Companies have long been known to give back to the community in various ways. In addition to building positive relationships with their customers, charitable giving is also a way for businesses to develop their brand and foster goodwill with the public. A growing number of firms are now taking the step of becoming involved in charitable partnerships.
Although starting a charitable partnership is important, you must be careful about how you partner with a non-profit. Most consumers are not impressed by shallow relationships and will likely only accept a deal if it meets their expectations. A good partnership can strengthen your organization’s mission and foster a positive spirit among your staff members.
It’s widely known that employees want to work in organizations that care. A study conducted by Cone Communications in 2016 revealed that over half of employees said they wouldn’t want to work with a company that doesn’t have a solid environmental and social commitment. More than 70% of the survey respondents also noted that their jobs would be more fulfilling if they were given the opportunity to make a positive impact.
To ensure that your charitable partnership is mutually beneficial, here are some strategies that will help you get started.
Before starting a partnership, it’s vital to ensure that the organization’s goals, vision, and mission are aligned with your own.
For instance, marketing agency Inspira has a partnership with a non-profit organization called Alex’s Lemonade Stand. Through this partnership, the company has been able to help raise funds for the organization’s efforts against childhood cancer.
Align with Business Strategy
A successful partnership combines the philanthropic and business goals of a company. While it’s crucial for employees to support traditional fundraising efforts, it’s additionally essential for the organization to set and manage its cause-marketing goals.
For instance, in 2014, the Citigroup Foundation committed $50 million to help young individuals find employment opportunities. The company also supports programs that help young people in 10 cities by funding members of the national service organization, the Corporation for National and Community Service. The company’s employees’ efforts have helped lift morale and strengthen teamwork.
Do Other Things Besides Fundraising
A successful charitable partnership is about much more than just a monetary donation. It’s also essential for companies to consider offering various levels of support to ensure that they can make a significant impact.
One of the most prominent examples is Microsoft, which has developed strong relationships with various non-profit organizations through its employees’ tech skills. Through its partnership with these organizations, the company has provided solutions to data and tech issues.
Build Charity in Your Business Model
BoxLunch has a civic-minded approach to its business model, unlike many other novelty retailers. The company can help address the increasing hunger crisis in the US through its partnership. Since its charitable program launched, the company has provided over 7 million meals to local food banks.
If you’re planning on making a significant impact in the world through your business model, consider partnering with a charitable foundation. This can be done by establishing a recurring giving program that fits your financial capacity. One of the most critical factors you should consider is ensuring you can keep your word.
A successful partnership can help a company grow its charitable presence and allow non-profit organizations to capitalize on the efforts of its employees.