Why Philanthropy Is Important For Every Business

More than $390 billion was donated to charities in 2016, an increase of 4.2% from the previous year. Of this figure, the biggest contribution came from the general population, while donations from corporations came in at just 5% of the total figure. There are a whole heap of benefits associated with philanthropy in the workplace for both the business giving generously and the receiving charity. Therefore, when looking for ways to improve your business, consider how you will incorporate charitable donations in your budget to further enhance your practices.

Benefits of giving

The gift of giving has a domino effect across various companies and individuals in the community. A considerable donation from a business to a charity allows them to put it to good use helping others and so the generosity continues. Often, when one organization sees another gifting their time and money, they will follow their lead and also offer their services which can only better the world and the selfless institution. However, you should start as you mean to go on and think about acts of philanthropy as soon as your register your company.

Employees also get a lot out of working with those in need and from volunteering. What’s even better is that encouraging philanthropy in your employees is believed to increase productivity in the workplace by as much as 76%.

How to build philanthropy

Businessman Jason A Sugarman strongly believes that ‘wealthy donors have a major role to play in ensuring that children have access to a proper education’ and this is where philanthropy can really help those most at need. Building exciting projects which people are excited to get involved in is a key factor in raising as much awareness, profitable donations and kindness as possible. When a project is ready to go, you need to make people know about it, therefore good publicity and marketing is vital. Think about advertising via social media, on the radio, in local schools and at events and having leaflets distributed.

It’s not all about cash

Financial donations are beneficial to any charity however companies don’t have to just be generous with their cash when practicing philanthropy. Allowing your premises to be used for events or offering members of your staff to volunteer for the organization can be just as helpful, if not more so. Even offering your services or a free gift to be given away in a raffle can considerably help the charity out at very little cost to your business and it also gets your name out in the local community.

Business is about making money, however it’s also important to be reputable, reliable and good-hearted. Which is where philanthropy can push your business ahead of all the rest while making other people’s days a little brighter.

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