The business benefits of corporate philanthropy are often overlooked, especially by small and medium sized business. But even small businesses can benefit from incorporating giving as a tactic in their overall business strategy.
Whether you call it corporate philanthropy, social giving, or giving back to the community, a corporate giving plan can be advantageous to any company. As this article in Fortune points out, corporate philanthropy can improve a company’s brand, raise worker satisfaction, and increase networking opportunities. Being known as a community-conscious business helps with reputation building and recruitment. The opportunity to co-brand and cross-promote your business with a local or national charity is an important tool for raising a business’ profile. Of course, as the Chronicle of Philanthropy writes, there are some potential downsides. Businesses, especially smaller ones, may have little control over effectiveness and impact, and there’s the effort and expense to consider. For a more scholarly take and some case studies, check out “Making the Business Case for Corporate Philanthropy” from the Harvard Law School Forum on Corporate Governance and Financial Regulation.