The Growing Power of Giving Back
As an aspiring entrepreneur, the bottom line of business and building your brand are going to be your main concerns.
It’s all about getting your name out there and making some cash-money, honey, so you can be well on your way to the first million before your 3-year plan is out.
That’s all natural. It’s also perfectly acceptable to let financial success and brand recognition fuel your fire. But there is also a philanthropic side of business ownership. Take a look at the increasing power of giving back.
Entrepreneurialism with a conscience
Also known as ‘corporate giving’, it encompasses any strategy which is designed to support an external charity, community or cause. This is done through donations of time or money in order to help others out.
It’s a concept which has grown in popularity over the past few years. Customers are becoming more conscious consumers, and business owners are beginning to understand the many benefits of giving back.
How your small business can ‘give back’
Donate a percentage of profits
One of the most popular, and logistically-simple, ways to give back is to donate a small percentage of every sale to a charity or cause of your choice. It’s a tried-and-tested solution which works for businesses of all shapes and sizes, and appeals to customers.
Offer up your services or products for free
Acclaimed UK restaurant Dishoom offers diners a ‘Meal for a Meal’ scheme. For every meal ordered, they donate a meal to charities in the UK and India which help provide children with nourishing food.
Get involved with your local community
If you want to get a little more hands-on, consider getting involved in schemes or projects within your local community. Not only will this be an ideal way to support others, it will also help you strengthen bonds between your team members.
Why give back?
Aside from the fact it’s an extremely rewarding thing to do there are a few other, more selfish, benefits.
Strong brand reputation
Adding a philanthropic element to your business will present your brand as trustworthy, transparent and just generally a company you’d be happy to be involved with.
Customer loyalty and buy-in
The growing trend is to measure customer loyalty by return on experience (ROX) over return on investment (ROI). Giving customers the chance to ‘give back’ via your business is an effective way to boost their experience with you.
Improved morale and company culture
Supporting a good cause is a great way to bring staff together and encourage teamwork and provide a shared incentive across the whole company.
Is ‘giving back’ something you’d like to get more involved in? Or are you an entrepreneur with some of your own advice on how to implement giving-back into your business operations?
