Charity Work Can Be Good for Business
Guest Post by Steve Barker
Establishing a successful business can be very rewarding. It can be gratifying to have built something from the ground up knowing that it can make a profit and fuel the livelihood of everybody involved.
However, when your business can provide more than just profits and goes beyond making money it can be fulfilling on a different level.
Many businesses are discovering that charity work is not only beneficial for projecting a good image which drives sales, but it can also provide that sense of fulfillment of a higher purpose.
As some companies continue to grow, perhaps even into multimillion or billion-dollar businesses, this may cause some owners to re-evaluate their sense of purpose to the world. While growing profits are a typical indicator of success, some believe that there is only so much that money can buy.
Consider the DocuSign chairman, Keith Krach.
While he is known to give back to the community with charitable donations and work through his family’s foundation, the Keith Krach Leadership and mentorship program has a special significance to him.
As someone relatively new in the field of tech in earlier years, he found the mentorship of other CEOs invaluable to his growth and thus was inspired to pay it forward and provide similar opportunities for others through his program.
Through charitable works like Krach’s, business heads may feel a sense of satisfaction knowing that they are contributing to the world more than just financially.
Even though many of these charitable acts are done with no expectation of repayment, they still often come with some advantages. Even something as seemingly straightforward as monetary donations likely requires coordination among several professionals. More likely than not, these professionals have also worked with other businesses.
The lasting impression left from a generous donation can be enough to ensure that a business is remembered and recommended when potential clients are in the market for what a business can provide.
When a business donates its time, money, or services, the recipients often show their gratitude in return. While a token of thanks should not be expected, it is often part of business etiquette.
Depending on the size and scale of the donation, donors are likely to receive a mention on the websites of the recipients and printed materials of the affiliated organizations and may even be featured in local or national news.
Even if the charitable act was not necessarily done for these purposes, the coverage can bring attention to the business and potentially help to drive sales.
4. Public Relations
When word gets around that a company is associated with philanthropic work, it can create a positive image. When peers or clients are looking to work with businesses that actually care about them, they may use the business’s good deeds to help them gauge if they will likely have a pleasant relationship.
Many businesses understand that having a good image and reputation sets them apart from competitors and recognition for charitable acts is an effective way to do that.
Regardless of the type of business you run, make sure you take the time to consider how giving back can benefit both you and the recipients. After all, what goes around comes around.