As you and leadership team consider your philanthropic outreach for 2019, you may be re-evaluating which non-profit causes to support.
While doing good in the world is the obvious benefit of corporate philanthropy, keep in mind that there are also game-changing ways to increase both the top and bottom line impact of your investment. It all depends upon how you do it.
On a previous episode of Growth Igniters® Radio, we discussed this issue with our guest Karen Eber Davis, the leading authority on nonprofit revenue and author of the eBook Can Philanthropy Actually Help Your Bottom Line. Here are some questions she advised leadership teams to consider:
- Are we taking a strategic approach to designing our philanthropic outreach? Are the causes you support connected in some meaningful way to what your company does or stands for? An example is an engineering company that donates to technical training programs as their local community college. The community gains by having support for students that need it, and the company has a strong advantage for attracting interns and new graduates as potential employees.
- Are we being as creative as we can be in choosing how to give? There are many more ways to give than through cash donations. Brainstorm with your peers, employees and community and nonprofit leaders to generate out-of-box ideas that create an impact, and may boost your reputation for creativity.
- How can we better implement our social responsibility efforts? After you select a cause and approach to helping, work through an implementation plan that fits with your strategic objectives and the capabilities of your company and partner(s). Creating a realistic list of desired outcomes and tracking progress on a regular basis will help you monitor success and adjust in real time to achieve maximum benefit.
To gain more insights, listen to our Growth Igniters® Radio conversation with Karen Eber Davis to “How Corporate Philanthropy Can Grow Your Business“