Earn a huge profit. An entrepreneur starting a venture would usually have this end goal in mind — and there is nothing wrong with it! If you invest a considerable amount of time and money for a project, you would naturally want to see gains.
So you design a brilliant business plan and plot foolproof strategies. To help ensure success in any venture though, you may want to consider philanthropy. A clear and solid corporate social responsibility immediately gives an enterprise a distinct edge over competitors. It would likely enjoy the following benefits too:
Boosts Morale
A company with great visions of success requires a team bursting with undeniable enthusiasm and confidence. You can easily keep a team’s morale high by making it a priority to include philanthropic activities in your business calendar. In the 2017 survey conducted by Deloitte, a professional services network, seven out of ten respondents said that participating in charitable work is more effective in boosting their morale than engaging in leisure activities.
Promotes Satisfaction & Increases Productivity
The thought that your action can create a positive impact on others can be so empowering that you can easily carry this vibe up to work performance. Thus, philanthropy can efficiently motivate a team to accomplish more. Aside from increasing productivity, altruistic efforts can also make someone happier. A research study from the University of Zurich in Switzerland published in 2017 reveals that generosity leads to happiness. If you feel good about the work you do, it would likely result in job satisfaction too.
Builds Good Reputation
One of the main challenges and concerns of a new brand is to gain the trust of clients, making philanthropy a smart move for any startup venture. An organization that includes giving back to the community in their vision and mission statements elevates the reputation of an organization, which increases the potential to generate high earnings. Furthermore, people working for the company will be proud to be part of it and will be confident that a favorable future awaits.
Opens Opportunities for Advertising & Network-Building
Advertising is a critical factor in the success of any venture because even the best idea, product, or organization will be doomed to fail if no one knows about it. This is why seasoned entrepreneurs willingly allow a big chunk of their budget to advertising. Surprisingly though, philanthropy offers a better alternative. Organizing events that will help a cause is an indirect way to introduce your brand to the community. You will know you are on the right track when people start associating your organization with good deeds and worthy causes. Aside from the free publicity, it also opens up opportunities to grow your network.
Leads to Better Teamwork
When you give staff or employees a chance to work together for a cause that will greatly benefit others, you also give them time to connect with each other. This, in turn, may lead to better relationships that can make working together a more enriching experience.
Some start-up companies may think that they can conveniently forget the idea of giving back to society until they see a steady flow of dollars coming in. However, including philanthropy right from the start of the planning period may just be the move that holds the key to success.
