While it’s been common for companies to support charitable organizations, many realize the importance of cultivating a positive social impact through their partnership. Be careful, though. There’s a chance that simply joining forces with a potential charity may not be suitable for your business. Most consumers aren’t impressed by shallow, surface-level philanthropy. It is critical to develop a partnership from an altruistic and sincere standpoint.
Create a Caring Environment
It’s well-established that employees want to be part of companies that care about their environment. According to a study conducted by Cone Communications, more than half of employees said they don’t work for organizations that don’t have a social and environmental commitment.
For donors, working with a company can help expand their reach and provide them with opportunities to promote their programs and services. In addition, volunteering is also an integral part of a flourishing organization.
Ways to Build a Mutually Beneficial Philanthropic Partnership
Make the Partnership Genuine
When forming a partnership, ask yourself if your mission, company vision, and goals align with the charitable organization’s. For instance, Inspira, a marketing agency, has a relationship with the Alex’s Lemonade Stand Foundation, which is focused on fighting childhood cancer. Inspira chose to partner with the organization because it’s close to the heart of its founder, Jeff Snyder, who has a daughter suffering from a rare form of spinal cancer.
Align Partnership with Business Strategies
While many companies support traditional fundraising efforts, they should consider incorporating cause marketing into their partnership. For instance, Citigroup has a corporate citizenship strategy involving various social initiatives. For example, the company’s foundation has committed to investing $50 million in youth employment opportunities.
Find Ways to Make a Difference Beyond Fundraising
Philanthropic partnerships are about more than just donating money. Companies should also consider offering varying levels of support so they can make a real difference. Microsoft is an excellent example of a company that uses its tech skills to improve the lives of others. Through its partnership, the company has invited various non-profit leaders to pitch their ideas on how to improve their organizations’ technology.
Make Room for Profit Margins
While it’s possible to donate a small portion of your gross profits to a charitable organization, make sure the amount fits within your budget. BoxLunch, a novelty retailer, is an example of a company that values its civic-minded business model. For every $10 spent on its merchandise, the company provides a meal to a person in need.
Creating a partnership allows non-profit organizations to capitalize on the company’s volunteer efforts and fundraising efforts. It should only be done when it is mutually beneficial.