The idea of business philanthropy is a regularly practiced concept among most modern day businesses. Businesses which practice philanthropy stand to gain much as compared to those which don’t. Entrepreneurs are, therefore, highly encouraged to undertake some form of corporate philanthropy ranging from simple acts of giving back to the society to complex community-based projects targeted at improving the livelihoods of the less privileged. The benefits of philanthropy are enjoyed by both the society being targeted as well as the business itself.
Businesses which are generous in their giving towards the society will, most likely, be shown similar generosity. Community members who benefit from philanthropy-based projects generally tend to prefer partnering with the business, thus maintaining their loyalty as die-hard fans. Such a business can easily transform the community members into active customers in addition to gaining a much-needed competitive advantage in the market.
Enhance Brand Awareness
Corporate philanthropy allows entrepreneurs to market their businesses indirectly. Undertaking a community project such as constructing a social hall or even cleaning the community environment can be utilized as an opportunity to help a business to spread the word out there regarding its existence. This is highly beneficial as the business gets a chance to optimally use the free marketing opportunity.
Focusing on community-based projects gives a business the chance to actively engage its employees in outdoors activities. The business can utilize this opportunity to properly plan community projects that engage employees in organizational activities such as team building while also building strong interpersonal relationships. The extra time that employees spend outside their work environment can help motivate them and break the monotony of having to sit in the office for long hours.
Every business that focuses on giving back to society fulfills a sense of social responsibility and expectation that society has. Besides, the organization joins a host of other businesses in society today that are readily willing to offer their time and resources in helping to create a better society. The sense of pride and feeling of belonging to a commonwealth of businesses that are committed to improving the lives of others is irreplaceable.