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There’s a massive opportunity for businesses to become more socially responsible and start helping their local community. One such opportunity is through corporate philanthropy.
Along with the desire to help others, companies that are successful with these strategies will receive enormous benefits for their brand, workforce, and bottom line. For businesses without a philanthropy strategy in place, utilizing consulting services like the ones offered by David Johnson Cane Bay Partners can be beneficial. Getting to know the benefits of a corporate philanthropy program can also be helpful.
Increased Sales
Your customers, especially the younger generation, want to support a business that has a heart. One way to show that you have heart is by creating and following a corporate philanthropy program.
Customer Loyalty
Some studies have shown that in situations where you have a product that costs slightly more, many customers will stay with the brand that is known for doing good in the community. If the products are equal in price, customers will almost always purchase the product that is linked to community outreach and philanthropy.
Improved Recruiting
Customers take note of your actions. However, you may not realize that job applicants do, as well. That’s because modern workers want to work with a brand and business that cares.
Better Employee Retention
If a company has an established, clear and concise mission and works to engage with the community, people working there feel better. This results in happy employees. A proven fact is that when your employees are happy, they are more likely to stick with your company. This can reduce hiring costs, as well.
Improved Company Culture
What’s your company culture? It will pay off if it is centered on giving back and providing something for the community. Many potential employees look at things like company culture before accepting a job offer.
Larger Network
When you give, it means you reach out, meet new people, and connect with others in the community. It’s an effective strategy for making new and meaningful connections, get new, innovative ideas, and learn more about your local area.
Developing Strategies for an Effective Community Outreach Program
If you are thinking about creating a corporate philanthropy program, it’s a good idea to consider different types of philanthropic pursuits that relate to the current corporate culture you have. Take time to evaluate your mission state, the services or products you offer, and find ways to give back in a meaningful manner.
Make sure you don’t decide on these things alone. It is best to involve your team, customers, and the community. This will help ensure all the actions you take have the most meaning and impact possible. Remember, corporate giving is unlimited, and you can do so many things.
Benefiting from Business Philanthropy
It’s worth noting that your business will benefit from philanthropy. However, the benefits surpass your business. They extend to your workers, customers, and the entire community. Because of this, it is more than worth the time and effort that you put into it. Being informed is the best way to create your own philanthropy program.
