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How Philanthropic Pursuit Can Help New Businesses Double Their Profit Consistently

Philanthropic pursuit helps new businesses double your profit speedily
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Giving USA recently reported that donations by American people, estates, foundations, and businesses grew recently to approximately $390 billion, a figure that has risen continuously over the past few years, even in times of economic uncertainty.

Philanthropic pursuit helps new businesses double your profit speedily

In 2016, corporate giving continued to increase modestly, despite slower GDP growth, indicating that businesses continue to believe in the value of ‘paying it forward’.

Regardless of whether you are a new or established business, involvement in philanthropic pursuits can help your business grow in many ways more than the obvious (tax returns, etc.)

The biggest beneficiaries are often not those you have donated to, but rather, your employees, who can feel a greater sense of loyalty and pride in belonging to your organization.

Boosting Employee Retention

Almost 60% of employees who are proud of their company’s philanthropic pursuits, feel engaged in the workplace, according to research.

The findings are in line with other surveys showing that millennials are increasingly opting for jobs that increase meaning in their lives, rather than those with are merely lucrative.

Employees who feel their company is contributing towards making the local community a better place for themselves and their children, are likely to stay longer and feel more motivated to contribute to the achievement of team goals. This is especially true of employees are included in philanthropic efforts.

As noted by financial expert Jason Sugarman, it is important to pick the right charity to back. To enhance team engagement, include employees in the decision making process and find a charity that is well organized and has an open book policy, so you can see where monies raised go to.

The charity should also ideally have some connection to your employees or business. For instance, if you sell children’s clothing, an ideal charity would be one that supports a local hospital for children, educational efforts, etc.

Attracting Customers and Investors

Involvement in charity can be one of the most successful marketing tools available. When you donate to a cause or take part in the organization of a fundraising event or dinner, it is logical to have your logo included in posters, giveaways etc., which can be a great way to increase brand awareness in a positive light.

In addition to catching the eye of potential customers, investors, too, will be attracted by the idea of supporting a company that has a keen sense of corporate responsibility.

Often, being part of fundraising efforts puts you, the business owner, in contact with movers and shakers; forward thinking people with whom you can build strong personal and professional bonds along the way.

Growth in Creativity

Raising money for needy individuals and organizations demands that you and anyone on your team helping you, exercise your creativity like never before.

Whether you are planning a fundraising event outdoors, organizing an elegant gala or hosting an auction or radio telethon, you will have to find a way to attract donations from other businesses and garner interest from the local community to join you on your big day.

From the word go, it is important to establish your business as a caring, giving, community-based organization that seeks to give back as well as make a profit.

By including your employees in your choice of charity and fundraising efforts, you will also boost employee engagement, motivation, and retention, meaning everyone obtains value from your chosen charitable pursuit.

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Emenike Emmanuel
I am a multiple Award-winning blogger, CEO of Entrepreneur Business Blog, Chief Evangelist of Ebusinessroom Ventures, Lead Coach of The Excellent Entrepreneurs' Network (TEEN) and Convenor of #NaijaSitUp. My business is to help you start, manage and grow a profitable and sustainable business using digital marketing strategies. I have been featured and mentioned on platforms like, BloggingTips, StarterStory, StatusBrew, Realty Times, Emerald TV, SmartBCamp, Blogging from Paradise, Write Worldwide, Enterprise Boom, Atang Magazine, etc. In 2019, my blog won the Best Digital Media Award from AB Afrikpreneur. When you want to hire a professional to handle your online marketing, I'm your go-to-expert you can speak to. In 2019, I won the Blogger of the Year from the Global Excellence in Marketing Awards, USA and my brainchild, EBB won the Best Digital Media Award at the AB Afrikpreneur Awards. You can connect with me on Facebook, Twitter, Instagram, Pinterest and LinkedIn with this handle, @EmenikeNg

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2 Comments

  1. Thank you for sharing this information. Nice article

    1. Hello Naina,

      Thanks for reading. We do hope to see you again.

      Cheers.

      Emenike

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