Weaving philanthropy into company culture is something every business should strive to do. Not only is it a great way to make customers feel good about how they spend their hard-earned money when they purchase your company’s products or services, but it is also a wonderful strategy for boosting employee morale. Creating a philanthropic work culture doesn’t have to be difficult. Use these four tips to incorporate philanthropy into your company culture early on and reap the rewards of giving back to your community.
Partner With a Philanthropic Investor
When you launch a company, you need access to financing to grow it sustainably. While some entrepreneurs turn to banks for the financing they need, others turn to angel investors or venture capitalists such as S-Cubed Capital’s Mark Stevens. If you choose to pursue this avenue of financing, you should approach investors who support philanthropic causes. If your company already has a philanthropic work culture, it will be more appealing to high-profile businessmen who have similar interests. Partnering with the right investor can help you make the right connections you need to improve your philanthropy. To attract investors, make sure you develop an engaging pitch that explains your philanthropic work culture whether you are still weaving it into your company culture or have established a cause to support.
Diversify Your Causes
Diversifying the causes you support is a great way to show your community what your values are. While philanthropy is still worthwhile if you can only support a single cause, diversifying your efforts when you can afford to shows that you care for the community in multiple ways. In many cases, you can even tie your causes together to support a common goal. For example, if you support organizations that raise awareness for domestic violence, you can also support local women’s shelters with time and money. If you strive to help relieve hunger in your area, you may also want to donate to organizations that help the homeless. There are dozens of ways to support interconnected charitable causes.
However, it is important to remember that spreading your philanthropic causes too thin will decrease the amount of support you can give each one. Diversifying your causes is a worthwhile pursuit but limit yourself to supporting two or three charitable organizations. If you try to support more, you may quickly find that your company doesn’t generate enough profit to make significant contributions to each organization. By limiting your support, every donation can be generous enough to make a significant impact.
Donate a Portion of Your Profits
One of the easiest ways to support charitable organizations is to donate a portion of your company’s profits to them. You can do this in two ways. The first is to donate a set amount of money each year regardless of how much the company makes. You can determine this amount based on projected revenue or dedicate a certain percentage of profits to the organization. For example, if you dedicate 15% of your annual profit to a certain organization, you would stick to that amount regardless of whether the company earns small or large profits. If you pledge $100,000 to a certain organization each year, you give that set amount each year.
You can also donate a portion of your product’s proceeds to the cause. This is a great way to help customers feel involved in supporting your cause. If they know that you donate a dollar for every purchase to a charitable organization, they are more likely to invest in your company’s products. It makes them feel as if they are making a difference with their money and will gain your company positive attention.
Encourage Employees To Support Your Causes
You can also support charitable organizations by donating time. Many organizations rely on volunteers to operate so you can encourage your employees to support the same causes your company does. You can encourage then to do this outside of normal business hours but remember that leadership is the best model. Employees are more likely to donate their time if they see you doing the same. You can also boost employee morale by setting aside one day a month to volunteer. Instead of having employees work in the office on these days, pay them to spend the day volunteering with the organization of your choice. Not only will this incentivize them to support a good cause, but it will also improve your company’s reputation. It is also a great way to practice team building and motivate your employees to work together.
It is never too late to start incorporating philanthropy into your company culture but the earlier you start, the better your business’ reputation will be. By applying these four habits to your business strategy, you can create a solid foundation for a philanthropic culture for your company so you can boost both employee and customer morale.