Philanthropy: Why Charity Matters to the Success of Your Business

February 2, 2018

Charity demands business owners to think beyond profit—at least for the short-term. But did you know that being philanthropic and donating your company’s time and finances could boost profitability? Nowadays, corporate philanthropy has grown exponentially: in fact, 65% of Fortune 500 companies offer matching gift donation programs.

Clearly, philanthropy is an integral part of some of the world’s most successful businesses. What is more, according to leading entrepreneur Jason A. Sugarman, great value can be added to a business or startup by giving back. The truth is, customers want to buy from businesses united behind a mission to make the world a better place, and charity is the key to verifying that mission.

Making Your Own Company Great

Your employees are the lifeblood of your business, and they are more likely to enjoy their job if it is supports a greater cause. Employee happiness is essential to a successfully functioning company, and by giving back, your employees will feel like their work is contributing to something important. Not only will they feel like they are making a difference in the community, but they will also feel appreciated for their hard work and dedication.

Further, happy employees lead to a more respectable brand and an overall improved reputation for the business. Giving back will promote your company’s image in the eyes of your locality and even on a national level. With an enhanced reputation, you can tailor your marketing strategies to a wider audience and command better talent from new recruits.

Build Lifelong Connections with Others

Philanthropy will also allow you to connect with countless other individuals, startups and organizations that can augment the lifespan of your business. As we all know, networking is everything in today’s technology-driven world. By establishing connections with other people working with charities, you can gain access to a network not related directed to your industry, which can be instrumental in expanding your own customer base.

Plus, it’s obvious that having more connections will allow you to learn from others’ mistakes and to gain experiential knowledge from other trial and error business strategies. Business, after all, is all about who you know and who you connect with. Chances are, your connections from charity projects will turn into lifelong relationships who may be the gateway for your company’s success.

Giving back is the right thing to do, and as soon as you start giving, you will notice the way that it makes your company a better place to work and the way your new connections influence your success.