In recent years, businesses all around the world have started to focus more on corporate philanthropy and how they can incorporate it into their business plan. Not only can corporate philanthropy help those in the community that need assistance, but it can also help increase appreciation and loyalty among employees. When adding corporate philanthropy into a business plan, it is essential to consider the following tips.
What To Consider Before Starting
There are numerous benefits to corporate philanthropy, and it is important to ensure that a business is ready to incorporate it into the business plan. The first important factor to consider is the overall financial health of the business. While a business does not have to be at its most successful to consider corporate philanthropy, it is important for them to be in a relatively stable position. This can help reduce the risk of being impacted by unexpected circumstances. Additionally, the business should confirm that its workforce has the bandwidth to participate. This can help to ensure that the business is implementing something that employees will be excited about.
Develop A Strategy
Once it has been determined that the business is in a solid financial spot, the next step will be to develop a philanthropic strategy. As part of the strategy, the business should consider what causes to support, support these causes, and get employees involved. Building a comprehensive strategy can help create a plan that makes sense for both the business, its employees, and the greater community.
Determine Who Will Oversee Philanthropy Efforts
A common mistake that can impact philanthropy efforts is not electing someone to oversee everything. By selecting someone to oversee the corporate philanthropy efforts, the business will be able to more closely monitor the response to ensure that they are getting the most out of their efforts. This person will also be able to communicate with organizations and events around the community that the business is involved in.
Offer A Variety Of Causes & Volunteer Opportunities
Another common mistake that businesses make with corporate philanthropy is not evaluating what is important to their employees. Before confirming what causes and organizations to support, get feedback from employees about what they are passionate about. This can increase the likelihood of employees participating, but it can help boost excitement around the corporate philanthropy efforts.