Ideally, business owners should share a portion of their gains. Yes, there no written rule about how much or what percentage of your whole revenues you should give back. The law does also not penalize anybody who does not give something to charity. But giving back has been a moral and ethical obligation practiced since time immemorial.
Have you noticed that several successful entrepreneurs and tech giant CEOs initiate volunteering and community efforts every year? This is because giving back to the community does a multitude of benefits to one’s business.
In 2018, Jeff Bezos and his ex-wife MacKenzie Bezos gained media attention when they shell out a whopping sum of $2 billion in creating Day One Fund organization to help struggling families. The media also praised Philanthropist-businessman Michael Bloomberg for his financial donations for the arts, education, and the environment, among other causes. Then, Pierre Omidyar (founder of eBay) and his wife Pam made headlines for their considerable donations to several non-profit organizations.
You don’t have to own a big business or be a big-time entrepreneur to start your first volunteering and community service. In your own small initiatives, you can make a community happy! But have you ever wondered why entrepreneurs should give back to their community?
You reap what you sow.
As you show the public your genuine efforts to help them, they, in turn, will show you the respect that you deserve. Your donations are a reserve of goodwill that people will never forget. In case your business experienced setbacks or unbecoming events, there will be people who will say positive words about your company. Who knows, these remarks are your saving grace at that moment!
To win people’s hearts, consider identifying their needs. You can conduct a rough survey or ask a prominent local organization about possible efforts that you can make. It could be for permanent infrastructures like schools or temporary toilets with high-quality portable bidets. People will surely appreciate what you do.
Giving back enhances the quality of life in that community.
The infrastructure or campaign drives you initiated will yield positive results to the recipient community. Money for fixing local parks, enhancing certain school services, or donating to local nature parks have a surefire effect on people as these projects make their lives better.
For years now, the media has lauded Facebook for the unmeasurable efforts of their school donations. The tech giant gave a considerable amount to the marginalized elementary, middle, and high East Palo Alto schools. As an IT leader, Facebook wants to put its money into the procurement of computers and other useful equipment.
Donations enhance the image of CEOs and company owners.
CEOs and business owners may have their heads wrapped up in building their company and growing their revenues in that they forget to extend efforts to build rapport with their employees. This lack of communication may lead to dissatisfaction and dissent when not addressed properly. When you give back, you communicate positivity to your employees. The volunteering and team-building activities involving both employees and bosses effectively build relationships as both parties will help each other bring the targeted services to the community. Giving back also makes employees proud of what they have contributed.
It increases your connections and networks.
When you took part in philanthropy, you will be rubbing elbows with powerful individuals from prominent philanthropic organizations. Getting your foot in the door in this kind of enterprise will also be your moment to build connections that you can tap later on when you want to promote your own products and services. We are talking here of local politicians, CEOs, or company presidents who may let your company enjoy some perks later on! Members of philanthropic organizations tend to gain mutual trust and respect through time with their joint efforts to give back and donate to the community.
Many important causes and programs out there are waiting for generous donors who will make their community projects a reality. Be one of these donors and make a name in history! When you give back, your efforts will be rewarded a thousandfold as the infrastructure projects and services will always be living proof of your goodwill.
Choose causes that are in alignment with your company’s mission and vision. Make the general public know of your contributions using social media and the Internet. Your help should not stop from giving donations but also a follow-up on tangible results of the project. To facilitate more engagement in the organization, assign tasks for every department to participate in the volunteering activity or community service.