in any other form. To settle on the right local companies, schedule meetings to connect with their employees or the brain behind them.
A small business can be the local diner or the community coffee shop. Your guiding rule must be a small local business that your establishment can support in many different ways.
Final words on philanthropic culture in your business
Philanthropy has existed for decades and will continue to remain a significant function for businesses. Apart from it being a kind act, it provides the extra platform to build and strengthen new or existing brands.