Running a business can be very time consuming, causing us to become preoccupied with important factors such as profit and loss, budgets, and strategies for growth.
Unfortunately, most businesses often forget that there are others out there who are struggling with bigger problems than their own. By incorporating charity into your business model, you can help those that are disadvantaged and create a company people admire and respect.
Here are six reasons why you should incorporate charity into your business model and how it can build sustainable growth for the future.
Making the Difference
This is by far the most important reason to incorporate charity into your business model. Donating some of your revenue to communities can make a real difference and bring hope to people’s lives. Donating revenue can be used to build homes, provide food, or support vital organisations that others depend on. Supporting a charity can also give you a new perspective on work and life, giving your organisation purpose to become a major success.
Corporate Social Responsibility (CSR)
The purpose of corporate social responsibility is to have a positive and long-lasting impact on society. This comes from understanding that business is not just about shareholders but stakeholders too. It is about shaping social values, recognising that corporations have a powerful role to play in the community. When correctly implemented CSR will have an amazing impact on both the business and all stakeholders. This will be achieved through partnerships, donating a percentage of revenues to charities and acquiring resources from ethical places, globally.
Defining Your Brand Identity
The charitable initiatives of your company can be a defining feature of your brand and increase your audience tenfold. Supporting a charity not only portrays you as a reliable and ethical business but will differentiate you from the competition. Some philanthropic companies have grown to become incredibly successful and benefited desperate communities in improvised countries.
For both national and regional businesses, a charity can increase your audience’s width as you may be introduced to new groups with regard to the work that the company has achieved. Consequently, this will boost brand visibility both on a regional and national level, promoting growth and a positive association with your success. Not only will it help the brand, but it may also broaden and give depth to your network as people may want to keep updated with the good work achieved by your organisation.
When employees see the impact of their work for a charity it boosts morale and increases positivity. Feeling proud to be a part of a philanthropic company can improve loyalty and staff retention levels as they realise their work is bigger than just profits. In addition, some employees may want to give back to the community but can not find the time due to work. Identifying this is a great way to attract people and reassure them that while they work for the company, they in turn help those in need.
Sharing the achievements made by supporting a charity is also great PR for your company as it reinforces to customers and employees that they are working with the right business. Publishing news pieces on your site will let visitors know that your organisation has a much bigger mission than just acquiring customers. Press releases heighten your brand’s credibility and drive the positive reputation it deserves.